Being asked to pitch for a new piece of business strikes both excitement and fear in the hearts of many agency folk. When I started research for my latest report, The Fit Test For Strong Agency Relationships, there was no shortage of people who wanted to weigh in on how to make the process better for both CMOs and agencies.
After many interesting and spirited conversations, I settled on the four things CMOs should screen for when selecting an agency to help drive their business forward in an increasingly competitive and real-time environment.
Check out my report (subscription required) for a how to guide to screen for:
Vision: Does they agency’s vision for the future of consumer behavior, technology and marketing align with yours?
Experience: Can the agency provide a fresh perspective to your acute business challenges?
Passion: What is the agency doing to create a culture where its employees are passionate about coming to work?
Process: Will the agency be able to enact change across your organization?
If you are interested in discussing your next agency search or how to get the most from your current agency relationships, please schedule an inquiry with me.
For as long as there have been children and travel, frustrated parents have been subjected to repeatedly hearing a simple, “Are we there yet?” In their innocence, children seem to understand that all journeys should lead to a final destination; with those journeys never reaching their destination quick enough.
In 2015, Forrester believes CMOs will step forward and take responsibility for turning the enterprise toward the customer, evolving their role into the engine that fuels customer-centric company growth. It’s time for CMOs to cultivate the trust, respect, and collaboration across the entire C-suite and use that influence to ask for the right to not only hold but also turn the keys to the customer.
My colleagues, James L. McQuivey, Moira Dorsey, Laura Ramos, Sarah Sikowitz, Tracy Stokes, and I therefore studied the landscape and expect CMOs to seize this new opportunity to both shape their personal success and accelerate the growth of their organizations in 2015. In particular, we predict that:
Having its root as an Igbo and YorubaNigerian proverb, “It takes a village” has come to mean that the responsibility for raising children is shared across the larger family and community. But it hasn’t stopped there. Hillary Clinton adopted this proverb as her own when she published a book on children and family values in 1995. And in May 2014, Pope Francis had a crowd of more than 300,000 school students outside the Vatican chant the saying over and over again.
This simple proverb has taken on an important meaning throughout the world, as it communicates the importance of community, cooperation, sharing, and bringing together the skills of many different parts of the community to produce the best result — the raising of a well-rounded child.
But at its core, “It takes a village” applies to more than just raising children.
In a business environment, “it takes a village” applies to how you find and then bring together the best resources to grow your business. Speaking at Salesforce Dreamforce 2014 this morning, Hillary Clinton shared her views of how organizations must do good while doing well by adopting the core values of innvation, fun and giving back to the "village" at large.
I admit it; I’m a sports junkie. And, this is usually one of my favorite times of the year — the first few weeks of the NFL season. But this year, it’s been more about how poorly the NFL is managing what happens off the field than it is the excitement of what’s happening on the field of play.
Somehow the NFL has forgotten what its carefully built brand stands for. It's forgotten that every experience fans have with its brand — including players’ behavior — makes a difference. And it's lost touch with what matters to its customer base.
With a serious case of misjudgment, the NFL missed the opportunity to have its brand set an example and agenda for the rest of the country to follow with a no-tolerance stand on domestic violence. Instead, the deplorable way it's handled the Ray Rice domestic violence incident as well as others that have since come to light has damaged the carefully crafted NFL brand image, reputation, and ultimately overall success of its $6 billion business. So what can CMOs learn from the NFL experience to avoid missteps and instead build a strong and resilient brand?
Read my new report “How To Build A Strong B2B Brand” (subscription required) to help you avoid the pitfalls the NFL fell into. Expanding on Tracy Stokes' work in our brand experience playbook, my new report applies Tracy’s work to the unique challenges B2B marketers face in building, growing, and managing customer-centric brand experiences.
Yesterday Microsoft announced it would acquire Mojang along with its massive Minecraft gaming franchise for $2.5 billion. By now we've all seen the coverage, including the gratuitous interviews with middle-schoolers about whether Microsoft is "cool" enough to own Minecraft. By and large, we think this is a good acquisition for Microsoft, and we said as much in our Quick Take, just published this afternoon, summarizing the acquisition, its benefits, and its challenges for Forrester clients. Go to the report to read the client-only details of our analysis: "Quick Take: Microsoft Mines Minecraft for the Future of Interactive Entertainment." As we explain in the report, there are specific challenges Microsoft will face that will determine whether this ends up being a sensible acquisition or a sensational one.
Beyond the detailed analysis of the report, it's worth exploring the long-term question of what that sensational outcome would look like. The difference turns on the question of whether Microsoft is ready to invest in the future of digital interactive entertainment. This is a subtle point that has been missed in most analysis of the acquisition. Most people insist on covering the purchase as a gaming industry event. Microsoft, the owner of the Xbox, buys Minecraft, a huge gaming franchise. But that low-level analysis misses a bigger picture that I sincerely hope Microsoft is actively aware of.
