Why You Need to Get Out More
Chances are you know the old story about the woodcutter who hacked his way across the forest day and night. Lamenting that his work was increasingly difficult, a passing stranger asked, “Why don’t you take a break and sharpen your saw?” The devoted laborer quickly dismissed this suggestion, explaining, “I simply don’t have the time!”
Last week I witnessed more than 190 senior marketing execs sharpening their saws at two entirely different conferences: The CMO Club Summit in Marina Del Rey and the banking-focused Novantas Marketing Forum in San Antonio. Here are five of the many insights I gleaned from both—just don’t use them as an excuse to stay glued to your work bench.
Tighten Up the Team
Every leader knows philosophically that they are only as good as their team, yet few devote the time required to help that team flourish. Richard Marnell, CMO of Viking Cruises, was reminded of this during an MIT executive leadership course that advised “spending 40% of your time on organizational development.” Marnell was happy to report to his fellow CMOs that this adjustment to his approach had a huge impact.
Plan with Purpose
John Costello, former CMO of Dunkin’ Donuts, and Antonio Lucio, CMO at HPE, challenged their peers to not get distracted by all the new whiz-bang tech without first addressing the strategic foundation of their brands. Costello noted, “The fundamentals haven’t changed—marketers must differentiate their brands and address target needs.” Lucio concurred, while exhorting the audience to “build brands that stand the test of time.”
Protect the Process
According to Mike Linton, CMO at Farmers, even the best team with the sharpest strategy can fail if the CMO fails to protect the creative development process. Linton also dismisses the notion that other executives deserve a vote because they are consumers too. “It’s like saying, ‘I use a computer, so I can run IT,’ or ‘I have a bank account, so I can run finance,’” he quipped. Based on the applause from the audience, Linton’s lines are likely to be repeated soon in a boardroom near you.
Study Up on Storytelling
Since I ran a panel on B2B Storytelling at The CMO Club Summit and then was a keynote speaker at the Novantas forum, I can report that CMOs in just about every industry are becoming students of storytelling. Many are investing the time to become better storytellers themselves, while others are pushing the art form through their organizations and across their messaging. All agree that it’s a journey, made easier by the shared experiences of fellow yarn spinners.
Aim for Attribution
Another topic both events had in common was attribution and the age-old desire of marketers to pinpoint the impact of their marketing expenditures. AI Media Group shared a demonstration of their approach to attribution, tracking the impact of digital media buys and related telephone calls in real time. At the Novantas event, Marketing Evolution showed how they helped one bank pull together data from all imaginable resources to isolate marketing’s effect on brand health, lead generation and conversions. These impressive demos left little doubt that >90% attribution is just around the corner.
Final note: Feel free to let me know which conferences you’re finding worthwhile and what you’ve been learning from them.