CMO Best Practices For Hiring And Retaining Digital Talent

Shar VanBoskirk

I’m currently working on a report around how to hire and retain good digital talent. So the CMO panel featuring Brian Lauber of OneAmerica, Jared Blank of Tommy Hilfiger, and Chris Krohn of Restaurant.com that addressed hiring and staffing was music to my ears.  A few takeaways on how to nurture your digital employees:

 *Create an emotional connection between employees and your brand. This helps to brand your company externally. OneAmerica CMO Brian Lauber finds that “Your employees are your best branding.  He tells every single employee that they are the brand. “I tell them to look like it, act like it, talk like it.” Every day. In everything they do.

 *Don’t rely on HR to do everything alone. Creating a strong digital organization isn’t just about having good recruiters. It’s about creating a culture that employees feel part of and proud of. And this lands on managers to create. Chris Krohn of Restaurant.com says his role has two primary components: 1) Make sure the marketing strategy is clear; 2) Make sure we have the right people doing the right things. 

*Create benefits beyond financial compensation. Tommy Hilfiger employees get discounts off of clothes. And buyers of media and of clothes get 10% of their regular budgets to play with. “We want people who are passionate about clothes.  And about our clothes. So we give them a reason to buy our things for themselves.  And we make them accountable for 90% of their budget.  The other 10% they can spend on whatever they think is cool.”

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Best Buy CTO Shares How Marketing And IT Should Collaborate

Shar VanBoskirk

I’m co-presenting next week at Forrester’s first-ever CIO/CMO Forum with my colleague Craig Symons, a VP and Principal Analyst from Forrester’s IT client group.  We’re hosting a discussion around how to budget for marketing technology purchases. So it was perfect to hear Robert Stephens, the CTO of Best Buy, talk at the Exact Target Connections Conference about the role he plays in Best Buy’s marketing innovations. Stephens is the technology mastermind behind all of Best Buy’s industry-leading efforts like Twelpforce — its Twitter-based customer service organization.  Here are a few sound bites from Stephens’ presentation: 

“My job is to transform trends into reality for us.”  Stephens talked about his close relationship with Barry Judge, Best Buy’s CMO.  They meet regularly to swap ideas and co-support innovations. And Stephens doesn’t view any imbalance in the “power” either of them has over Best Buy decisions.  He’s actually come up with his own share of “marketing” ideas; for example, he came up with the Geek Squad in his lean college years. In his words, “When you don’t have any money, everything is marketing.”  I think this perspective makes sense even when firms *do* have money. What if every employee — including IT ones — thought about all of their moves as marketing ones?  That is ways to create a product, culture, and experience that promotes your firm above all others. 

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Making Connections Through Exact Target

Shar VanBoskirk

I just spent the first part of the week at the Exact Target Connections Event. What a top-notch conference. 

  • 3,000 attendees
  • Assiduous attention to detail
  • Inspiring and fun speakers including a presentation from Aron Ralston whose survival story was retold in the movie 127 Hours
  • And terrific industry content – I’ll post the lessons I learned at the event in my next few posts. 
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With Or Without Bartz, Yahoo! Lacks Vision

Shar VanBoskirk

Carol Bartz was fired by phone from her post as CEO of Yahoo! in what must have been a Trump-worthy conversation with Roy Boystock, Yahoo!'s Chairman of the Board. Tim Morse, Yahoo!'s current CFO will act as interim CEO and part of a larger executive committee to manage Yahoo! operations until a replacement CEO is found.

I like Yahoo! And I was optimistic about Bartz taking the reins from Yahoo!'s founder Jerry Yang, as I thought it signaled an desire by Yahoo! to aggressively course correct its languishing strategy.  But now I'm just disappointed. Three more years have passed and Yahoo! is the same sinking ship it was when Bartz took the reins.  Here is my take on Yahoo!'s situation.  Yahoo!:

  1. Has terrific online advertising capabilities.  The online opportunity is *still* a huge and growing one; we project interactive marketing will near $77 billion by 2016.  Yahoo! has tremendous traffic and user engagement globally which populates its monster user database that it is a pro at mining on advertisers' behalfs.  It's ad labs scale testing and optimization.  Its reach and available inventory is massive.  And its ad marketplace is making real-time ad buying mainstream.
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A Wild And Crazy Week For Technology Marketers

Kim Celestre

I am back from a very relaxing vacation on the Oregon coast and cannot believe all that has happened during that short time. Google purchases Motorola, HP gets out of the PC business, an earthquake hits the East Coast and Steve Jobs resigns from Apple. And I am not even mentioning the many other interesting announcements that did not get significant coverage this week, such as this, this and this. Can't wait to see what the next week has in store for us...