Since rising to prominence as a part of the C-suite back in the late 1990s, the role of the chief marketing officer (CMO) has never been as critical to the success of organizations as it is in today's customer-driven post-digital age. And CMOs are taking notice, stepping up to the leadership challenge as a full partner in the C-suite. As marketers indicated in our report on The Evolved CMO In 2014 (subscription required), their business leadership requires them to optimize the marketing organization they oversee. Forrester believes that as empowered customers take control of their relationship with brands, CMOs must optimize their teams by redefining their organization in the form of a marketing operating system (MOS).
An MOS-based structure transforms every facet of a marketing organization requiring CMOs to inspire their organizations to think and act differently. It’s up to you, the CMO, to establish the vision, define the new values, and model the behaviors you want from your team as you implement your MOS.
I recently joined Forrester’s CMO team as a principal analyst covering agencies — the world where I spent most of my time over the past 15 years. I have been fortunate enough to have worked at thriving agencies as they have undergone major change: Avenue A as it built out its media capabilities and tools; OMD at its start — merging four strong media divisions to form one media buying firm; and for the past five years, 360i as it grew from a search powerhouse into an award-winning full service digital agency.
As marketers shift their focus to become more customer-obsessed, agencies are evolving to provide the strategy and services needed to usher brands into the age of the customer. My research will focus on how CMOs can navigate and nurture their agency relationships and how agencies can evolve their businesses in the post-digital agency landscape.
It’s NBA finals time, and for the fourth year in a row, my Miami Heat are playing for the championship. While the big three (James, Wade, and Bosh) are extremely talented, it takes more than just the talent of these superstars to deliver the third championship in a row. To cement the Heat’s legacy and put the team in the position to claim another title as the best ever, the Heat has surrounded the big three with the right roles, staffed with the right role players. These role players on the Miami Heat know what’s expected of them and recognize the vital part they play in the Heat’s success. It’s Ray Allen hitting a 3 when he’s called upon or Birdman blocking a critical shot to keep Miami’s lead. Each member of the Miami Heat understands that while the big-three superstars may ultimately make the difference, it’s really the way the entire system works together that propels the team to victory time and time again.
And while this may surprise you, for your marketing team, it’s no different. Without a doubt, you have your superstars that go the extra mile to rev up your marketing engine. But do you have the right role players to help your marketing operating system work well as a unit? Do they know what’s expected of them? Do you know what role players you need and what to look for when you hire them?
The rumors turn out to be true. Apple is buying Beats for $3 billion, just slightly less money than originally suggested. Now that it's official, I'm confidently reiterating my conviction that Apple cannot be spending this unprecedented sum on Beats for either its headphones or its subscription music business. Because while the company may be worth that much, it's not worth that much to Apple, the world's most innovative consumer electronics and consumer software maker. Because choosing to buy Beats purely for its existing businesses and revenues would represent Apple significantly lowering its sights, aiming to graduate right from innovative leader of life-changing technology to kinda-cool company that makes stuff teenagers like. Not that selling to teenagers isn't a good thing; it can certainly bring in money, but it doesn't typically generate long-lasting brand relationships.
To be clear, if Apple is buying Beats purely for its headphones or music subscription business, then Apple is making a mistake. However, there are those of us who still believe that Apple hasn't thrown in the towel. And why would it? There are still many consumer markets to dominate — entire markets like wearables and home automation tech and even in-car experiences, all of which are in their infancy — and Apple still has the smarts, the brand, and certainly the money to make a run for any of those things, if not all of them. So why would Apple instead sign up to become a holding company for fashionable but not life-changing brands?
If you have children or are involved with children, you know that just as soon as you’ve figured out how to engage with that cute little baby in the right way, everything changes. Before you turn around, that baby you knew is starting school, graduating from college, and moving on to a career of her own. And as the baby grows and changes, your approach to engage with her on her terms must change too. If you’ve ever tried to talk to a teenager in the same way that you speak to a 10 year old, you know exactly what I mean.
While we understand and instinctively know how to change our approach as children grow up, we don’t often think of our buyers growing up. But, in the post-digital age, they are growing up and changing frequently. And as marketers, you must adapt and change your approach along with them.
And that’s where my new report, “Rethink Marketing In The Customer’s Context” (subscription required) can help. Expanding on a report published on February 21, 2013, my new report provides a framework for business-to-business (B2B) marketers to recast their approach with the full customer lifecycle in mind.
Start now to update your approach and:
Put the customer at the center of marketing thinking. Today’s market realities demand that B2B CMOs replace internal sales-driven marketing funnels with a full customer-life-cycle approach that aligns with the ways customers now make purchase decisions and build relationships with their vendors.