CMO Panel Marketers Have New Roles – We’re Creative Data Wonks HD

So my name is Albert I work for a company called XP on the chief innovation officer and we work primarily with brands media companies CPG and retailer in hospitality in regards to handling fragment social and one of the big things that these all these businesses have in common is they want to gather the data they want to.

Understand what people are saying and they want to use this information to better the customer experience to get things to people faster or make their lives better whether it's through innovation and product innovation and service so I have me two esteemed panelists I'll let them introduce themselves we're going to talk today.

About data what is how is data changing the role of a marketer and let's get to it so Greg won't start with you thank you thanks Shelly for the invitation and Zieve great to chat with you last night at dinner good afternoon everyone I'm Greg Bailey I'm head of marketing at Pacific Life Insurance Company out in Orange County California and I have a.

Responsibility amongst other things for product marketing market research brand messaging overall marketing and communications for the for the enterprise and we're really focused on right now the Nexus earners intersection between mobile and social and data and using all three of those elements to improve the customer experience and so.

I'll make some comments throughout the afternoon here in our session about those elements hi I'm Mary Anne Banneker my local company and in that role since CMO jobs mean different things a lot of different places I oversee corporate communications research marketing and actually national sales all right so let's get right to it.

Everyone wants data but I'm personally believe that many of the businesses and clients I talk to they actually don't know what to do with it right they have data but they can't do anything with it or they're crippled by it so tell me about we'll start with Greg tell me about data in the role at Pacific Life tell me something that you've learned.

And how you action it to improve the business or improve it the experience for the customer yeah exactly I just referenced the fact that we're really focused right now on customer experience and removing friction from the entire experience our distribution model is one of distributing our products set through independent financial advisors and so we.

Have two customers I often time refer to us as a/b to b2c brand and the two customers are one first the financial advisor population of which we work with about 25,000 of those throughout the United States and then ultimately the consumer population and that friction that I refer to is the point of sale the point of sale between.

The financial advisor and their client and oftentimes we can just think about that experience the last time that you may have had a conversation about an insurance product or an insurance sale or an annuity or something along those lines it's a very analog world and we're moving from an analog paper-based world into a digital mobile type of context.

And so one of the things we've recently done is we have just announced on Monday this week just announced a brand new mobile operating platform from Pacific Life for financial advisers to engage their clients and an entirely new experience to sell and service life insurance and so as a result of that that now takes us from the paper-based.

Analog world in this exciting new mobile enabled world and the data elements now that we have access to we've built an interesting and very amazing framework to look at that data to understand it to learn from that to test new ideas and to continue to improve the customer experience over time and so that's one element in the marketing arena that were.

Really interested in gleaning in this new capacity of having rich data really a deep understanding of how we continue to improve that customer experience probably taken a much broader attack on data look I think the good name of the game has always been understanding your consumers I don't think that premise is any different today than any other time.

If I had a dime for every time somebody was talking about big data and had no idea what they were talking about I'd be a very rich person today it's sort of like the buzzword in the industry you know its ROI a couple of years ago now everybody talks about Big Data and I was talking with my CEO because we like every other company talk about Big Data.

And she was saying how she belongs to a CEO group and all the CEOs know they have to be figuring out what to do by Big Data and only they knew what the hell it was so you know I mean let's be honest I mean there are there's more ways for you to know what's going on with your consumers.

Than in the past you know I think you still have to know what to do with that data right it's not just about analytics you actually somebody said to me I was actually this is so random but I was moderating a panel at comic-con which makes about as much sense as anything else I could be doing and one of the guys chip kid who's a great book.

Designer said now in the graphic design business it's all about computers right everybody does animation using computers he said but it doesn't take the place of having ideas and it's sort of the same thing so yes it matters to be able to understand data and parse it and have a good analytics team but it doesn't take away the idea of knowing what an idea is.

What to do with that idea and then to use that data to actually make informed decisions right it's sort of like you're not gonna use a focus group to figure out all the products you're gonna watch we're in the media business I think one of the things about data and I'll take it to the most basic level is now journalists can actually see their.

Engagement right before it's so interesting I was with a woman who I work with in the very early days of the Internet she's only ever worked in digital media as a journalist and she said you know now a reporter's job is not just to write great content it's also actually to have audience engagement because if you think about in.

