R.I.P. Mad Men

The traditional agency model has encouraged the separation of Creative and Media - different processes, different cultures, different P&Ls. And over the years, they’ve never really shown much love for each other. Creative has often looked at Media as the boring afterthought of advertising, and Media has usually seen Creative as the spoiled child who always needs to get their own way.

Over the past decade, Media agencies and their business models have been blown up by digital marketing complexity, auction pricing, technology and powerful new arrivals such as Google and Facebook. Meanwhile, Creative agencies have hardly changed at all. That was Don Draper’s suicide

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10 Must-Dos for CMOs

According to 2016 in-house creative services industry report, 92 percent of in-house creative professionals identify brand knowledge as part of their value proposition, 85 percent of in-house team members support advertising and 75 percent partner with external agencies.  

Creativity is not a department; it’s everyone’s job. It’s the mission of a great CMO to draw creativity out of everyone. This means teaching people to be agile and to innovate with whatever they bring to the table and welcoming constant change. It means getting rid of the status quo processes, procedures and marketing models and relentlessly driving education and evolution. It means getting up every day ready to create, launch, learn and know you’re going to start all over again the next day.

The following 10 actions will foster an idea culture in your business.

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Cutting Your Marketing Budget Without Losing Impact

With the size of Marketing’s spend, a few percentage points in either direction—toward efficiency or waste—can translate to millions of dollars saved or burned. Back in the bad old days of advertising, when expense account money flowed like wine, agencies would spend the GDP of Micronesia just to throw the Pets.com sock puppet against the wall and see if it stuck. Not any more. Today, with so much data and so much ability to track the impact of every piece of your marketing strategy, inefficiency is inexcusable. Time for a primer on ferreting out and reducing waste.

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Marketing Activities: Outsourced vs In-House?

According to the 2016 Gartner Marketing Organizational Design and Strategy Survey  more than half of marketing leaders say their current marketing organization relies heavily on agencies and third parties and only 19% have a strong in-house focus. Lack of Internal Team Coordination and Skills Gaps are the sources of multichannel struggles for nearly 40% of marketers. One-third of marketing leaders say they'd like to strike a better insource/outsource balance.

 

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Too many chefs: Building an effective marketing department in a complex organization

It’s the marketing department’s job to turn this tsunami of data points into a steady stream of leads, conversions and revenue. But with so much overlap between departments, divisions and individual jobs, what’s really in Marketing‘s job description?

In the digital world, marketing is not just focusing on developing the brand, market positioning, and messaging — they are also in charge of handling creative, managing media and even community outreach (stepping onto tradition PR toes).

Digital and Big Data are baked right into the marketing pie, critical to the mission of extracting full value from every customer interaction and maximizing ROI. Segregating marketing and other divisions of your organization into their own silos without accounting for the overlap just doesn’t make sense.

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Marketing ROI – the king of marketing complexity

Measuring Marketing ROI remains one of the more complicated tasks every executive must contend with. What seems on the surface to be a 1+1=2 exercise, quickly becomes a much more complex undertaking.  Marketers need to develop a more sophisticated understanding of digital marketing metrics, plus what is possible and what isn’t (yet), in order to estimate the most accurate return on their marketing activities. 

To help demonstrate, let’s take a look at a few examples of common marketing measurement scenarios to see how measurement needs to be viewed:

Let’s assume, for example, you are running a Google Adwords campaign for a product. In this case, the direct ROI could be the number of sales that are directly attributed to clicks on your ads.  You can track these sales by analyzing your overall online activity. If you’re evaluating what we call ‘attribution’, you do so by asking, “How many people purchased the product as a result of my search ad campaign?” In theory, that will tell you the total amount of money you spent on ads shown to each individual and the profit generated by his/ her transactions. It should also tell you whether the cost of driving that sale is higher or lower than the profit from the transaction.

Sounds simple, right?

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