CMOverheard: Analytics, colors and what keeps CMOs up at night

What the marketing world is talking about this week.

  • by chris.huston

    One never has enough time to keep track of everything going on in the marketing world. Here are a few intriguing tidbits and news items from the past week, courtesy of some of the top experts, thought leaders and Chief Marketing Officers in the industry.

    CMOs need to stay on their toes

    Oracle's social blog recently listed five things that should be keeping CMOs up at night. Among the takeaways is that CMOs aren't just marketers these days. They suddenly have their fingers in everything, ranging from sales, to product development to human resources.

    CMOs must keep evolving

    New technologies are enabling modern marketers to better understand, reach and engage audiences, according to Uberflip. Since this has disrupted the marketing industry, CMOs have been forced to evolve their techniques in order to survive.

    CMOs are evolving 

    Are colors the key?

    Research shows that 90% of information transmitted to the brain is visual, and visuals are processed 60,000 times faster in the brain than text. It's no wonder that 85% of shoppers place color as a primary reason for why they buy a particular product, according to this cool infographicSo why don't marketers pay more attention to colors?

    Here come the numbers crunchers

    Real-time, analytics-intensive data models are the future of marketing, which means Madison Avenue is becoming more like Wall Street, according to Matt Miszewski of 

    The key nugget:

    We have reached the tipping point in marketing where speed and precision will win out over traditional marketing approaches. Success or failure of marketing campaigns will be measured in milliseconds. Companies that reach the consumer at just the right time and ahead of the competition will win out. At the same time, marketers must crunch ever-increasing amounts of data to make those decisions.

    CMO News

    CVS CMO Rob Price has resigned from his post to pursue an as-yet-undisclosed new opportunity, the company recently announced. Under Price’s watch, CVS decided to stop selling cigarettes, a bold move given that cigarette sales accounted for $2 billion in sales. The move was praised as a savvy marketing decision.

    CMO Quotes of the Day

    Being able to quantify marketing efforts is on the mind of every CMO these days. Evan Greene, the CMO of The Grammy's and Angela Tribelli of HarperCollins Publishers chimed in on that very subject recently:

    I think one of the biggest fallacies and one of the biggest misnomers about social media is that it’s free and easy. And I think right now, the next big step is figuring out how you can track word-of-mouth marketing and be able to put an ROI on it. How do you measure measurement analytics? What’s the value of having a bunch of Facebook friends? Is it the aggregation of tonnage? Is it who’s passing it along? All of that is being parsed right now and I don’t think anybody’s got the answer but there are some companies that are getting a lot smarter about it. -- Evan Greene, CMO of The Grammys.

    Analytics are critical. Almost everything we do in the marketing space has moved from anecdotal to quantifiable. The trick is getting people to agree on which metrics matter. The good news is that most marketers want to understand what’s working, and want to be able to flaunt the results. Our big focus now as it relates to analytics is direct marketing to consumers on behalf of our authors. We’re pouring resources into our email marketing efforts, and seeing some exciting results. -- Angela Tribelli, CMO, HarperCollins Publishers.

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