The old days you wrote a great article and you didn't really have to care about the headline or how people engage with it because guess what it arrived at your doorstep right so you got the paper you had to read the story now that story has to work that much harder in terms of the headline it right so that it pops up an SEO so that it goes viral right so.

People's jobs are just different and now you actually have to be flexible enough to take the tools that are in the business and say what am I getting from this source and how can I apply to do a better job but in the end it's always been about consumers absolutely so one of the clients we work with Home Depot they've figured out through data.

Gathering that people are much less happy in the afternoons than they are the morning something figured out the reason why is the people that come in the morning come to Home Depot a lot they know exactly what they need they don't need customer service the people that came in the evenings where guys like me I don't I need to replace my key.

I don't know where to go and I get frustrated so they changed their staffing model based on this information so if you guys have cases like that where you can tangibly say like when I knew this I did this and my business got better because of it you can all go first on this one I think you can track the usage right when are.

People coming to your website I mean again you know the tablet is predominant mobile phones everybody talks about mobile phone somebody told me the other day somebody checked you know an average consumer checks their phone a hundred times a day once you have a sense of when they're checking then you're gonna program your content differently right.

So if people generally multitask with their tablet in bed so if you know that generally people watching TV and looking at the tablet or bed you may think you may think differently about how you're programming that versus like on your mobile device you're not looking for lengthy you know articles on your mobile device you're looking for quick hit.

Headlines right so it's about understanding how consumers are interacting with different platforms and programming to their need which goes back to you have to know your consumer yeah along that same line we focus a lot on on the tablet space and we believe that the tablet is the device for businesses at a b2b context going.

Forward just as I often times have said in the last five years smartphones have changed the way how can the way consumers behave and it's my belief that in the next five years tablets will revolutionize the way the businesses behave in a b2b sales type of environment and so we spend a lot of energy there into your question you know.

We're very interested we're just launching this new capability in this new mobile platform into the marketplace and we're really excited to see what we can learn out of it we've got a roadmap that extends out the next three years of new functionality and new features that we know we want to build into this mobile operating platform and I think.

It'll be very interesting for us to change a dynamic where in the past we may have built and launched in a Big Bang approach but now we'll get more agile and and very interested in using the data elements that we glean off of the use case that financial adviser engaging with their client and all of the data that we're able to glean off of.

That to be able to learn from it then test new functionality and improve it over time you know you mentioned something that I really I really liked in that you mentioned that you don't really know but you're testing out this process you believe it's gonna make it easier and gonna shorten the bandwidth for a consumer to actually say yes I.

Need a policy thinking a lot of businesses today they feel so crippled by trying things they always want day to prove that an innovation will work well how you gonna know it's where it's never happened before so tell me about your philosophies on testing I mean how do you get or embrace a build a business that's gonna say yes I want you to test.

Things because I want to be an innovative business I don't want to be disrupted by somebody else yeah that's a good question because it it really speaks to for me it speaks to this balance between the data elements in your business and then using those and part in pairing them with the human element and if we can't forget that data.

Left to data is no really it's not really good for anything but data combined with the human element is where power and synergy can be found in real business results and so that's where we're focused at is making smart decisions as you refer to Miriam is making sure that we're smart about our business case in our use case but at the.

Exact same time going a bit with that instinct of what our gut tells us what our head tells us and we spend a lot of time looking at what other verticals and other industries are doing it so if you're wondering why the world is an insurance guy at a conference like this it's because I don't like going to insurance conferences because there's.

Nothing new there there's nothing innovative there there's nothing there yeah exactly that's a good point so so that's what we're interested in is to learn from other verticals and other spaces and to bring that back where we think it applies into the insurance industry and give very good and very quick about.

Testing new ideas and new features new functionality with the ultimate goal though to improve that customer experience and remove friction out of the buying process so I mean I guess one of the things I would say is we both work at big companies right so generally speaking entrepreneurs take big risks they learn from their mistakes and they.

Go on and one of the things I think about a lot because we're gonna add or in the at a halfway point I guess in our transformation is how do you actually bring that spirit of entrepreneurship within the organization how do you get people to take risks how do you get them to not feel like taking a risk that might lead to failure is is something.

