The CMO Club Thought Leadership Summit – CMO Panel Speaks Out - MaryLee Sachs

I was fortunate enough to moderate a panel of CMOs at the recent The CMO Club Leadership Summit to touch on some of the key themes in my new book The Changing MO of the CMO amp8211 How the Convergence of Brand and Reputation is Affecting Marketers Joining me were two of my book interviewees amp8211 Danette Leighton of The Pac12 and Harry Pforzheimer who had just left Intuit Also on our panel was Doug Biehn from Blue Shield of California so we had a healthy mix of sports healthcare and technologySocial media seemed to take center stage with this panel as it had with many Talking about how they continue to evolve with social media in the rapidly changing environment Danette spoke to the unique assets that the Pac12 has as a sports entity so it39s about creating an emotional connections and dialogue with the organization and the individual institutions One of their biggest objectives is trying to identify what39s coming and what39s next and connect with the fans amp8211 some of whom are powerful alumni amp8211 and the institutionsFor healthcare Doug explained that it39s a highly considered purchase where people have for decades asked their family and friends for recommendations So social media provides a platform in a different way to engage and the lines between marketing customer service and PR are blurringHarry called out a particularly successful experiment for Intuit39s Turbo Tax product Intuit were getting hundreds of thousands of questions so the company started allowing customers to answer questions Last year customers answered 45 percent of the questions correctly from 22 million usersCMOs seem to agree that there39s a certain amount of quotmagicquot around social media in terms of engaging with their target audiences But what about measurement ROI According to Doug no one has cracked the code because one of the issues is that social media isn39t quotjust mediaquot It39s a way to engage with consumers in a twoway dialogue and add value that39s going to make their lives betterHarry was able to give a direct revenuebuilding example however Two years ago the Turbo Tax team undertook a twoweek experiment tweeting about an issue and redirecting consumers to its blog It generated 180K additional revenue So last year Intuit ran the same program for four weeks which generated 1 million revenue Next year it will run for six weeks against a revenue goal of 25 million for an investment of just 60000Social media clearly is driving the most change but how do these CMOs ensure that the power of three amp8211 paid owned and earned media POEM amp8211 work together for maximum impact Danette dived into this question because with a very small marketing budget and team she doesn39t buy any advertising but rather relies on PR and experiential activity quotPeople want to talk about us because we39re sexy and PR has become my lifebloodquot she said She and her team have transformed the brand and 90 percent of the efforts have been through PRAccording to Doug quotFor us reputation is really the central galvanizing thing we focus on so our brand and reputation are critical But we are moving away from 39broadcasting39 We still use TV but we39re moving away from oneway broadcastingstyle communication to creating dialogue and publishing content that will provide value to as many people as possible We just won a Press Club Award for developing content in conjunction with The Today ShowquotSocial media also is driving proliferation and fragmentation in audiences Most CMOs need to expand their reach to new audiences and this is no different for Doug Given the Healthcare Reform Bill the healthcare insurance industry will go through a complete transformation moving more towards retail quotIt represents a huge paradigm shiftquot according to Doug quotas we move from essentially a B2B company to more B2C orientedquot And there39s a huge need with 40 million uninsured Americans 8 million of whom are Californians representing 25 of populationAccording to Harry quotAt Intuit it39s evolving and includes employees customers and shareholders with the first two being most and of equal importance If you get that right the shareholders are taken care ofquotThe conversation turned to analytics and everyone seemed to agree that the days of pre and posttesting were over Now everything is quotreal timequot rapid experimentation and allencompassingMaryLee Sachs was most recently US Chair and Worldwide Director of Consumer Marketing at WPP firm Hill ampamp Knowlton She launched her new book The Changing MO of the CMO How the Convergence of Brand and Reputation is Affecting Marketers at the Cannes Lions International Festival of Creativity on June 23 The book is available on Amazon and Barnes ampamp NobleRead all MaryLee39s MediaBizBloggers commentaries at MaryLee SachsCheck us out on Facebook at MediaBizBloggerscomFollow our Twitter updates MediaBizBloggerThe opinions and points of view expressed in this commentary are exclusively the views of the author and do not necessarily represent the views of MediaBizBloggerscom management or associated bloggers MediaBizBloggers is an open thought leadership platform and readers may share their comments and opinions in response to all commentaries

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