Recently, I was reading an article in Advertising Age that highlighted the lessons from their CMO Strategy Summit. I would have to agree with the eight things that the article mentions, but I’ve created a modified list of 5 lessons that applied to internet marketing or digital advertising. Below are my 5 lessons that should be applied to internet marketing:
Challenging Internal Think
We need to challenge the “internal think” within our organization and marketing departments. In the world of internet marketing, the old ways of thinking need to be modified and must include collaboration. In order to be successful, many departments can no longer work in solos; otherwise campaigns are destined to fail. We must work together to identify the best solutions that help to achieve strategic goals & objectives. This shouldn’t just apply to agency clients but advertising agencies as well. Be sure to limit risk and identify opportunities to control them with challenging internal think.
Building Relations with PR, Finance and IT (be inclusive)
Don’t just get to know your CIO but also the heads of Public Relations, Communications, and Finance. Understand what they think about your approach challenge, and obtain feedback from them. Include your department heads into strategic discussions because everyone has a role to play with the marketing campaign. Be prepared to justify cost, forecast, and predict outcomes with Finance, and reinforce the role of IT within the scope of every campaign.
Experiment with Failure (Wisely) – A/B & MV Testing
Experiment with failures through A/B & Multivariate testing of all things digital. Create controlled experiments, develop hypotheses, identify sample sizes for statistical significance, run the test, and don’t stop testing. It’s not as expensive as it was in the past with the functionality of Content Management Systems (CMS), Google AdWords, Google Analytics, KISSmetrics, and other usability testing sites. Start gathering information and spend less time talking about it in meetings that don’t generate outcomes to reduce cost and improve marketing.
Local, Regional, and then National
It seem like every business thinks they’re a national brand, but they have challenges spending the national budgets. Grow locally, regionally, and then nationally to save money, measure your effectiveness, and apply your finds to new markets. If done effectively, you just might identify competitive advantages and target national markets that grow your business.
Measure & Value
Measure the effectiveness of your marketing tactics and provide a value for leads or sales. This should lead to better marketing, reductions in cost, and the ability to forecast and predict. Now, you’re speaking the language of the finance department and gaining credibility. It should also help to reinforce the value of the IT department.
These lessons should help to position your organization and team for successful internet marketing campaigns. I would highly recommend that marketing professionals take a look the CMO Strategic Summit’s 8 lessons.