racepoint group - the cmo and cio – getting along for the sake of the future of software
DESCRIPTION
FutureM 2013 session with Racepoint Group Speaker: Larry Weber Chairman, Racepoint Group CMO. CIO. Think back to five years ago. Did you ever think these two titles would ever have anything to do with one another? Nope. Never. Not a chance. In today’s visual and digital world, the future of software is changing. As the software model continues to shift from BtoB to BtoC, we can expect the CMO and CIO to come together in order to provide a seamless and smooth transition as far as the user experience is concerned. This involves anything from ‘easy-on-the-eyes’ design to building and marketing platforms that are geared towards BYOD and the consumerization of IT. Larry Weber, Chairman of the W2 Group and Racepoint Group will talk about how these two roles must learn to get along in one space, and the importance of reinventing themselves as their roles evolve and continue to change. The most successful companies will adapt and embrace the changing roles of the C-suite. In today’s world, businesses can’t stay relevant by staying the same; they must change and evolve over time by reacting to market conditions. The marriage of a marketing-savvy CIO and a tech-savvy CMO is a brilliant one that can pay off drastically. But the real test is patience – and acceptance internally, in order to effectively execute externally.TRANSCRIPT
THE CMO and CIOGetting Along for theSake of the Future of Software
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Current State of #Marketing
• Marketers increasingly need technology to do their jobs more efficiently & effectively
• IT fueling companies in today’s age of analytics and big data
• Customer experience is priority
• Companies slowly investing in technology, talent and processes to overcome natural Marketing & IT divide
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The Role of the CIO
• CIO has 2 key roles: o Internal: More traditional IT measures not
connected to CMO like security, cloud, data, governance, compliance, privacy
o External: Helping CMO select & deploy best marketing automation platforms, software
• To equip employees with the tools they need to be effective
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What the Future Holds
• Marketing execs will spend more on IT and analytics than technology execs
• Marketing will have the support of the CEO, so CIO must develop strong relationship with CMO
• Many CIOs will report into CMOs
• Long term, CMO & CIO must come together to deliver a clear vision and time tables
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Keys to a Happy Marriage
• CMOs must tell CIOs how Marketing can benefit from IT innovations
• CIOs must participate in discussions about overall Marketing strategy and objectives
• Agree on mutual focus areas (i.e.: customer strategy) and metrics to measure success
• Build strategy around company’s future growth
• Demonstrate value to key Stakeholders
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IT & Marketing Collaboration
• Purchase & browsing data used to target & retarget shoppers through Amazon.com product suggestions
• Data also used within banners on third-party sites & via e-mail marketing
• Data then plugged back into CRM system to create more finely tuned audience segments
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IT & Marketing Collaboration
• Analytics used to gain more visibility into their online customer loyalty program
• Management compares loyalty/performance data of
marketing promotions with pizza sales/frequency of transactions, then measures against initial goals
• Mobile commerce campaigns then tailored to more effectively increase average order price/frequency
• Previously, managers spent 80% of their time just gathering the data
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IT & Marketing Collaboration
• CIO & CMO teams researched customers’ emotional reactions to branding/productso Routine banking: customers felt bored or safe o Securing a loan/mortgage: customers felt more
extreme emotions: fear, hope, nervousness
• ING used data to evolve customer service and company culture
• Used to solve problems from a technical standpoint; now they solve problems from the customer's perspective
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Question & Answer
QUESTIONS?
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Connect with Me
MY BOOKS:• The Provocateur: How a New Generation of Leaders Are Building Com
munities, Not Just Companies (Random House/Crown Business, 2002)
• Marketing to the Social Web: How Digital Customer Communities Build Your Business (Wiley & Sons, 2007, with a second edition in 2009)
• Sticks & Stones: How Digital Business Reputations Are Created Over Time…And Lost in a Click (Wiley & Sons, 2009)
• Everywhere: Comprehensive Digital Business Strategy for the Social Media Era (Wiley & Sons, 2011)
• The Digital Marketer: Ten New Skills You Must Learn to Stay Relevant and Customer-Centric, due out in Spring 2014
TWEET ME: @TheLarryWeber
EMAIL ME: [email protected]
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