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Interactive Growth Does Take $$ From Traditional Advertising, Even If Interactive Investments Are Not In Ads

Shar VanBoskirk

I've received a few questions and have seen some social conversations around the theme "marketing is not advertising" relating to my recent interactive marketing forecast. I in no way meant to imply through the research that marketing and advertising are the same thing, nor is this the point of the research. So if you are hung up on that notion, let me 1) provide a bit of background on the report, 2) recommend that you read the full report -- I think inferring conclusions from the summary slide published in AdAge may be confusing without our detailed definitions, and 3) iterate that the primary conclusion of the report is that spend on interactive media and technology is no longer experimental, but now established budget line items.

I've worked on this report since 2004, and the report originally began as an online *advertising* forecast -- sizing spend on online media, which at that time was primarily display ads. We've done the report 5 times since 2004, and with each new report, it became clear that budgets were growing to include other investments besides online media. So we have adjusted the forecast to best represent what is included in clients' interactive budgets.

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What Makes A Community Successful?

Melissa Parrish

Anyone who follows my research knows that community management is one of my favorite topics. As I speak with marketers about their branded community efforts, the questions that come up most frequently are, “How do I know when my community is 'good?'" and “How many members do I need for my community to be successful?” Interestingly, these are the same questions people would ask me when I was a community manager, before I came to Forrester. Since these questions are clearly on a lot of people’s minds, I set out to answer them — analyst-style.

For my latest report, Community Benchmarking Metrics, I surveyed marketers with branded communities to try to nail down some standard measures of success. What I found was:

  • Standards come in the form of percentages, not hard numbers. For example, in communities that perform on par with averages, 8-12% of the unique visitors to the brand’s main website will visit the community. Of those community visitors, 4-6% will convert to become community members.
  • “Average” performance is consistent across communities of different types, from different industries, and with different goals. 
  •  To achieve typical results, community owners need to go back to basics: Make the community visible and don’t forget to promote it.
  • There are a few things marketers can do to beat the averages. My favorite: have at least one full-time community manager.
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Interactive Marketing Spend Will Near $77 Billion By 2016

Shar VanBoskirk

By 2016, advertisers will spend $77 billion on interactive marketing – as much as they do on television today.  Search marketing, display advertising, mobile marketing, email marketing, and social media will grow to 26% 35% of all advertising spend within the next five years.**

What does this growth mean for you?

1)      Interactive media has gained legitimacy in the marketing mix. In past forecasts, we found that interactive budgets grew because of marketing experiments, or firms looking for lower-cost alternatives to traditional media. No more. The next five years of growth comes from bigger interactive teams spending sizably to bake emerging media into their strategies for creating rich customer relationships.

2)      Search’s share will shrink. Search marketing (paid search and SEO) will continue to own the largest portion of the interactive marketing pie. But its overall share will decline as marketers shift search spend into biddable display investments, mobile marketing, and even social media.

3)      Display media will rally. Bolstered by advances in audience targeting and bid-based buying approaches, advertisers will renew their love affair with display media. We expect display investments to grow as marketers apply display instead of search. And niche or remnant inventory sells for higher prices due to demand-driven pricing.

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Can Marketers And IT Work Together To Master The Flow Of Your Customer Data?

David Truog

Marketers, how are you getting along with IT these days? It matters more than it used to. The job your company expects you to do is more and more entwined with technology. And so are the people in your target market.

Our research at Forrester shows almost half of US adults say technology is important to them.  And the ecosystem of suppliers of marketing-centric technologies and services is ballooning.  So whatever your aim as a marketer — whether it’s listening to the market, engaging with potential customers, or measuring the results of those efforts — you can’t do your job without these many technologies of new channels, new services, and new products.

This technology entwinement is especially tight when your company tackles the challenge of mastering the flow of customer data throughout the organization, from inputs across customer touchpoints, to the many ways you subsequently engage those customers. The struggle is not only in how to do this but also in how to do it sustainably: How to remember what data’s been collected, how it’s been used, what the outcomes have been, and on and on.

Where it gets messy is that marketers and IT often sing from different hymnals when it comes to making the most of all the relevant technologies. You’re eager to get to market with exciting new tools for engaging with potential customers, and you’re willing to experiment. But your IT colleagues often seem to be focused above all on cutting costs and avoiding risk — goals that rarely mesh well with what you’re trying to get done as a marketer. Not surprisingly, one marketing exec that Forrester interviewed recently called IT the “Department of No.”

Whereas in the past it may have been possible (even expected!) for marketing and IT to work at arm’s length, it’s not an option anymore.

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C3 Gets An Impressive Start As It Evolves From Idea To Startup

Kim Celestre

Recently, I had the opportunity to meet with the C3 leadership team in their San Mateo, CA, headquarters. Many of you may not be familiar with C3, as they have been operating in stealth mode for the past few years, working with industry thought leaders, partners and customers to build out their very robust energy resource management software platform. "Monitor, mitigate and monetize your energy and resources" is the company's tag line.

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