CMO

Marketing Plan Choices: What Do You Recommend?

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Do you recommend we invest in additional lead generation or shift our marketing mix towards brand awareness spend?  In just the last week, I heard or participated in this discussion at least 5-6 times within my team as we put together our marketing plans and budgets for 2015.  Although our operationally-focused company has a conceptual belief in building name recognition, our willingness to do things that build awareness, particularly things that cost money, is limited.  One of our company strengths is that we invest in marketing (and other programs) and focus on measuring their success with a laser-like focus.  The good…It brings an attention to execution excellence that is outstanding.  The downside, it often brings a lack of focus on long-term choices which cannot be simply measured.  The implication of this is those long-term choices often get put on the back burner in our plan recommendations.

It takes me back to my days as a P&G junior marketer, and the introduction of marketing mix modeling (MMM).  I don’t know when this process first took hold at P&G, but my first exposure to them was in 2003 when we were trying to effectively plan our multimillion dollar marketing budget and identify the right balance between advertising and trade spend.  At the time, retailer influence was growing dramatically, and the only way to afford the trade spend and price promotions being requested was to cut our television and print spend.  Was this the right plan?  If you looked at the traditional media metrics of reach, frequency, GRPs and TRPs there was no way to spread our message more efficiently than with these marketing choices.  As brand managers had a fundamental belief that investing in this media helped drive the effectiveness of our customer promotions (price promotions, coupons, displays at retail, etc.).  Our sales partners, and our retail buyers didn’t necessarily share this belief.  The beginning of MMM was an attempt to not only guide our decisions, but reinforce to these other important constituents how all of these pieces worked together to drive revenue.

As with anything, the results of this effort were only as good as the information and effort that was put into the tool, as well as how effectively we interpreted the outputs.  I don’t know if we ever reached the goal of driving cross-functional alignment to our marketing choices, but we did learn a lot.  At the core, we learned that all of our marketing choices helped make the others more effective….that in a perfect world we would run in all parts of our marketing mix simultaneously as this created the best revenue results.

Since then, the progress in both the modeling and the marketing analytics industries has been substantial, as has the shift to digital media.  About a year ago, the Council for Research Effectiveness published a whitepaper regarding the state of MMM.  Don’t read this one unless you are ready to geek out.  As I think about the conclusions in this analysis, one particular thing comes to mind:  no modeling, no analytics, no measurement of return-on-investment works without applying our human instinct to interpret the analysis.  We are often stuck believing that the “data will tell us something.” My experience is that although true, the data will tell you something, applying experienced-based reason and intuition is the critical step to turning data into something that drives the business.

This brings us back to the fundamental question for our marketing plan next year…should we invest in additional brand awareness spend (media and content) as a part of our marketing mix?  Smaller companies, like CHG Healthcare, don’t have the budgets to invest in sophisticated models such as those P&G put together, yet we still need to to make decisions regarding our budget and marketing plan choices.  So, my recommendation as we work to put together our recommendations for next year is spend time in the modeling, in the data and analytics, but to more importantly apply your reason and intuition and recommend what you believe to be the best plan to grow our business.

‘Femvertising’: Authenticity Sells? Let’s Hope So.

/ lesliesnavely / 1 Comment

I was interested to see at the AdWeek 2014 conference this week that they had a panel on ‘Femvertising’ moderated by Samantha Skey, the Chief Revenue Officer of SheKnows.  A few definitions if you haven’t hear about this.

Feminism – the belief that men and women should have equal rights and opportunities.

Advertising – the act of producing an advertisement which is something that is shown or presented to the public to help sell a product or make an announcement.

Femvertising – defined by Samantha during that panel as pro-female messaging within advertising.

Although conceptually I get it, and support the rise of advertising that shows women and girls in authentic ways, I sit here feeling frustrated about this new term.  For some reason it gets me asking why we need a ‘slogan’ to simply communicate what seems like what should be common sense?  Shouldn’t pro-female messaging sell without needing a movement?  Shouldn’t this be what marketers bring out of the gates in our work?  Okay – insert idealistic groan.  This just isn’t how it works no matter how much my idealist wants it to be that way.

