The New Normal for CMO's

Avi Dan authored an article featured in AdAge titled, The New Normal for CMO's - click here. Based upon the blog comments he received, there were mixed sentiments on what people thought. Regardless, customer engagement is a key takeaway from this article.

Ideal customer engagement today would be best defined as the appropriate timing of relevant messages that are unique to each individual consumer - an aspirational tone from past and current CRM efforts. Beyond that though, there are various ways to engage today. From social media marketing, traditional advertisements to other engagement strategies such as meetings and events, the one thing we know based upon past experiences is that everyone is wired differently. Such is the case, having a one-size-fits-all strategy is a thing of the past, now is the time to truly adopt integrated strategies that better connect organizations with their customers (past, present and future) for more effective outcomes that better support and align to business objectives.

There's an obvious shift in the media mix more so now than ever; and that will continue to further evolve moving forward. We've moved on and evolved our preferences, as consumers (whether B2B or B2C), from an engagement standpoint. Digital tactics, both web 1.0 and 2.0, are increasing in their roles as traditional media plays less of a dominant one; although still critical to varying degrees depending on a variety of variables such as markets and customer types. However, the first-level of engagement evolution, specifically websites and email marketing, have saturated and overwhelmed many customers. For the most part, we've managed these new media platforms with a traditional approach. Analytics needs to and will be key way in how these and other contemporary channels integrate with traditional formats to increase relevance, conversion rates, advocacy and other key performance indicators included in a robust lifetime value model.

The CMO's main responsibility has always been to focus on market needs and identifying how the organization best addresses these through product and service offerings. However, to remain effective in a rapidly changing set of markets, CMO's have to work in a more latitudinal way. Latitudinal from the sense that while identifying effective strategies that support business objectives remain a core function, they also need to better ground their evaluations and expectations of their business plans and priorities based upon sensible tactical executions. Considering the many changes and shifts in the market, identifying best-practices and keeping a keen eye on their customers needs and preferences (at the individual level) will better ensure the continued level of competitive differentiation, customer demand and market presence required to be successful.

A Different Point-of-View: Why Bashing Millennials is Wrong

We've all read our fair share of "generational" articles and, for that matter, probably harbor your own thoughts on the degrees of fact or fiction that apply. This is especially true when it comes to either B2B or B2C marketing for the purposes of promoting relationships through motivational incentive and loyalty based programs. I encourage you to read the article published in Fast Companies titled Why Bashing Millennials Is Wrong - click here.

Here were my thoughts...

Individually, we're all wired a bit differently in terms of our social norms, beliefs and values. There are strong commonalities when we breakdown our population into demographic buckets based upon age (i.e., traditionalists, baby boomers, generation x and generation y, etc.). This is clearly due to key influencers of the time; for instance, the technological explosion that continually shifts attitudes and behaviors in how we work, relate and interact with one another. However, the important point here is that we can't assume or stereotype too much solely based upon simple generational cuts alone. We need to go deeper and focus on what best works for a personal, business or individual perspective; especially when it comes to the areas such as education, communication, motivation and others.

Overall, the focus shouldn't be about millennials in the workplace, but rather more so about how we better engage different people in varying ways to drive performance in the work place. The ability to help individualize work experiences and engagements through areas such as meetings or even motivational efforts to leverage unique talents and skills has and remains a key towards driving a diverse workforce. This is NOT just a millennial issue; it's about "how you engage others" to best achieve both individual as well as business level performance objectives.

Incentive Travel Council Names SFN Group Director as 2010 Advocate of the Year

Great news, the Incentive Travel Council has posted the following press release regarding the annual Advocate-of-the-Year Award. Read on...

The Incentive Travel Council (ITC) of the Incentive Marketing Association (IMA) recently named SFN Group Director of Business Meeting Services Dahlton A. Bennington, CMP, CMM, as the recipient of its 2010 Advocate of the Year Award. In its second year, the award recognizes an individual, business or organization that demonstrates outstanding leadership in enhancing, educating and/or promoting incentive travel as a value driver for achieving performance.

According to Incentive Travel Council President Jim Ruszala, “Bennington was selected for successfully merging four unique incentive travel programs from six specialized businesses into one ‘best-in-class’ program called Performance Forum.” He explained Bennington was able to achieve buy-in from all the participating interests by:

-Clearly communicating program criteria, monthly rankings and final results;
-Strategically aligning qualification metrics and limiting subjectivity;
-Providing opportunities for both producing and supporting employees to participate;
-Offering meaningful business meeting content; and
-Successfully executing the new program.

“Bennington wisely convinced her CEO to participate with the Incentive Research Foundation Case Study detailing the Anatomy of an Incentive Travel Program, which helped to highlight the value of incentive programs to all the stakeholders, benchmarked the program’s ROI and paved the way for an increased budget to further drive performance for the company, “ said Karen Renk, CAE, Incentive Marketing Association executive director.

Upon receiving the award, Bennington told her colleagues, “I believe within each of us is a voice and, if we can take better advantage of the tools we have and better articulate our value in what we deliver to drive performance and engage associates, we will continue to elevate our industry.” She also pointed out the value of the IRF study to the industry in terms of the measurement information it provides about the ROI, engagement, cultural and efficiency aspects of incentive travel.

The ITC Advocate of the Year award debuted in 2009 with the Texas Roadhouse Restaurants as the first recipient. The national restaurant chain was recognized for its public support of incentive travel programs as cost-effective business investments.