That's a negative because frankly if anybody tells you they know where things are going I would tell you that they're making that up because anybody I talked to who's quite knowledgeable will tell you nobody really knows it's making a lot of bets and just being willing to be agile and flexible to get there but big companies historically.

Have not been good at that I was at a conference not long ago at the Financial Times conference in London and I was giving Jeff mucus a hard time because he was on the panel the day that Netflix announced their subscribers and they announced that they had more subscribers than HBO and you know I was asking him what he thought about that.

And he sort of fluffed it off and said you know Showtime I mean HBO is just has so much more money in terms of developing stuff and I said to him you know I remember 20 years ago when there was an Orlando TV project which was basically Netflix about 20 years ago and I remember when there was Pathfinder which was basically the beginnings of.

The internet and frankly Time Warner killed its own innovation because the day-to-day business of the company wasn't interested in the thing that was going to disrupt the people who are in management at the time that's a very complicated thing right most people are rewarded for actually keeping the status quo and the day-to-day business going.

Which means when something comes and you have to you know balance resources you're not gonna want to fund the Orlando TV project and Pathfinder which they basically killed themselves right so it's kind of a startling thing when you look back so I think you have to have a comp you know you have to have a culture of innovation in these big.

Companies and just buying companies isn't enough because what happens is when you buy an entrepreneurial company you bring them in because they're not risk-averse and they make mistakes what happens is the minute those golden handcuffs are up they're out the door and so that's not really a long-term solution right so I think there's a.

There's a lot of things companies can do but there really has to be a commitment from the top that you're going to actually celebrate people who take risks and fail because when you do that then somebody will say hey you know what I'm not gonna get fired if I make a mistake because I ran after that which you know might not have worked out so I'm.

Listening to if you're listening to them talks pretty interesting because I hear I'm listening them talking about product innovation operational innovation service innovation guidance and leadership in regards to the metlife the thinking and alignment the culture of your business sometimes these things you know and I know you get data from.

Different sources now you get social you get customer service data what exactly would you say is a CMS job now there's you're not talking about traditional marketing I mean I always thought everybody's job was to help generate revenue I mean I don't care what title you have if you the chief digital officer the sales guy if there's no.

Revenue if there's no top-line growth guess what you're not gonna be in that job for very long so I you know I think these boxes that everybody lives in I gotta tell you I don't think those boxes exist anymore and so if you're living in a box you're waiting to be disrupted so your job is to do what it takes to actually get the job done which is.

Generate revenue at the company and so if you're gonna be linear about it and say my only job is to you know generate brand awareness guess what when they don't make their numbers you ain't gonna be there for very long so I think your job is to be a business person and to lead and that means worrying about culture worrying about sales worrying.

About marketing worrying about your positioning a company worrying about what the heck you're gonna do with big data cuz you can have the data but you gotta know what to do with it I think you have to be broad in your thinking totally agree with that and in fact I think about people first that's just the the common thread through our businesses.

Leading the people and making sure that you mentioned the word alignment that we're focused on the right things and not the wrong things and that people are executing at the right levels and at the right time you know this notion about using data and all of those things that's all important but ultimately those all drive those are tools in the.

Tool chest to ultimately drive to what you indicated and that's the revenue engine so we're focused entirely on revenue generation you know quick quick lesson here in an insurance company there's two fundamental ways there are multiple ways but two fundamental ways an insurance company makes money and that's capital investing on the premiums.

That everybody pays and so that takes an interest rate environment that's favorable we all know right now and for a period of time interest rates haven't been very favorable so that revenue source is not as good as it once was and so that puts additional pressure on the new sales engine the revenue generation model and.

So with that we've we've really focused on how to it how to generate and grow our share in our space and generate new sales like we've never done before early signs are we're doing a good job twenty 12 was up 24% over 2011 and new sales the first six months of 2013 for us were up an additional 31 percent over 2012.

And that's on an industry comp of about 6% growth and new sales and so our share is picking up we're really pleased about that and then we think innovations like the tablet space and the mobile operating platform are only gonna accelerate that so with that I mean you're talking about people and you're talking about personnel and everyone.