So, how does it actually work?  As marketers we are accountable for advertising within an organization.  Per above, this means we are responsible for producing advertisements that sell a product or service or help to make an announcement.  Generally, in organizations we are considered ‘spenders’ of money.  We work long and hard to come up with ideas that sell, and then to sell our ideas internally to our organizations so that they can get funded to be produced and distributed via a media buy which is again a part of funding we must secure on the inside of an organization.

As we do these marketing plans and work on aligning the leaders of our organization, especially in a world where digital marketing is a predominant force in the spend wars of advertising, we talk about measurement.  How are we going to measure if our advertising is working?  What are our expectations for return on investment from the money we invest both in the production of the idea and the media buy?  In order to answer this, we look to historical performance as a benchmark.  How has our audience responded to our advertising in the past, and how much has it helped to sell our products or services?  Often times this gets us back to applying what has worked in the past to sell stuff.  Generally, this is the retouched image removing some inches around a waistline, the aspirational (read that as unrealistically beautiful) model flipping her hair over her shoulder and other unattainable visualizations of what being a woman/girl (and a man for that matter) is supposed to be.

So, as marketers (and advertisers) we have generally been either creating the problem, or are simply doing our jobs which is to sell stuff.  The less progressive position is to assume the latter…to assume that the only way to sell things is to present these ‘aspirational’ images assuming that is what sells.  The more progressive position is to change things.  To not look back at history to direct the choices we make in our current advertising.  Instead, to take on ‘femvertising’ as presented in the panel despite the potential difficulty this brings in making your case in the internal sale for funding of your advertising.  This may require a shift away from a direct sales link of our advertising (like television advertising had a direct link!) and cause us to think differently about how positive reputation of our brands will drive sales over time.  The work from Always in the #LikeAGirl video gives us measurable hope (48 millions YouTube views and counting) that this idealistic view of success is achievable.  But, does it sell product?  Let’s hope so.

So instead of being frustrated that we need a new term like ‘femvertising’ to bring authenticity in advertising out, I am channeling that frustration into action within my marketing team.  Let’s hope other marketers out there are on board.

Commitments: Create Space for New Ideas

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This week I was at the CMO Club Summit in Beverly Hills. It is a great event, drawing 150+ heads of marketing from across the country for a few days of networking, inspiration and learning from each other. This is the second time I have attended, and something I am excited to continue to be a part of in future years.

One of my favorite sessions was one from novelist and screenwriter Justine Musk on “Finding Your Creative Voice.” Justine authors a blog that I have followed for sometime about embracing your creative badass. During her time at the CMO club event, she spent time discussing the hero and the heroine’s journey in a story. You can find her take on it in a recent post.. One thing that really stood out for me was in her account of the heroine’s journey. She spoke of how the heroine goes internal to her (or his) own space to to deal with whatever internal demons are there, and emerges in a better place. She describes this journey in a story as enclosure, transformation and re-emergence. Gender aside, Justine shared that as a heroie goes to this private place to think it is a place of “creative incubation.”

This speaks so much to me because I feel like to truly accomplish creative solutions in my job and my life, it takes me moving into a quiet, internal place of my own to be able to think clearly and to figure things out. Often times I find this quiet (internal) spot on my mountain bike, at the gym, or when traveling alone. However most times, I find that I crave for more time in my “own” place. This could be the ultimate example of marketing meeting motherhood. I need that place to think both for my success as a marketer, my own sanity as well as to be a better mom. And.there.just.isn’t.time. Or at least that is how it feels.

So my commitment for this evening is to create space (time) for new ideas and for my own transformation of ideas to happen so that I (as a heroine) re-emerge with strength. I don’t know how I am going to make this happen, but it needs to happen. I need my creative incubator running. Continue reading →