The CMO Council’s North American Advisory Board met December 5th in New York to discuss and share thoughts about the most pressing marketing issues facing CMO’s today. Attendees included senior marketers from such diverse companies as Kaiser Permanente, the Baltimore Ravens, Citi, Mitel, Ernst & Young, Huawei, IBM, Wells Fargo, and Bloomberg.
Our focus was on the pain points we all shared, with special emphasis in the discussion about Mapping and Modeling the Marketing Mix. As leaders of large enterprise marketing departments, we must drive improvements in allocation, optimization, and justification of the $1.5 Trillion spent annually on marketing and communications worldwide.
It was clear from our discussion, and certain to be reflected in this year’s State of Marketing report by the CMO Council, that we all struggle with consistent challenges placed on our efforts every day. We agreed that we need better data that can be integrated and analyzed better and faster. We need to integrate our marketing efforts to create those force multipliers for each marketing dollar.
How will this happen? We will have to embrace more and more marketing automation along with adjusting our processes to optimize the use of those platforms. More and more of our marketing will become real-time, raising new opportunities (and challenges) for customer touch points, interactions, and transactions. Marketers worldwide, your new best friend is your CIO.