OwnerIQ Thoughts From CMO Collective Chicago
A few of the OwnerIQ staff attended the most recent CMO Collective on April 17 in Chicago. The agenda featured well-known brands and big players in the retail industry, including Kraft, IBM, United Airlines, and Unilever. Our own CEO Jay Habegger cohosted a presentation with U.S. Cellullar’s VP of Marketing David Kimbell on the future of generating online ad revenue for retailers and brands.
Jay’s session with David Kimbell of U.S. Cellular and 15 CMOs of top brands and retailers focused on the ability of retailers to generate online ad revenue through their owned media assets. This discussion affirmed our prediction that by 2014, 70% of retailers and brands will have strategy in place to monetize their online media assets through online advertising.
The Pulse of Innovation
Innovation was a major theme of the event, with particular mentions of social media and start-ups. Discussion focused on the importance of SXSW as a launch pad for new and innovative businesses in the digital space. An interesting idea is partnering large institutions with new startups in order to keep a finger on the pulse of innovation. Participants agreed that while social and mobile are the new media of choice, scaling or fully quantifying their success continues to be a challenge.
Missing the Boat on Women
One of the highlights was the introduction of Frank About Women, Mullen’s consultancy that focuses on marketing to women. As expected, this discussion considered women’s significant buying power that’s expected to keep growing (moms already controlling an estimated $1 trillion), while marketers are still trying to find a fool-proof way to market to women.
Data Reigns Supreme for Today’s CMO
Data (collection, management, analysis) was also a theme throughout the day’s talks. Questions presented throughout the day ranged from “Who manages it?” (the CMO, because data is key for innovation and tracking success and failure) to “How do we use it?” (optimize data usage by constantly tracking and analyzing). The marketing leaders acknowledged that analytics are increasingly important when determining a business’s media mix and vetting new media.
An interesting final take-away was on the topic of CMOs themselves. Industry leaders anticipate that the next CMOs are increasingly likely to come from the business sector, rather than marketing divisions.
CMO Collective was a great event as usual, and provided a number of interesting thoughts for the OwnerIQ team to consider.