Wants everyone knows there's more information to collect and you're like you said it takes great people to make decisions with information so the role of marketing is changed significantly right because a lot of us I don't know how many markers I've met there really that's strong in math right so there's like there's like serious personnel.

Shortage right and and I've met with other companies and they've said the same things okay we can't find enough people they're going to be good marketers cuz we don't have anyone that understands information it makes sense right how are you or do you number one do you experience that do you feel like there's a personnel shortage in the.

Quality in the skillsets you're looking for today and how do you overcome any if you think there is I think there's I think it's always hard to find good people I don't go out looking for mathematicians I mean no knock against mathematicians I think it's about the right mix of people you have to have people who are good right brain good.

Left brain gifted people are IID ators I look for people who act like owners rather than renters I think that is the biggest difference because if you act like you're an owner and there's garbage on the floor you're gonna pick it up you're not gonna be like hey this isn't in the Ford you know quadroons of my job and I think today that's actually what.

It's about you don't have to be good at everything I mean it's impossible to be good at everything I know what I don't know and then I hire to that so you know if I'm not a great mathematician I got to just get somebody who I trust who is a good mathematician and then I have to be able to understand how to take their advice when to take it when not to take.

It right so but I find that it's generally hard to find really good people who are flexible because I think the name of the game today is being able to be flexible and also to be self-aware to know what you're good at and know what you're not good at so that you can go higher appropriately but that being said I think one of the things when.

You're in a period of transformation if you're not you know Facebook and Google where you're growing exponentially is you know other challenges than hiring people and so you can't necessarily go out and get you know the person who's I mean I was at Target yesterday and Jeff Jones who's the CMO there told me that when he came.

To hire his creative director he hired a guy who had been running Wyden for ten years had design work at the Guggenheim and the MoMA and I looked at a woman who runs corporate marketing we both heard of looked inside and said you're gonna be a day where I can hire somebody in design who actually has like pieces at the MoMA um you know that's a high-end.

Luxury and maybe one day I'm gonna be able to do that I don't know about the rest of you but we generally work on scrappy budgets which means we're all Jack's of all trades right you gotta be able to do everything you can with what you got and you know maybe one day I'm gonna wake up and the genie is gonna come out and I'm gonna be like I'm gonna.

Hire you know the best mathematician the best is that just it's not really realistic right so I think it's hard to find good people it's always been hard to find good people I think you just have to know what you're good at and how you actually balance yourself up given the job you're trying to solve yeah for us a couple of things in context here.

One is location location never hurts we're in Newport Beach California he's recruiting right now yeah that's right that's right yes I did bring the nice weather out this week I've been here since Sunday but you know for us I have just recently hired a data expert if you want to call it that a data analytics person and for.

That individual we actually found in Los Angeles they were in downtown LA you know a number of different factors is that there always are but in that case we haven't found it extremely difficult for a couple of reasons one no insurance company has figured all of this out yet and no insurance company has in fact even led on this front of innovation and.

Digital and mobile and social and so on and so forth and data and so for us to be at that leading edge in our vertical is a big big deal and so if you can find those types of individuals within the fence services space in general we feel like we've got a leg up in the ability to somewhat sell to them on the fact that wow you're gonna be at the leading.

Edge and leading the charge on innovation in this space and so that's been a big advantage for us this particular individual didn't want to raise their family in downtown Los Angeles where they had been in so Orange County is an hour south with better weather and less smog and less traffic and closer to the beach and.

A lot of advantages there and so so that worked out well for us but you know I think as a general consensus though yeah it's gonna be difficult going forward and I think you know I just refer to people earlier people's the biggest common denominator of our business and and that's gonna be going forward I think what differentiates great firms.

And great companies from average companies absolutely I think that your your idea of the immunes idea of sense of ownership is actually the exact way to go obviously people have a vested interest in the success they love and value their jobs and they want to you know do what it takes to build the business.

It's absolutely where it's gonna go now the front we only have a little bit of time left I I want to get down this path of consumer insight and it's one of the things that people are really really pushing for I know for our area because we're collecting all this social data so when you collect consumer feedback and it's usually typically qualitative or.

