Top 10 Tweetable Moments from Economist CMO Conference

May 28 2014, 7:06am CDT | by

The Economist recently held its annual conference for chief marketing officers — dubbed “The Big Rethink” — at New York’s TimeWarner Center.  I couldn’t make it, but my friend Steve O’Keefe of SixEstate did. Thanks to Steve we have his top 10 tweetable moments:

1. “40% of our marketing spend in China is digital.”
Tim Mahoney, General Motors/>

When one of the biggest consumer advertisers in the world says his company is going to spend almost half its total marketing budget on digital — in the largest market in the world — it says a lot about the future of global business and digital marketing.

2. “What matters to millennials is what their friends think is cool.”
Anindita Mukherjee, Frito-Lay North America/>

Mukherjee had some of the best lines at the conference. Concerning the controversial issue of paying Facebook for promoted posts that push content to your followers, she said, “If you do it right, the juice is worth the squeeze.” She also explained how FritoLay collaborates with Walmart to track promotions, noting that Walmart knows more about FritoLay consumers than FritoLay ever will.

3. “We are quantifying the value of the influencer.”
Deanie Elsner, Kraft Foods Group/>

Deanie Elsner, one of the new breed of brainy-friendly-female CMOs, explained how big data analysis supercharged peanut sales for Kraft by refocusing marketing on women instead of men. It also led to marketing Lunchables to adults, tripling sales of that brand in one year.

4. “Interactive fans are more important than avid fans.”
Simon Wardle, Octagon/>

“Only 1.8% of U.S. television programming is sports-related,” said Wardle, “but 40% of U.S. social networking postings are sports-related.” According to Wardle, a fan who shares is much more valuable than a fan who only watches. And what is the top content draw for sports fans online? “News, news, news.” What Wardle said applies to almost any field at any time: what your most valuable prospects are looking for is the latest news in their field.

5. “Empowered consumers are in charge now.”
Mayur Gupta, Kimberly-Clark/>

Before the conference, The Economist stoked a great deal of discussion with an article citing a Gartner stat that in 2017, CMOs will have a bigger share of the technology budget than CIOs. Gupta put the horse back in front of the cart, saying the whole organization needs to recognize that the customer is in charge now, not the CMO, the CIO, or the CEO. Neil Bedwell at Coca-Cola said much the same thing about marketing: “The days of talking about yourself are over. We’re telling fan stories now.” Michael Brenner at SAP says it’s true in B-to-B too: “Storytelling is the future of marketing — with the customer at the center of the story.”

6. “Customers expect you to know who they are and what they like.”
Tariq M. Shaukat, Caesars Entertainment/>

Almost all of Caesars’ regular customers use the entertainment giant’s rewards program. That program captures 80% of all activity by customers. That includes deep data such as what people eat and drink in restaurants and how often they use amenities, along with more basic information about customer wagering, winnings, and losses. Caesars draws the line at storing data that might upset members if known.

7. “We will tell you who your significant other will be.”
Amit Shah, 1-800-Flowers/>

Amit Shah was speaking about the future of digital marketing, but even in the present, your florist may know many important details about you and the people around you. With enough data, they really could point you to someone nearby with shared interests.

8. “Consumers are more concerned about the erosion of personal privacy than they are about climate change.”
Laura Simpson, McCann Truth Central/>/>/>

Simpson stressed the need to compensate consumers for sharing their data. As an example, she said the men and women who spend up to two hours each day uploading data about themselves and their babies to the WebMD Pregnancy App believe they are raising better babies as a result. Consumers are willing to tolerate privacy invasions if it results in better lives.

9. “A human PLUS a computer beats a human OR a computer every time.”
David Rogers, BRITE Columbia Business School/>

BRITE Columbia Business School Executive Director David Rogers made the marketers in attendance feel a little better after a day hearing how big data analysis is rendering us obsolete. Among other insights, he saw a “hollowing out” in marketing coinciding with the decline of the middle class: “Advertising production values are either very high or very low.”

10. “It’s not about being perfect — it’s about being the best at being better.”
Peter McGuinness, Chobani/>

The last word here goes to Peter McGuinness, rock-star marketing head of yogurt dynamo Chobani. While McGuinness came across as an old-fashioned CMO (smart, male, intimidating), he explained how Chobani’s “How Matters” slogan applies to marketing. It really does matter how you handle your marketing, and the goal really should be continuous improvement — the best at getting better.

