January/February 2008

Are you your own CMO? Top 3 mistakes CMOs make

Dear GetMoreCustomers reader:

Even high-priced marketing execs can get derailed when it comes to finding time to learn new things. For small to medium-size enterprises, where you're usually your own Chief Marketing Officer, you're even more likely to face that dilemma.

All marketing officers operate in the shadow both of quarterly numbers and of the bucking economy--which makes for neither a stable nor an easy job. Not surprisingly, caution and conservatism tend to rule when so much is in turmoil around you. The three biggest *mistakes CMOs are making today:

1. Spending only 6% of their budget on the Internet, when audiences are spending 14% of their time (as much as on television viewing) on the Internet.


2. Failing to understand--and take advantage of--the greater accountability of Internet advertising... Close to 75% trackability for the web versus 25% for, say, television.


3. Not realizing how incredibly targeted their advertising can be on the web. For example, an advertiser for ski vacations can display ads when the customer is searching for ski vacations, reading an article about ski vacations, browsing a website on ski equipment or watching an online video on improving your skiing skills.

The Internet has had a profound influence on all media--and on how we much we use and trust each of those channels. Reports say about half of CMOs on the job today have a good command of promotional possibilities with the Internet, and the other half don't. And then there are the rest, who have neither an executive marketing officer nor the resources to do all that research, strategizing, and testing..

It's becoming ever clearer that personalizing your advertising and promotions is powerful. But how to get there is another story. Never has such a vast learning curve been required for so many, just to do business effectively in our world today.

Don't feel you're alone. I'm pleased to say I am partnering with a couple of agencies that specialize in interactive marketing approaches that deliver measurable ROI. Give me a call and let's talk about where you're thinking about moving ahead.

Barbara

P.S. If you have questions about how serious interactive Internet marketing can deliver measurable results for your business, call me at 773.292.3294 or 216.472.8502.

* Statistics from a report from Knowledge@Wharton.