Metrics matter now more than ever. As a six-time CMO over a 16-year career, I’ve tracked dozens (actually hundreds) of metrics and found that many measures are ultimately meaningless or only matter to marketers.
Wed, Jun 1, 2016 — People like to use metaphors. When we are trying to explain something, describe a situation, or develop an idea, we often compare the subject at hand to another thing that the listener may already know. Marketers use metaphors in many situations to reduce the amount of time and effort it takes to grasp a concept or an idea behind a product. Terms like bandwidth, information highway, the cloud, data mining, and even internet and web are all attempts to transfer what we know about one thing to something inherently dissimilar – the definition of metaphor.
Thu, May 26, 2016 — The time has come to hire your first Chief Marketing Officer. You've decided what kind of CMO you should hire, and gathered your list of important questions to ask during the interview, but the question still remains: How much do you pay them? Marketing approaches have changed, and are now more balanced. A CMO joining today’s progressive marketing teams will look different than CMOs of the past, replacing traditional skills like direct mail and PR with for example digital A/B testing and inbound marketing skills.
Wed, May 25, 2016 — If you’ve ever watched the popular ABC-TV show “Shark Tank,” you know that Mr. Wonderful, Mark Cuban, and the rest of their millionaire and billionaire entrepreneurial assemblage are simply not interested in investing in any product that a) has a competitor copycat, or b) can be replicated by a consumer giant. If one of these two criteria is apparent, the deal is 100 percent dead on arrival, no matter how devoted or tenacious the entrepreneur may be. As Mr. Wonderful (aka seasoned entrepreneur and investor Kevin O’Leary) often says, we all have to “wet our beaks.” It’s a dog-eat-dog world, and regardless of whether our company is dealing with an investor or a customer, we are attempting to innovate in the middle of a quick, competitive age of consumer product innovation. Brands must utilize their consumer data and analytics, think ahead on product innovation, and interact with their customer base in an impactful way – or the competition will take care of it for us instead.
Wed, May 18, 2016 — Take a deep breath, brand builders – we are now more than halfway through the steep, yet fruitful five-step climb to building a winning consumer brand. By understanding the importance of an emotional consumer connection, and in taking the time to develop our positioning statement and branding promise, we’ve carefully, yet confidently, laid our brand’s foundation. Now, we have everything we need to tell our unique story and establish a mutually beneficial relationship with our target audience.
Wed, May 11, 2016 — In Step 1, we began paving our road to a winning brand strategy with the basics. We determined that in order to win in a competitive consumer marketplace, we must first establish an emotional connection with our target audience. We also decided that remaining focused on emotional motivators is the key to the development of that critical connection. It’s time, now, to make sure we are winning with our “head,” as well as our “heart.” For the second step in our quest, we’ll don our lab coats and, utilizing the data from our emotional motivators and target audience surveys, we’ll now engage our sales and marketing teams to develop our company’s positioning statement and brand promise. If we can nail this critical “statement of purpose,” we’ll effectively stand out from our rivals and drive our company forward in the process.
Tue, May 10, 2016 — Variety may be the spice of life, but having too many choices turns people away. Our brains have evolved so that we perceive three main things about options presented to us, and the rest gets chucked aside. Give us only two choices, we feel torn. Give us four, we’re confused. Give us three, we pick one easily. Curious, isn't it? When we write about things, talk about things, look at things, we instinctively seek out three options. It's pleasant, this power of three. We don't feel forced to choose between two things and it doesn't feel overwhelming. It feels just right.
Fri, Apr 29, 2016 — According to an old adage, it is implored that we of the human species should “help yourself before you help others.” While this strategy is particularly important in oxygen-depleted aircraft cabin emergencies and personal matters (but was not great for people like Bernie Madoff), it also represents the foundation of modern marketing strategy.
Wed, Apr 13, 2016 — Pity the CEO who has the misfortune of trying to build a corporate brand in the modern era. You see, way back in ancient times, when slow connection speeds had more to do with your supply ship being robbed by pirates; and broadcast advertisements were limited by the decibel levels of the hawker’s voice, branding was quite simple. A couple of strokes with a paintbrush or the sizzle of a hot iron was all that was needed to denote the origin of the goods.
Thu, Apr 7, 2016 — As they say, “Dumb as a fox.” Attitudinally provocative “Challenger” brands have long been around for decades using contrarian positioning (The UNCOLA!) to separate them from the more normative incumbent brands in a given category. But in recent years with disruption strategy almost becoming the expected method of launching every new product, we seem to see more brands becoming the champions for disaffected consumer segments by promising a substantially better product or deal and by attacking the category leader with advertising featuring a loud, irreverent or downright outrageous brand persona. More or less censorship free online media have also opened the door to the use of profanity and lowbrow bathroom humor by some Challenger brands to create even greater juxtaposition between the new upstarts and the brands they mean to steal share from.