CHIEF MARKETING TECHNOLOGIST- A MIX OF ART & SCIENCE

It’s no more just a product or service that matters, how you reach to your customer, what experience, customer is getting (not just limited to products or services but with the manufacturer or service provider) also play a vital role. To improve bottom-line or top line marketing always helps.

Customers are not just relying on what manufacturer or service providers say, they have access to a large pool of information, thanks to the internet. Thus to keep yourself upbeat companies need very talented & dynamic people who can understand the customer’s need, can help them in this regard & also should be creative to find new means to reach customers.. They have to be tech savvy & digital media pro, because things are becoming virtual (Electronics).

tech_in_hands_396810 Technology-1260x840. CMTs are part strategist, part creative director, part technology leader, and part teacher. Eg; Kimberly-Clark has a “global head of marketing technology,” while SAP has a “business information officer for global marketing,” . The best CMTs set a technology vision for marketing, champions agile & experimenting management system, to come up with the best marketing strategy. Marketing using digital means is not just required, but is inevitable for sustenance.

Why do we need a new “CXO”???????

Since competition has reduced profit margin & to sustain companies have to tap larger masses with minimum cost & with minimum time lapse the best mean is going digital. So the challenge is companies need to market using nontraditional means, thus just traditional knowledge of marketing won’t help, marketers should be comfortable with IT. We have entered in the Era of E-Business, not just E-commerce.

A CMT is primarily responsible for managing the company’s marketing technology strategy and road map—advising on which big bets the company should make in expanding its technology-enabled marketing capabilities and how to prioritize and manage their adoption.

The field is very dynamic & evolving, new trends, new softwares & applications, new means of marketing are the essence of this profile. The Challenge is to integrate IT knowledge with marketing creativity.

Survey conducted by Sapient Nitro has shown top 5 skills required by any CMT are as follows:

CMTO_JOB_SKILLS_600

Future prospect of CMT is very good & there is dearth of CMTs in industy.

Few Surprising upcoming Marketing related Job profiles:-

  1. Transcultural Anthropologist: – Targeting hybrid audience like “LGBT b-ball fanatics.”
  2. MobileMarketing Jedi:-visionary thinkers who can wield Time, space and cloud data to create contextually relevant mobile campaigns and socially connected experience.
  3. Truth Engineer: News writing will increasingly become the domain of automated software programs.
  4. Gesture Writer:- who will combine the disciplines of kinesthesiology, cognitive science and interaction design to develop Minority Report-style interfaces.
  5. Data Storyteller: – Successful organizations will invest in folks who not only analyze and parse the data but who also present it in forms that attention-starved executives can act upon.
  6. Content Archivist: – The one responsible for storing, indexing and retrieving the vast amount of content that brands produce.
  7. Details Despot: – Who will ensure all the details & minute things which are required by marketer.

. References;-

  1. http://chiefmartec.com/
  2. https://hbr.org/2014/07/the-rise-of-the-chief-marketing-technologist
  3. http://www.martechconf.com/
  4. https://econsultancy.com/blog/65406-the-role-of-the-chief-marketing-technologist/
  5. http://contentmarketinginstitute.com/2013/06/brand-marketing-needs-chief-marketing-technologist/
  6. https://www.youtube.com/watch?v=bnfyLLKXKVE
  7. https://www.youtube.com/watch?v=aLU2BS6_Hqs

Technology => Nano Technology; Customer => Informed Customer; Competition => Hypercompetition

HYPERCOMPETITION

The era where “TIME IS NO MORE MONEY BUT FAR MORE VALUABLE THAN MONEY”. Time has evolved as the 4th dimension, which is measured in “NANOSECOND”. The era where demand has surpassed supply. Competition is here replaced by “HYPER COMPETITION”.

Hypercompetition= “Hyper + Competition”

It is the environment of intense competition where competitors have to move swiftly to leverage advantage & erode the competitor’s advantages. Here continuous generating competitive advantage is a must which results in disruption of competitive equilibrium or perfect competition (Swift from perfect to monopoly). The Company cannot retain the competitive advantage as it is short lived. Thus, rather than going for sustainable competitive advantage companies opt for market disruption.

