I have floated through February as the shortest month of the year has been as intensive as its predecessor – at work, at home and around the world. Highlights from last month include family birthday celebrations and the baking of the first ever Spiderman cake in my household! Thankfully, in the last week of the month, I had an excuse to stop and learn some more as I participated in a marketing conference held in Sydney. My top three takeaways from the conference relate to becoming more data-driven when making decisions, making the most of marketing tools and being better in the marketing role. Whilst these lessons might sound like a lot of marketing talk, there’s value in them even beyond the marketing space.
Making the most of your data
I never realised that the ease by which anyone can access the data is a true measure of how data-driven a team can become. Of course there are other challenges, like the mentality of the team, the ease by which experiments can be conducted and scaled up, and how standardised the definition of success is; however, ease to access data surely makes for strong foundations.
In practice, if it takes an analyst to write some code to extract the data before we even start understanding it, than that means that every time we start with a data point, we need to wait for an analyst to painfully ‘go up the data mountain’, find the treasure, and come back down with what he assumes is a version of that data which is easy to digest. Several times what he would have come down with is not the only data point we need to get to a decision, and so again we send the poor analyst back up the mountain, wait some more, until we get the right data in hand. In the meantime, other priorities get in the way, and we start the process again.
Avoiding this painful journey, again and again, is surely a basic foundation towards becoming data-driven. Its existence makes any intent to become data-driven just that, a good intention.
Making the most of your relationship
Assuming you got around the first challenge, becoming more data-driven, next is making the most of your systems and tools. One popular tool is the Customer Relationship Management (CRM) system. I was asked to share some thoughts on how to extract the value of a CRM investment. I initially thought about big strategy topics like Lifecycle Management, Customer Lifetime Value, Customer journeys and the likes. Yet, my reflection from several years of work on managing a customer base took me back to the original intent of investing in a CRM tool in the first place – the type and the quality of the relationship a brand wants to establish and lead with.
In the Telecoms world, until recently, we relied on contracts spanning a year or two, and managed our relationship with the customer accordingly. However old constructs are being overridden and the world moves on. Vodafone in Australia was the first to launch no lock-in contracts which meant that our relationship had to become stronger all along, and not just at the beginning and the end of the two-year commitment. This is just the tip of the iceberg. As switching between one provider to the other becomes easier, connecting with the customer in a personalised and relevant way is a constant effort.
Everything else follows.
Making the most of your marketing role
Having mastered data like a geek, and the customer relationship like a marketing guru, what next? My favourite session at the conference was the keynote by Alexander Meyer from The Iconic. For those outside of Australia, The Iconic is one of Australia’s most loved brands and is a Sydney-based online fashion and sports retailer. Alexander’s talk was less about The Iconic, and more about the Chief Marketing Officer (CMO) role.
He started off the talk by asking us what our marketing superpower is, in other words, what we bring to the marketing role we occupy. He presented four types of CMOs – the Creative, the Strategist, the Business Leader and the Techy. Apart from providing several compelling reasons why the CMO role, contrary to some beliefs, is the best place to be in to inspire business, he concluded that for a CMO to be successful, successful enough to make it to a CEO, s/he needs all of the four types of marketing superpowers.
Of course a CMO needs to be strategic and creative, however the best CMOs also need to talk like a business leader who understands how every single line in the P&L connects to what the team does. In a world where AI & Robotics are changing the business landscape, the next breed of CMOs need to make the most of the new ways of working like a Techy would. Finally they need to have a Growth Mindset and be open to upskill on what is outside of their marketing superpower.
So if you are not in a marketing role, why is the above still relevant? To start with, in any other role you will be faced with difficult decisions. Making better decisions requires you to know the facts fast and spend less time getting to them. In your role you might not need to invest in expensive marketing tools but you still wish to make the most of your effort, whatever that is. Hence you will be required to question why you intended to make the effort in the first place, and how close you are to achieving the intended result. Finally, becoming better at what you do requires you to go beyond your strengths and think about other aspects to grow in.