How many of these top 10 truths do you apply in your marketing?

Christine Comaford (@comaford) is a former serial entrepreneur, White House advisor and neuroscience-based executive coach that helps leaders build cultures of trust and high performance.

 
 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

IPad Air Giveaway 2014 is Online
IPad Air Giveaway 2014 is Online
Our sister site I4U News is giving away a brand new iPad Air or if you can wait an iPad Air 2. This is an $499 value.
 
 
Your Parent Or Kid Moved In: Are You Covered?
A record 57 million Americans now live in multigenerational family households — double the number in 1980, according to a new Pew Research Center study. And I bet many of them have the wrong homeowner’s or renters...
 
 
Pandora Looks to Challenge Terrestrial Radio's Dominance in Cars
Pandora Media is one of the largest Internet radio providers in the U.S. with more than 75 million active users. While the company’s active user count has increased at a robust pace historically, it is likely to slow...
 
 
Are General Manager Salaries About To Skyrocket? Will There Be A Front Office Salary Cap?
Are General Manager Salaries About To Skyrocket? Will There Be A Front Office Salary Cap?
It’s January 2026. New York Yankees owner Hal Steinbrenner gets out of his driverless car and triumphantly marches before the gathered press to introduce his prized new free agent. It’s a record-breaking contract—over...
 
 
 

Latest from the Network

UN Security Council urges for immediate ceasefire in Libya
United Nations, Aug 28 (IANS) The UN Security Council Wednesday adopted a resolution on Libya, calling for an immediate ceasefire while expanding sanctions on those who involved in the violence there. The 15-member...
Read more on Politics Balla
 
Cara Delevingne to star in 'Zoolander' sequel?
Los Angeles, Aug 28 (IANS) Model Cara Delevingne may star in the upcoming "Zoolander" follow-up alongside Ben Stiller. The 22-year-old model is said to be negotiating with the movies' star, Stiller, over the female...
Read more on Celebrity Balla
 
US fighter jet crashes in Virginia
Washington, Aug 28 (IANS) A US F-15C Eagle fighter jet crashed Wednesday morning near Deerfield in Virginia during a routine mission, Pentagon confirmed. "Air Force and civilian first responders are responding to the...
Read more on Politics Balla
 
Yemeni troops kill three Al Qaeda gunmen
Sana'a, Aug 28 (IANS) At least three Al Qaeda militants were killed in a raid by the Yemeni armed forces Wednesday, a security official said. Yemen's elite anti-terrorism unit stormed an Al Qaeda-held house in an area...
Read more on Politics Balla
 
Congo confirms six Ebola cases
Brazzaville, Aug 28 (IANS) Six cases of the Ebola virus have been confirmed in Democratic Republic of Congo (DRC), Health Minister Felix Kabange Numbi said Wednesday. A total of 42 cases have been reported since the...
Read more on Business Balla
 
Women come into their prime in 40s: Charlize Theron
Los Angeles, Aug 28 (IANS) Academy Award wining actress Charlize Theron says women come into their prime when they reach fourty, but society believes differently and treats them like dead flower. Theron says that...
Read more on Celebrity Balla
 
Sindhu progresses to pre-quarters at Worlds (Roundup)
Copenhagen, Aug 28 (IANS) One of India's best hopes P.V. Sindhu came out with a strong performance to enter the third round of the World Badminton Championships after earning a straight games win over Russian Olga...
Read more on Sport Balla
 
Delhi Half Marathon Nov 23
New Delhi, Aug 28 (IANS) The annual Delhi Half Marathon will be held Nov 23. The registrations for which was declared open here Wednesday. Approximately 32,000 people are expected to take part in the run which will...
Read more on Sport Balla
 
Paes, Sania win US Open openers
New York, Aug 28 (IANS) Indian tennis players Leander Paes and Sania Mirza won their respective doubles matches to advance to the second round of the US Open at the Flushing Meadows here Wednesday. Men's doubles...
Read more on Sport Balla
 
Jennifer Aniston feels pressure to have kids
Jennifer Aniston admits she feels under a lot pressure to have children. The 45-year-old actress, who has been engaged to fiancé Justin Theroux for two years, says she is often made to feel like she has failed as a...
Read more on Celebrity Balla