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7 Skills CMOs Need In The Digital Marketing Era | Newscred Blog

7 Skills CMOs Need In The Digital Marketing Era | Newscred Blog | 21st Century Public Relations | Scoop.it

marketingIO: One Source for All Marketing Technology Challenges. See our solutions


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marketingIO's curator insight, January 10, 2016 9:31 PM

For B2B: skip #3; #6 is a given; #5 is priority; MIA: predictive, personalization, data-driven

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The New CMO: How to calculate your value - B2B News Network

The New CMO: How to calculate your value - B2B News Network | 21st Century Public Relations | Scoop.it
Instead of the percentage-of-revenue ask and the marketing minutiae with no connection to revenue, consider using these two budget analyses as the set pieces in your strategic marketing plan: 1) value-per-lead (VPL), and 2) gross margin on marketing (GMM).

VPL is a unique twist on the more common cost-per-lead that online advertisers have been charging for years. Its power lies in the way it can change the perception of marketing from a cost center to a value center. A cost per lead is something a company pays out but VPL is what you’ll be bringing in to the company. To calculate the VPL, divide revenue by the number of leads generated (both over a defined period). If revenue was $1,000,000 and marketing generated 500 leads, the VPL was $2,000.

To determine GMM, divide the total marketing spend by the number of leads generated and subtract it from the VPL. If the total marketing spend was $50,000, marketing spend per lead was $100 and GMM per lead was $1,900 or about 95 percent.


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marketingIO's curator insight, November 29, 2015 8:45 PM

1) Consider ABM as a part of your ask; (2) It's all inconsequential without the appropriate attribution.

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It’s Risky Business When CMOs Tackle Tech Alone - CIO

It’s Risky Business When CMOs Tackle Tech Alone - CIO | 21st Century Public Relations | Scoop.it

Digest...


There is a downside to not involving IT…

 

1. Forrester found that "CMOs who go it alone often overlook key integration points to provide a consistent customer experience across all enterprise touchpoints. CMOs who are not involved in technology design, decision-making and management risk creating an infrastructure that does not tightly align to the marketing vision."

 

2. New technology has all sorts of follow-on costs, from integration to training to replacement to total cost of ownership. Forrester has a clever acronym for ongoing outlays: MOOSE, or the cost to maintain and operate the organization, systems and equipment.

 

3. When a martech vendor underperforms, many CMOs find themselves locked into a long-term commitment, a soured relationship and no recourse. If the CMO involved the CIO before signing on the dotted line, chances are good that the CIO negotiated contract outs as well as an ironclad service level agreement.

 

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marketingIO's curator insight, October 16, 2014 7:28 AM

I think we're aware of MOOSE, but #3 is one that makes practical sense, especially with regards to a review of a contract so that multiple eyes have seen it (covering thy butt).

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Innovation Excellence | Bridging The Chasm Between Technologists & Marketers | #TheMarketingTechAlert

Innovation Excellence | Bridging The Chasm Between Technologists & Marketers | #TheMarketingTechAlert | 21st Century Public Relations | Scoop.it

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There’s a deep organizational chasm between [marketing and technology]. But worse, each has their own language, tools, and processes. Plain and simple, the two organizations don’t know how to talk to each other, and the result is the wrong technology for the right market (if you’re a marketer) or the right technology for the wrong market (if you’re a technologist.) Both ways, customers suffer and so do business results.

 

The biggest difference, however, is around customers. Where marketers pull, technologists push – can’t be more different than that. But neither is right, both are. There’s a huge need for translators – marketers that speak technologist and technologists that talk marketing. But how to develop them?

 

To transcend the language barrier, don’t use words, use video. To help technologists understand unmet customer needs, show them a video of a real customer in action, a real customer with a real problem. Technologists don’t believe marketers; technologists believe their own eyes, so let them.

 

To help marketers understand technology, don’t use words, use live demos. Technologists – set up a live demo to show what the technology can do. Put the marketer in front of the technology and let them drive, but you can’t tell them how to drive.  Marketers don’t understand technology, they understand their own eyes, so let them.

 

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marketingIO's curator insight, February 4, 2014 10:16 PM

You know what? This could work!


The article talks to the issue of product development, but the techniques suggested are applicable to the IT vs. Marketing battle regarding marketing technology, and could very well build a bridge so that resources are optimized.

Rachael Johnston's curator insight, November 19, 2014 5:44 PM

There is a Chasm between technologists and marketers, neither one knows what is going on with the other one. When consumers have a need they pull for innovation and inventors push back at them. Meanwhile, marketers see the product and consumer engagement and determine what the need was (and still is). The marketers are one step behind. The marketers must join with inventors to help push the product/service on the consumer by pulling them in through content creation/curation, social media, and SEO. 

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Five Tips For Marketers In 2014 - Forbes | #TheMarketingAutomationAlert

Five Tips For Marketers In 2014 - Forbes | #TheMarketingAutomationAlert | 21st Century Public Relations | Scoop.it
To come up with the Hot Marketing Tips for 2014, I turned to CMOs, authors, CEOs, and even a Dean. I asked the experts to provide their top tips for CMOs as we move from 2013 to 2014.


Advanced/ Digest...