Behavioral Economics of Incentive Travel

Reacting to recent input from members and industry sources, the Incentive Travel Council of the Incentive Marketing Association released a perspectives paper on the Behavioral Economics of Incentive Travel in conjunction with the 2010 Motivation Show in Chicago. This paper covers the economic, business and participant impact experienced through Incentive Travel strategies. A great read for anyone wanting to continue in driving continued business performance - click here for a link to the full paper.

Lead Generation Follow-up

I just had a colleague raise an interesting question regarding lead generation. "How late is too late to follow-up on a lead generated through an email campaign? What is the decay rate?"

My short response was that it depends on what type of product or service being presented (i.e., cost, type of purchase from routinized to extended decision, seasonality, etc.). In general though, I typically look towards the 24/7/30 model. Following up within 24-hours, 7-days or within a 30-day window. After the 30-day window, the promotional benefit from an email campaign is forgotten. However, many are also deploying informational email campaigns today to stay top-of-mind as well; but, that's more of a nurture strategy.

If you have thoughts on this topic, please share.

Social Media Revolution...next edition

If you haven't seen it already, there's a new social media revolution video available for all to see on youtube. This is a great, short clip that really drives the main point that the way we engage and interact with one another from a personal or business standpoint isn't just changing, but rather it already has changed. Kudo's to http://www.socialnomics.com/, equalman productions and Hult International Business school...

Achieving Greater Value from Meetings, Events and Incentive Travel Investments

Making an investment in a meeting, event or incentive travel program is a good idea when you want to reward performance, improve customer service, encourage innovation through enhanced collaboration, or improve customer, employee and channel partner engagement. Based upon a recent study by Oxford Economics USA, the outcomes on such investments can range from a 4:1 to nearly a 20:1 return.

If you fall anywhere within this performance range, you’re likely pleased with the returns your programs achieve. Yet, this study also identifies a broad performance disparity among organizations. While some might realize high-end performance outcomes, others are not. Where does your company fall? More importantly, how can you further improve performance?

To achieve better business performance and effectiveness breakthroughs, organizations are adopting a model built upon transparency, which includes and connects three key principles:

1. Program and Spending View: Gaining stronger visibility into overall meeting, event and incentive travel spend. Doing so creates greater value in two very distinct ways. First, broader and deeper transparency helps ensure investments are consistently aligning with business objectives. Second, organizations can tap into a much richer purchasing power position to better negotiate on more favorable costs and contract terms as well as reduce financial and legal risk exposure. Strategic Meetings Management programs can optimize this key principle, providing a centralized practice for all meeting, event and incentive travel sourcing and contracting.

2. Participant Engagement: Organizations are cutting down on overall spend and doing more with less. The face of business today continues to grow more diverse and global. A one-size-fits-all approach simply will not deliver effective performance outcomes. Engaging participants more fully in the co-creation of the meeting, event or incentive experience provides for significantly stronger appeal, attendance, participation and, most importantly, program outcomes.

3. Value Creation: Owners of meeting, event and incentive travel investments not only have accountability for every dollar that they spend, but also on identifying how each program connects with established business objectives. In the absence of either point, the value of any program cannot be effectively measured, evaluated or improved. Case in point, attracting, developing and retaining talent and customers might be a key objective of your program, as such, you’ll want to connect with and measure performance in accordance with the related business objective of your organization.

As organizations consider increasing and decreasing investments, decision outcomes will hinge on how much meeting, event and incentive travel assets support and demonstrate value. Does it always have to follow a formal or conforming ROI model? The short answer is, not necessarily – we all know how ambiguous that can be. However, there do need to be relevant, agreed upon metrics that align with overarching business objectives in order to demonstrate the value created.

Key Principles for Businesses on Effective Social Media Marketing

Ever run into a situation where you asked, “What would you do with a social media budget if you had one?” If so, it’s highly likely that you have received some blank stares or oddly contorting faces looking right back at you. Questions quickly begin to surface with regard to how it will be used and who will operate, manage and measure performance. From a business standpoint, the biggest question of all remains, “Now what do I do?”

While I don’t want you to think I’m over or under simplifying social media marketing (SMM), here are key principles to follow for businesses who want to achieve greater value out of these investments:

• Business Objectives – Whether related to sales, branding, public relations, product development, market research or to attract and nurture customer relationships, a clearly defined strategy must connect to business objectives. At the end of the day, performance is going to be based on how your efforts support and achieve organizational goals.

• Traditional vs. Social Media Management – This is a new media that can not be effectively leveraged, managed and operated by traditional marketing rules and practices. When organizations are considering an entry into SMM, initial steps need to address more on how it is treated and managed differently, not conforming to traditional practices.

• Personalized, Versioned, Relevant Interactions – From mass media to direct marketing, we target individuals in the B2C and B2B world with tailored content and campaigns to promote greater effectiveness of our investments. SMM is not all that different in this regard.

• Dialogues not Monologues - The notable difference in an SMM environment from traditional media channels is that visitors are engaging and interacting with you or other participants. One-way monologues do NOT fit the bill, so don’t talk at but rather have open, two-way discussions with your guests, hosts or other fellow bloggers.

• Social Auditing – For truly effective SMM strategies, a social media audit is conducted before, during and after to inform approaches, advise on needed adjustments as well as to evaluate effectiveness. Often described as the “Listening” phase of social media strategy, it’s healthy for any organization to conduct a broad audit on interest areas before engaging as well as on active discussions they may have currently in motion.

Sounds like a lot to do. I hear it all the time, “we’re doing more with less” or “I don’t have time to commit to this.” There are two things to consider when you begin receiving or making excuses of why not to invest in an SMM strategy that follows these key principles: 1.) Lost Opportunity; 2.) COI (Cost of Inaction).