Hypercompetition says don’t just “compete plainly” but change the “plane of competition”.

Hypercompetition results from the strategic maneuvering and rapid escalation of competition based on changing dynamics of: price-quality-positioning, protect or invade established product and geographic markets, deep pockets (financial capital), and creation of even deeper pocketed alliances.

It results in dynamic strategic interaction. The mantra for success in hypercompetition is identifying opportunities for disruption & leveraging it by giving better value to stakeholder. Speed & surprise is the weapon, which led to shortening of product life cycle & an increased product design cycle.

Best examples of hypercompetition can be seen among mobile manufacturing companies, apple, Samsung or micromax each company disrupts the market by either coming up with completely new product or feature or making products cheaper enough to make it available for everyone.

7S which are essential element of Hypercompetition:-

  1. Stakeholder satisfaction
  2. Strategic soothsaying
  3. Speed
  4. Surprise
  5. Signals
  6. Shifting the rules of the market
  7. Simultaneous or sequential thrusts

“Sustainability” can be achieved only by aborting attempt to achieve “Sustainable Advantage”.

References:-

  1. https://www.youtube.com/watch?v=tZhWmNGfy6Q
  2. http://en.wikipedia.org/wiki/Hypercompetition
  3. http://www.slideshare.net/nusantara99/strategic-planning-for-hypercompetition-era
  4. http://businessperspectives.org/journals_free/im/2009/im_en_2009_2_Matzler.pdf
  5. http://bizshifts-trends.com/2012/09/06/facing-the-challenge-of-hypercompetition-faster-smarter-bolder-traditional-strategies-are-not-sustainable/
  6. http://blog.bearing-consulting.com/2012/07/23/hyper-competition-and-the-speed-of-change/

Find “CLUE” in BLUE because RED is already “DEAD”

“BLUE OCEAN => BLUE – New market; Ocean – Huge Profit”

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The life started in water & if blue resembles water, then blue ocean strategy can best depict jumping into new markets or enliven the dead player of stagnant market.

 ‘Don’t find customers for your products, find products for your customers

Change the place of competition. Tap the untapped demand with the already available product or service. This leads to reduced cost of experimentation or development of new product. Since the only thing that changes is market thus marketing and supply chain strategy changes, but in that also previous experience comes handy. In Blue ocean strategy, marketing plays a vital role.The marketer has to provide the best experience to customer with least time at optimum cost, also marketing communication reach should be large.

There is a risk of non acceptance by the new market but if succeeded, then no competitor can beat the first mover.

Benefits:-

  1. Operating in uncontested (blue ocean) market places leads to faster growth and higher profits
  2. In a blue ocean strategy approach you want to pursue low cost and differentiation at the same time instead of one of the other
  3. Blue ocean strategy is the key behind some of the most successful companies including apple, Nintendo, Cirque du Soleil (the largest theatrical producer in the world), The Home Depot, and many more
  4. Using a blue ocean strategy has an incredibly high return on investment

Strategies related to tap different markets:-

Structuralist Strategy – growing demand and profits by having a traditional mindset to compete against companies in existing markets (the same as a red ocean strategy)

Reconstructionist Strategy – growing demand and profits by using a blue ocean approach.

Value Innovation – the simultaneous pursuit of differentiation and low cost of innovating a product or service for a market that does not currently exist while reducing or eliminating features or services that are less valued by the current or future market (possible when using a blue ocean/reconstructionist strategy)

INDIA, has become a hotspot for many multinational companies because of its huge untapped market. Thus India is the best place to leverage “Blue Ocean Strategy” which many companies have leveraged. Expensive or luxurious products like automobiles.

Reference:-

  1. http://www.blueoceanstrategy.com/
  2. http://en.wikipedia.org/wiki/Blue_Ocean_Strategy
  3. https://hbr.org/2004/10/blue-ocean-strategy
  4. http://www.insead.edu/blueoceanstrategyinstitute/BOS/index.cfm
  5. http://blueoceanmi.com/
  6. http://knowledge.insead.edu/leadership-management/a-conversation-on-blue-ocean-leadership-3647

If you don’t want to be “FRAGILE” then become” AGILE” !!!

