We’re back from AdWeek Europe and have some fresh insights to share!
1. CMOs are becoming more and more ‘CTO’
Nearly a third of CMO budgets are allocated to marketing technology (Gartner). But what do top marketers really want from the tech they are pitched and how should they be approached? Propeller Group presented a panel of marketers at household name brands to explain how they make decisions on marketing and ad tech investments and to give advice on selling the benefits of tech.
Featuring: Santander CMO, Keith Moore; Samsung Online Director, Nick White and GoDaddy former CMO, Kate Cox.
Here are some of the key points of the discussion:
- CMOs today need to be both CTO and CMO, they need to understand the tech behind the marketing platforms.
- AdTech needs immediate ROI but MarTech can be a longer term investment
- Efficiency and connectivity of the platform need to be your primary considerations
- A people-based focus is imperative when driving a better customer experience
- Credibility still accounts for something when considering new tech
- Nobody likes hidden costs!!
- Attribution is still a big struggle for many marketers
[Source: Session: Tough Truths for MarTech Vendors, Thursday, 21 March at 3:30 PM, Tech Stars Stage 2 – AdWeek Europe 2019]
2. Digital Marketing Maturity still eludes most marketers
Amy Copeland Strategic Partner Lead, EMEA Google commented that the latest BCG Research on Digital Marketing Maturity, which was commissioned by Google (taken over 12 months) found that the most mature digital marketers were able to deliver “reported cost savings of up to 30% and revenue increases of as much as 20%” But only 2% of EMEA Marketers today are achieving this.
The research demonstrates that only 2% of companies surveyed are truly achieving ‘multi-moment maturity’. This is where companies optimise dynamic execution across channels throughout the customer journey to achieve business outcomes.
Some interesting stats from the research:
- 83% could not make connections across consumer touch points.
- 68% lacked automation, relying instead on manual processes.
- 78% could not attribute value to touch points along the customer journey.
- 80% suffered from inadequate cross-functional coordination.
[cite: https://www.bcg.com/en-gb/publications/2019/dividends-digital-marketing-maturity.aspx
Source: Session: Driving Growth Through Data-Driven Marketing, Wednesday, 20 March at 9:45 AM, By The Numbers Stage 5 – AdWeek Europe 2019]
3. Beware the delicate balance between ‘personalised’ and ‘intrusive’
Lastly, there is still a huge question mark hanging over the point that Theo Theodorou, Sales Director at Microsoft Advertising made around personalisation: “How do you achieve it without moving into the realms of ‘creepy’?”
Each marketer will be the best judge of where the line is for their customers and their brand, but they need to get the balance right. The key is to use data in an ethical, privacy-safe way that informs your marketing campaigns, but that delights and excites your customers rather than scares them!
[Source: Session: The Digital Ecosystem of Retail, Wednesday, 20 March at 10:30 AM, Tech Stars Stage 2– AdWeek Europe 2019]
Hack of the Week:
Instead of going to each session stage – stick in stage 6 – they have a big screen with all the talks, so you can tune in and listen to your favourite or switch easily if you don’t find the content useful.
Worried you will miss out on questions? No problem – all the sessions use ‘Sli.do’ for this – so you can still participate! #WINNING
Advice of the Week:
“Run towards what scares you.” – Steven Bartlett, CEO & Founder at Social Chain Group
Bonus insight:
Comedian @jimmycarr kindly clarified on Tuesday, during the The Quality Street Gameshow, that WaveMaker are not “the people at the local swimming baths” but actually a Media Agency! Who knew?!