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summits
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23-25 May 2010
The Ritz-Carlton, Amelia Island, FL, USA |
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Tom Cole Interview
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New multifaceted communication channels and the demands of the modern consumer have brought a new set of challenges for Chief Marketing Officers (CMOs). Consumers may be more accessible than ever before, but traditional marketing approaches are no longer as effective. Nowadays, success is not necessarily due to the product message itself, but the consumer’s experience with it, Tom Cole, owner and President of RAZOR believes. A solution provider at the marcus evans Chief Marketing Officer Summit 2010 taking place in Florida, May 23-25, 2010, Cole discusses new world marketing and long-term strategies for CMOs. What are some of the challenges facing CMOs at the moment and what solutions would you recommend? Tom Cole: Consumers are changing. They are now less trusting of traditional advertising. The old advertising model is no longer dominant, and in some cases no longer relevant. This has a lot of implications for CMOs; everything from marketing processes to the resources needed to evolve the business. Understanding the customer has become more complex with the explosion of communication channels driven by technology. There is a lot of data and sources of data that have to be compiled and integrated, but a lot of agency partners do not have the skill sets to do it or understand how to establish meaningful customer metrics. This is important because there is also a higher level of accountability that did not exist before. CEOs are demanding ROI, and it is no longer acceptable to say that marketing cannot be measured. Everything can be measured today; the impact of a brand can be modelled and cloned, and CMOs should be demanding their agencies and partners to be equipped for this new level of accountability. What long-term strategies would you recommend to CMOs? Tom Cole: The CMO role is not just about advertising and communications; CMOs have to view themselves as the chief architects of the customer experience. They need to look at how the customer is experiencing their brand and product, as that is how consumers today define brands. CMOs need to be both aggressive and fearless with the way they innovate, not simply working to prevent losses. You will never hit a home run if you are not aggressive. That means there is an added risk of failing, but risk-taking should be a badge of honor rather than a black spot on a résumé. CMOs have to surround themselves with more talent than ever before, and get used to asking their top talent to do a few things really well instead of covering all grounds. They need to be wary of the “all things to all people” agency partner claims and those who claim to be digital experts. What do you consider the best brand building strategies? Tom Cole: First and foremost is to build a great customer experience. Nothing else is more important. Companies today are so competitive, that even good or average customer experiences can be a problem. You really have to stand out. The second winning strategy is to be authentic; know what your brand is and do not try to be something you are not. Stick with what you do well. I call it the 80 per cent familiar rule: try to build, grow and stretch the brand where appropriate, but stay 80 per cent rooted to what your brand means to consumers. Innovation of your products is critically important, but your brand needs to be rooted. How would you define new world marketing, and how should CMOs adapt to this trend? Tom Cole: New world marketing is about understanding the authenticity of your brand, knowing the brand’s values, orchestrating a script across new social media as well as traditional channels, and staying true to the course. New world marketing is about constant measurement and interaction with customers that result in real time two-way dialogues. New world marketing is fairly well documented and talked about, but the real challenge facing marketing executives is how they should respond to it now that it is here to stay. There are a lot of agencies trying to break free of their legacy skill sets who are finding it difficult to do so. I believe the new world requires a clean sheet - wipe that slate clean and partner with a brand new agency model built around customer analytics and channel neutrality. I would encourage CMOs to look for these types of agencies.
This unique forum will take place at The Ritz-Carlton, Amelia Island, Florida, May 23-25, 2010. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The summit includes presentations on Web 2.0 and social media, building powerful brands and alternative marketing methods. For more information please send an email to info@marcusevanscy.com or visit the event website Please note that the summit is a closed business event and the number of participants strictly limited.
marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com All rights reserved. The above content may be republished or reproduced – kindly inform us by sending an email to press@marcusevanscy.com
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