If you are lucky enough to attend any CII conference or FICCI or Davos meet, you will certainly hear two buzz words “Sustainability & Agile”.

agile_marketing-011

The world has moved toward uncertainty, things change rapidly. Nobody knows what may come next, so many tools developed to predict future. Companies are struggling hard to achieve “SUSTAINABILITY” & the only strategy which can help them is “AGILITY”

It is different from traditional “waterfall” approach. Where waterfall marketing involves setting long-term goals and careful planning steps towards accomplishing them, agile marketing is characterized by an adaptive, fast-paced, trial and error approach to campaigns.

In an ever-changing marketing world with multiple campaigns and channels to maintain, agile marketing isn’t just a good idea — it’s a necessity.

Epics, User Stories, Sprints,  Scrum, Chickens, Pigs, and Burn down Charts – Agile has a language all its own.

(plz. refer below mentioned links for details)

I HAVE TRIED TO COMPARE AGILE MARKETING WITH LEAN

The purpose of agile marketing is similar to lean, where approach is to take small steps, focus on what is needed, the short duration goal helps to monitor tightly and be flexible to accommodate any change required.

Like collaborative planning in lean, agile marketing have sprint planning session where marketing plan will be prepared. The Plan should be something feasible & not loaded by senior manager.

“Sprint” the main session can be compared with “Gemba” meetings in lean. Team discusses issues faced & solutions to the problem.

Like “Burn Down Chart” in Agile, lean we compare “planned & achieved progress”.

Like QFD in lean we use the concept of user story tool to define what is actually required.

We also know how LEAN has transformed operations management similarly “AGILE MARKETING” has renovated the marketing approach.

Reference:-

  1. http://www.agilemarketing.net/what-is-agile-marketing/
  2. http://www.agilemarketing.net/
  3. http://www.agilemarketing.net/work/
  4. http://chiefmartec.com/category/agile-marketing/
  5. http://marketingland.com/agile-marketing-revolution-84628

Era of Virtual socialization

In this era of globalization customers are more informed & have much more options than what they had few years back. This throat cutting competition and continuous development has brought down the life cycle of each & every product, ex. mobile phones have life cycle of just 3 months. In such a competitive era product superiority has become a myth, what matters is how well & fast you can communicate & deliver your product to customers. Also cost should be the minimum.

Thus going by traditional means of marketing is hara-kiri for any brand. Hence companies have to opt for latest trends of marketing i.e. digital marketing. It is the fastest & the cheapest mean to reach customers. In digital marketing social media is one of the important tools.

This era is of virtual socialization, where everyone is connected virtually through social media. Thus industries are also trying hard to tap this opportunity. Customers are interacting with brands through social media; therefore, having a strong social media presence on the web is the key to tap into their interest. If implemented correctly, marketing with social media can bring remarkable success to any business. Social media marketing primarily covers activities involving social sharing of content, videos, and images for marketing purposes.

social-media-networks

Social media marketing can help with a number of goals, such as:

  • Website traffic
  • Conversions
  • Brand awareness
  • Creating a brand identity and positive brand association
  • Communication and interaction with key audiences

You can also measure social media ROI

Before going for social media marketing, companies should evaluate following parameter

  • Who is their target segment
  • What kind of content they want to deliver
  • What kind of image they want to create
  • Cost factor
  • Competition

After evaluation marketing strategy should be formulated, meeting requirements of all the parameters.

Industries which need to reach masses (generally B2C) prefer social media but companies which are into niche area & are into B2B generally doesn’t opt for social media.

Benefits of social media are

  • Increased brand awareness & loyalty
  • More opportunity to convert
  • Higher brand authority – Continuous interaction & feedback from customer build faith & goodwill of the brand, moreover company can understand customer need better.
  • Decreased cost of marketing

References;

http://www.forbes.com/sites/jaysondemers/2014/08/11/the-top-10-benefits-of-social-media-marketing/

http://www.wordstream.com/social-media-marketing

http://www.business2community.com/social-media/top-brands-use-social-media-marketing-0995357

http://www.forbes.com/sites/jaysondemers/2014/07/22/the-top-7-online-marketing-trends-dominating-2014/

http://www.smartinsights.com/managing-digital-marketing/marketing-innovation/marketing-trends-2014/