Its quantitative where the case may be how much do you how much do you base your new marketing decisions based off this consumer feedback like when do you know that you are actually collecting a representative sample of what people think of your business when you think it's not a good sample and you know basically you should ignore it there are.

Some businesses that of course get the date and they say I'm not going with that yes all ticket crack at this you know I'm gonna take it just in a slightly different direction we obviously get consumer insights around the brand and some of those things but most of my comments today have been about improving the business and the.

Actual results of the business at the front line one of the things that's interesting about using big data in the consumer insights arena most people wouldn't be aware of some of you may be aware that when you apply for an insurance product like with Pacific Life or any number of other companies in our space we oftentimes will take that.

Application through an underwriting process and we're using big data in that underwriting process some of the largest databases in the u.s. certainly one of those in particular happens to be a prescription drug database so whether you realize it or not we do know whether you told us you do or don't we know whether you know whether or not you take.

Prescription drugs and what you might then take them for and so we're analyzing that type of information about each individual person that applies for our product and to assign a risk assessment to that ultimately a pricing assessment I think that that's one element then that we can start to drive from databases like that.

Electronic medical records will be the next frontier that we hope to emerge to and in bridge to and once those types of things happen that then feeds back into the marketing arena the marketing ability to position additional product at the right point at the right time to the right people that will be both profitable for us but at the same time.

Will be useful for the individual actually making the purchase and it becomes a lot more scientific than the you know the 1960s 1970s 1980s you know the granddad's approach to selling insurance so when we so Gannett owns 82 local media companies that were started as newspapers and when we launched a paid subscription model in those markets.

We did conjoint analysis to get to the pricing model guess what when you're gonna do a pricing model you're gonna look at that data and you're gonna for the most part base your decision-making on that data when Larry Kramer came in and took over the helm at USA Today he hired Michael wolf the writer and.

Josh GAD so Josh GAD writes for the life section Michael Wolf's writes for the media section he did not do focus groups to discover whether the USA Today audience was gonna like whether you know what Josh or Michael wrote he decided he had a vision for where the product was gonna go and he went with it do we check to see you know what their.

Traffic levels are what the engagement levels are we do only to figure out how to promote them better but not to decide you know whether they're the right voice so I think you have to look at what you're trying to decide or I mean there are times where you're trying to lead and so that's much more of a decision about your strategy and your gut and.

Where you're trying to go versus when you're doing pricing when you actually do have to look there are models that actually they're quite predictive right so you sort of have to know what you're going for when I was the CMO univision I'll never forget we didn't ad at the time which was historic Univision was beating out some of the English language.

Networks on some of the nights in the summer in terms of ratings so we didn't add it was called the big four is now the big comprende and so you know it was a it was a big headline for us so I remember we did the ad and some professor somewhere I'm like Arizona wrote he was offended by the ad he thought you know.

Saying comprende was offensive and so we he wrote to the chairman he wrote to the CEO he wrote to me you know so I just started asking around you know people I knew in the marketplace about whether or not there was actually an America this we didn't go out and do focus groups but I remember so distinctly we did a call and the president the company said to.

The Chairman okay we'll be pulling that ad you know because clearly it offended somebody and you know I just you know I'm gonna write him a letter and we're gonna just start pulling that ad and so the Chairman then turned to me okay I worked for the president at the time so this is very popular he said well what do you think I said you know honestly.

You know and until somebody complains about your ad you've sort of not arrived I mean there's always somebody who's not gonna like your ad and I've sort of done an informal focus group and I haven't really gotten that feedback so I don't know I'm sort of torn and he said god dammit I'm not letting some guy in Arizona make a decision about my ad.

We're keeping that ad so we got off the phone and the president called me and said thanks a lot but you know you gotta know you gotta know like you gotta trust your gut right and one of the things Jerry printshow was incredibly good at right having sold Univision at the top of the market having done the Bobby Riggs match I mean he just knew when to.

Trust his gut and when to look for further information and you have to have that you have to believe in your instinct because you can't like there's a lot of opinions to be had and I have to tell you as you get more senior you get more people we're gonna just agree with you and so you have to know when to parse through that information that's.

Fantastic advice I see Shelley is hungry which means it's time for us to go Miriam and Greg will be there in the pound I encourage you to come and talk to them they are friendly all right yeah it's mark

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