I was fortunate to participate in a recent Forbes CMO Network invitation only event designed to explore how technology is presenting new ways for CMOs to think about, plan, and execute their marketing strategies.
The event, “Funding the Next Wave of Digital Disruption: An Insider’s View of the New Companies & Technologies Transforming Marketing,” hosted at the offices of leading venture capital firm of Kleiner Perkins Caufield & Byers (KPCB) provided a unique insider’s view of the newest cutting-edge companies and technologies coming out of Silicon Valley.
I left the event with an even stronger belief that marketing and technology are forever intertwined. And, as highlighted in my "The CMO’s Role In Technology Purchasing" report (subscription required), it’s time to ramp up your technology IQ now or risk being left behind. Why now?
Watching Amazon.com cut the prices of last year’s Kindle Fire devices shortly after they debuted, you may have concluded that Amazon’s tablets weren’t performing well. You may have further speculated, as I did earlier this year, that maybe Amazon didn’t need to commit to the tablet strategy. After all, Amazon has a great relationship with its customers whether they’re on PCs, mobile devices, or iPads. You (and I) would be wrong. Today Amazon doubled down on a tablet strategy, announcing three new devices for sale later this year. A new 7-inch Kindle Fire HD (starting at $139), a 7-inch Kindle Fire HDX (from $229), and an ultra-skinny 8.9-inch Kindle Fire HDX (from $379). In one fell swoop, Amazon:
Commits to tablets as a way of committing to customers. Yes, tens of millions of people already have iPads, but another 40 million people in the US will get their first tablet between now and the end of 2016. And chances are very, very good that Amazon has a credit card on file with most all of them.
Stacey and I caught up last week, and she peppered me with some interesting questions about the business value of thought leadership, how to organize/staff around thought leadership, and what are the leadership/governance models that work. We thought it would be fun to write up our chat in the form of a (rather lengthy) Q&A, shared with you below.
Reading through it, I think it's important to approach thought leadership as an organization, and not just a marketing activity or program. True thought leadership happens when the market talks back, and you get to exchange valuable insight with other leading thinkers on the topic. Kinda like Stacey and I do here.
Yet B2B CMOs can't continue to rely on measures like brand awareness, trade show scans, or website traffic to demonstrate the benefit their departments deliver. Those who do will be shown to the door as CEOs and CFOs raise the bar on accountability -- and getting the right attention here is a substantial challenge when so few execs rely on marketing data in their decision making (see figure to the right.)
Summer's winding down and it's time for people to get serious about closing out the year and looking forward to a digitally disruptive 2014. I can tell because the phone is ringing off the hook these days and nearly every call has the same focus: What steps can we take now to get the jump on digital disruption?
First, I'm thrilled to get these calls because implicit in the question is the belief that digital disruption is real. I've found that to be the case in the many months I've been on the road speaking about my book Digital Disruption and calling people to adopt the digital disruptor's mindset. Very few people doubt the unique power of digital disruption, in fact, they often have better examples of disruption to offer me than the ones I came prepared to talk about.
But after the mutual thrill of excitedly comparing case studies, these conversations have rapidly settled down to the same question: What can we do about it? It's precisely in that spirit that Tom Pohlmann, Forrester's Chief Marketing & Strategy Officer, sat down with me to get the straight scoop on what companies can do right away to understand and act on digital disruption. The result is an 18-minute interview that we're serving up as a podcast under the Forrester Talks Podcast. You can either listen to the whole thing in one shot (episode 1) or consume it in bite-size, topic-focused chunks under episodes 2, 3, and 4.
I was fortunate to take an extended vacation this summer to visit my daughter who is serving in the Peace Corps in Madagascar, with a stop in South Africa and Victoria Falls on the way. Although you see amazing animals while on safari, experience the incredible power of Victoria Falls, and find the undiscovered treasures of Madagascar, it was the beauty of the night that really struck me. Without city light pollution, you find yourself immersed in a night sky full of the most incredible stars. A clear view of a streaking Milky Way and a strong Southern Cross just takes your breath away. Night after night, the stars are there to light up the sky.
But being in the Southern hemisphere, the North Star that I am so used to seeing was nowhere to be found. That got me thinking about how comfortable we are in this half of the world with having the North Star to act as a beacon to guide navigation to true north.
Digital channels, online social activity, and mobile technology give business buyers unprecedented purchasing power. Just look around your next sales or customer meeting, count the number of smartphones and tablets, and see if you disagree.
To capture the attention of the perpetually-connected business buyer, we see B2B CMOs taking on significantly broader, and often unfamiliar, responsibilities. To learn exactly how top marketers respond to these new world challenges, Forrester teamed with the BMA to conduct a joint study about the pace of change, skills required, and degree of collaboration needed to deliver the always-on experiences business buyers now expect.
When I first became a marketing executive responsible for leading a team, life was simple. All we needed to worry about was having a solid marketing strategy and then doing a good job of executing against it with engaging creative and the right offer. In those days, technology was someone else’s concern. The most we worried about was the condition of the direct marketing file or rented list and the percentage of responses we were able to get. Pretty easy, right?
Fast-forward to today and that simple life is a thing of the past. The digital revolution has forever changed the balance of power, putting customers in charge. Marketers live in a brave new world where customer understanding and the ability to provide value to customers in their buying journey across the exploding number of engagement channels are now the name of the game. And now technology is everywhere touching all of these aspects of marketing and more.
Over the past few weeks, I’ve been honored to speak at NYC Internet Week’s Cardinal Path and Google's Building a Data-Driven Culture opening panel and the Ad Age Marketing + Technology Summit; as well as at several Forrester client events in the US and Europe on the topic of marketing technology and the CMO role in the strategy development, vendor selection, and execution process. And one thing that I stressed across all of the discussions at these events is this — CMOs must accept that it’s no longer possible to run the business of marketing without technology. Technology is now necessary to help your marketing team handle the external fragmentation and internal data sources that drive decisions and results.
For the history of humanity, for one person to make a difference, the individual had to convince many others to join the pursuit. And the convincing part was tough — whether you were Martin Luther or Martin Luther King, Jr., the amount of effort was high, and the probability of success was low. (Certainly the list of people who tried to change the world and failed is long; it’s just that we won’t know their names, which itself is part of my point.) From Christopher Columbus to Steve Jobs, individual power has really only amounted to much infrequently, and only when backed by very large and wealthy entities. Kings and queens financed the discovery of the Americas; Wall Street and venture capital bankrolled Silicon Valley.