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CMO’S – Taking the lead in the industry

As we all know, Covid-19 accelerated digitalization by years like never before. The urge to keep brands relevant in a contactless world pushed companies to look for data-driven ways to reach customers. This behavioral shift became the key factor for CEOs in changing how they perceived CMOs.

According to Deloitte’s Marketing trends, the CMO role has gained tremendous momentum over the last 20 months. At the beginning of that period, only 46% of CMOs said they had a significant impact in C-suite conversations relating to marketing strategy. Now, this number is double at 81%. 

One of the reasons CMOs are becoming a much more essential piece across different departments is their direct access to data. The CMO’s day-to-day involves obtaining data, analyzing it, and coming up with innovative solutions across the customer journey. These actions are a necessary support to other company areas. 

Let’s take sales, for example. Before the pandemic, the sales team usually dealt with their customers face-to-face. Now, sales has to lean on the marketing team to generate leads across the digital platforms and create strategies that generate higher profits and strengthen relationships with users. 

One of the many successful examples was Coty’s Live Beauty Event with People Magazine; A 3-day event where different influencers and makeup artists from the beauty industry live-streamed tutorials, tips, and trends. During the event users were able to buy the products from the brands’ Ecomm platforms and access exclusive content afterward. This campaign was one way for sales and marketing to join forces and turn social media into an accessible experience for customers.  

CMOs and marketing leaders have also become critical players in predicting the future of a company according to the demands of today’s world. However, as the industry’s environment is constantly changing, CMOs must go a step further by becoming top strategists with a global vision and having the ability to implement a cultural shift across every area of their companies with the help of the available data.  

CMOs have to be the ultimate professionals delivering the right content to their over-saturated users. A skilled CMO has the power to use traditional channels intelligently to create much more relevant, compelling, and actionable content for customers in a much more agile way than other departments.  Fernando Machado, CMO of Activision Blizzard, suggests, “If you continue to play safe unless you have an outrageous amount of budget, people aren’t even going to notice,” meaning that creativity is, and will always be, an essential asset for brands. It’s the window for creating relevant solutions.

Learn more on how CPG CMOs are changing the game to win 2022 in our White Paper. Download it for FREE here:

https://121corp.com/white-paper

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Invest in online data-driven experiences and win your market 

According to the 2021 Gartner CIO Survey, 63% of retailers (including CPGs) expect to spend more of their marketing budget on business intelligence solutions and data analytics, as well as  35% more on artificial intelligence solutions. This number is predicted to continue growing in the near and distant future. The cause for this uptick is due to the recognition by company owners of strong data strategies having a positive impact on customer relationships. 

CPGs use these key factors to achieve a positive data-driven marketing impact. 

1 – Utilize predictions and prescriptive insights for a 360-degree view of consumers and opportunities for growth.

2 – Measure the impact of message delivery in moments that matter to consumers. 

3 – Have access to custom data and technology that enables a customer-centric strategy. 

4 – Have access to flexible and agile operating models for faster and efficient deliveries. 

5 – Build capabilities through infrastructure and talent to scale impact. 

We live in an age of precision. Companies need pertinent information relating to the time their customers are interacting with their company, such as when they are exploring, clicking, and purchasing. Company owners are able to utilize behavioral and demographic data to uncover their ideal audience and target their intended demographic with relevant messaging. Categories like baby and beauty use loyalty sites where they offer tips, coupons, or try-ons. These efforts pay off. Successful brands that apply a data-driven strategy acquire users that will 7x more likely to stay with the brand and 8x will spend their money with them, as well as  recommend it. 

Approaching a data-driven strategy with the help of creativity and storytelling will help crack the codes for a more targeted and engaging interaction, enabling companies to allocate their online budgets smartly. Here are some examples of how a data-driven mindset helps companies invest in relevant experiences and platforms for their customers. 

Integrate new and engaging touchpoints – On International Friendship Day, Coca-Cola boosted its presence with its first-ever NFT (Non-Fungible Token) collectibles, auctioned as a single “loot box” through the OpenSea online marketplace. This is an example of how studying the culture, working collectively with AI, and being there in real-time helps brands create engaging and new experiences that customers will value. 

Relevant content for the right time – Having a deep knowledge of the trends that everybody knows and the moments where consumers search for solutions for their everyday lives helps you create relevant content that will help build a more solid relationship with users. A great example is Unilever’s cleanipedia.com, a site that provides customers with tips, tricks, and advice for cleaning homes and keeping families safe. At the same time, users can access exclusive benefits and discounts from their favorite brands. This action had attracted more than 28 million visitors to date and was relevant during Covid-19. 

Having a new Ecomm platform– We all know Amazon is the king of online retailing. Nonetheless, Covid-19 has boosted online sales up to 70%. This is an opportunity for brands to play across different channels where potential consumers will be, like marketplaces, and create new DTC sites. One example of this is Pepsico’s PantryShop.com, offering exclusive bundles and snacks according to the user’s daily moments at home. 

Product innovations – A data-driven strategy also leads to product innovations or rethinking packaging that delights the online shopper and remains cost-effective across the supply chain. For example, P&G’s Tide created the Eco-Box, an ultra-concentrated formula is delivered in a compact cardboard box. Once peeled, there’s a dosing cup, a no-drip twist cap, and even pull-out legs for flat surfaces! 

Nowadays, there’s so much data available that it’s not about how much data a company has, but how they will use it to create a deeper relationship with their customers. It’s constant learning and updating of processes that require agility, new collaborative, and flexible work methods.  But, most importantly, a company owner needs to have an open mindset that embraces technology and uses it for the benefit of its users, their company, and their purpose. Discover in our newest White Paper the latest work models that CPGs are adapting and what tools they are applying for the 2022 marketing challenges. Read for FREE here: https://121corp.com/white-paper

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Discover which trends, tools, and strategies marketing leaders, and brand specialists are using to stay on top of their game.