Inspiration and Digital Innovation are Keys to Success During Economic Crisis, Say Marketing Execs

It39s time to revolutionize marketing communications HewlettPackard CMO Mark Mendenhall told attendees at the annual Association of National Advertisers Conference last week quotThe relationship companies have with consumers has been upendedquot he said quotIt39s no longer the 30second commercial that defines companies but a comprehensive digital strategy is requiredquot Arguing that digital strategies should be applied across the operational infrastructure of companies as well as in their marketing Mendenhall pointed out that quotdigital media have been anchorbolted onto agencies and strategies The digital integration issue needs to be dealt with at the corporate and agency level across all functions within a company The digital environment allows you to engage with consumers in a better wayquotIn response to this trend traditional media will change and evolve becoming more personal and more custom Mendenhall suggested quotHow we look at media planning and buying will change and will become more customized We will see dramatic shifts and this poses a challenge to everyone here It39s importantquot Mendenhall added quotto be risk takers To push the boundaries into uncomfortable areas We have not seen technology adoption rates and behavioral changes like we are seeing nowquot Inspiration and innovation were constant themes at the ANA event which focused on how Masters of Marketing are dealing with the dramatic changes driven both by the economy and technological advances quotBalancing inspirational and operational marketing and moving from spray and pray to precision marketingquot are two key fundamental guidelines for the future commented CocaCola CMO Joe Tripodi in a detailed overview of Coke39s global marketing strategies quotIt39s important to keep the inspiration going to retain customersquot Tripodi recommended that marketers quotcontrol your own destiny or someone else willamp8230 and innovate everything both at the core of the business and in emerging spacesquot Claire Bennett American Express CMO added that quotmarketers need to focus on inspiration beyond returnoninvestment Don39t hunker down in a bunker Take fewer risks but take themquotMendenhall who joined HP from Disney Theme Parks last year explained how quotdigital conversation has become a global phenomenon and is just getting startedquot In Brazil for example 76 of Internet users are on social networks China has 42 million bloggers In this new model he pointed out quotindividuals have the power to disrupt the massesquot Marketers he suggested can use advertising dollars to build their own online forums and their own media networks through new syndication models and more nuanced customized approaches quotThese will not be defined by companies but by consumer ecosystemsquot he commentedJoaquin Hidalgo VP Global Marketing at Nike advised quotconsumers don39t want more things they want more experiencesquot The Nike model he explained is to quotbuild a bridge between the digital and physical worldsamp8230 through innovation inspiration and experiencesquot Nike he added is itself a media platform Mark Addicks SVP and CMO of General Mills shared examples of how brands are using blogs and causerelated initiatives to build and expand brands and their relationships with consumers In an audience poll 28 of ANA attendees identified social media integration as their best opportunity for brand growth the 1 ranked opportunity Yet only a fraction of the audience reported they were currently using social media as a marketing tool Lisa Donohue president of Mediavest39s Truth and Design group and an ANA attendee told Jack Myers Media Business Report quotthe basic notion of building brands is not changing But the tools at our disposal are different and better Integration and the reinvention of media planning is happening but every company has to decide what investments they are willing to make for the long haul In this economy we39ll need to be flexible and what performs is what will stayquot Jim Stengel in his final speech before retiring as CMO after a 25year career at Procter ampamp Gamble offered ANA attendees quotfive lessons for marketing branding and life1 Put people at the center of all we do A brand is the collective intent of the people behind it 2 Engage the heart and mind in everything we do 3 Look at measures of brand health in addition to sales results Evaluate results based on brand health businesssales results and the happinessengagement of the people involved 4 Creativity needs to be a central component of marketing branding and life 5 Focus on the purpose behind your brand Do good and have a reason for being Marketers and advertising agency executives who attended this year39s ANA were generally upbeat and positive about the economic prospects for the industry consistently repeating the mantra that advertising and marketing budgets need to be stable or increased during economic downturns But they expressed private concerns that they would need to quotaccomplish more with lessquot in 2009 The pressures on chief marketing officers who have an average corporate life span of only 22months and on their advertising agencies will be greater than ever The economic crisis which promises to intensify over the next several months may actually accelerate major shifts in industry business models advancing digital innovation and inspirationbased marketing opportunitiesJack Myers Media Futurist For more than two decades Jack Myers has been the media industry39s leading analyst researcher and advisor on relationships among marketers agencies and media sellers providing business development services and custom insights on relationship best practices to more than 200 marketers agencies media companies and industry service providers Jack can be reached at jmjackmyerscom

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Inspiration and Digital Innovation are Keys to Success During Economic Crisis, Say Marketing Execs

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Inspiration and Digital Innovation are Keys to Success During Economic Crisis, Say Marketing Execs

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