Below are 5 of the best ideas (and a bonus one) that range from career to management to marketing advice.

 

Tip #1: Think ‘Cloud’ First

CMOs in 2014 need to think ‘cloud’ first as the vast amount of channels, systems, media and networks that make marketing ‘work’ will grow even more over the next 12-24 months. Being able to integrate systems and reconcile data on a daily basis is the only way the CMO’s business will stay aligned with the speed of today’s audience/consumer.”

 

Tip #2: Bias for Action

Marketers will be well served by getting into the market quicker, reading results faster, and being more agile in action.

 

Tip #3: Don’t Fall Behind While the World Moves Ahead

The technologies and data sources for tracking (marketing fundamentals) are changing at warp speed.  Failing to keep up is a certain recipe for falling behind, but today’s environment offers many more ways to stay abreast than in years past. 

 

Tip #4: Learn Google Analytics

Every CMO with a strong online presence should be fluent in how to analyze, understand and evaluate at a high level their online traffic.  This skill is necessary to ‘walk the talk’ with their team and gain credibility with senior executives. Should a CMO routinely spend time in Google Analytics? Probably not, but understanding the concepts of online analytics will make a CMO more effective in all aspects of their job.

 

Tip #5: Don’t Focus on Profit at the Expense of Growth

Many smaller / mid-sized firms are so worried about the bottom line that they adopt a state of analysis paralysis when it comes to planning for the future. Focusing on profit while ignoring the planning that can lead to growth can be costly and prevent the executive from achieving long(er)-term business goals.

 

Bonus Tip: Drive More Revenue from Content Marketing

The power of content marketing comes from leveraging the rich data captured within marketing automation to better educate and convert prospects to qualified leads and high value sales. CMOs that approach content marketing strategically, with disciplined processes and alignment to revenue will generate more value from the technologies already in place that are severely under-utilized.

 

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marketingIO's curator insight, December 8, 2013 9:08 PM

Completely agree with the notion of diving into Google Analytics, as the CMO's review of the data will uncover insights that staff may overlook. Hey: GA is getting more and more complex, so before it becomes way too complex, dive in.

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The CMO's Components to a Modern Marketing Organization - Oracle

The CMO's Components to a Modern Marketing Organization - Oracle | 21st Century Public Relations | Scoop.it

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marketingIO's curator insight, November 29, 2015 8:49 PM

I would've changed Accountability to Attribution.

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The Best CMOs Combine 4 Leadership Styles - HBR

The Best CMOs Combine 4 Leadership Styles - HBR | 21st Century Public Relations | Scoop.it

Suffering from MarTech FOMO? We’ve got the cure. Contact us.


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marketingIO's curator insight, May 12, 2015 10:09 PM

Great approach to classifying CMOs, and most likely, there are plenty of hybrids.

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7 things marketing wants to say to IT - Computerworld.au | #TheMarketingTechAlert

7 things marketing wants to say to IT - Computerworld.au | #TheMarketingTechAlert | 21st Century Public Relations | Scoop.it
Attention, IT: As marketing goes all-digital, your CMO needs more from you than back-office support. Are you ready to be a marketing partner?


Advanced/ Digest...


Computerworld caught up with several CMOs and marketing executives to find out what they'd ask of IT if they could speak frankly. Read on to discover their seven key requirements.

1. Understand our new KPIs

2. Deliver on analytics

3. Guide my technology spend...

4. ... but let me run my own systems

5. Loosen the handcuffs, please

6. Teach us how to dive deep

7. Help us meet our customers wherever they are

 

CMOs say they need IT to have a keener understanding of these requirements so they can design systems with the agility that marketing now requires. In many organizations today, marketing handles all customer interactions -- outbound, inbound and those happening on social media -- and they need technology that allows them to interact with customers at any time in any of those media.

 

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marketingIO's curator insight, February 10, 2014 9:26 PM

Probably the best article I've read outlining marketing's requirements from IT: sensible, defensible and logical. It can act as a blueprint for your internal discussions.

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81% of big firms now have a chief marketing technologist - Chief Marketing Technologist | #TheMarketingTechAlert

81% of big firms now have a chief marketing technologist - Chief Marketing Technologist | #TheMarketingTechAlert | 21st Century Public Relations | Scoop.it

Advanced/ Excerpt...


Looking at the latest marketing technology landscape, you might ask yourself, “How the heck do marketers make sense of all of this?” Increasingly, the answer is: they have a chief marketing technologist.


A terrific new research report by Laura McLellan of Gartner, How the Presence of a Chief Marketing Technologist Impacts Marketing, confirms that this senior hybrid role — “part strategist, part creative and part technologist” and “broadly the equivalent of a CTO and a CIO dedicated to marketing”— is growing in popularity. Within large companies — more than $500 million in annual revenue — 81% of them now have a chief marketing technologist role, up from 71% just a year ago. Another 8% expect to add that role within the next 24 months.


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Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox:  http://ineomarketing.com/About_The_MAR_Sub.html (your privacy is protected).



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marketingIO's curator insight, January 29, 2014 10:24 PM

A harbinger for the rest of us mere mortals. Most likely, the less-than-monolith cannot afford a CMT, so it better be the CMO filling that role.