CMO Issues: Accountability and Metrics

Accountability still counts!

 

Chief marketing officers are under pressure as never before to be accountable for results. This is nothing new, really, but with more marketing tools at their disposal and the constraint of carefully-controlled budgets, accountability is a priority.

This means that metrics have to be chosen and applied to enable CMOs to track, measure, and evaluate marketing campaigns in great detail. No wonder CMOs are examining media and social media metrics to be sure that these reflect the reality of how campaigns are performing and avoid misleading, fraudulent, and imprecise measures.

Meanwhile, social media platforms are introducing better metrics and analysis tools to enable measurement and performance assessment. This is crucial, because CMOs must be able to trust the numbers. However, despite closer scrutiny of marketing tactics and results, a few CMOs are either choosing inappropriate/old-fashioned metrics or not selecting metrics at all.

Another way to look at accountability is through the lens of big-picture marketing goals. Some businesses use the Net Promoter Score to see how marketing affects the customer experience and willingness to recommend the brand or organization. No matter which metrics you apply, be sure you are measuring what matters--and include interim benchmarks in your marketing, so you can adjust campaigns if preliminary results aren't close to present targets.

Brands Pin, Pin, Pin on Pinterest

A growing number of brands are doing more on Pinterest to promote new products, cast a wider net, strengthen relationships with brand fans, and reinforce brand associations.

Pinterest, and its Promoted Pins, have attracted interest from L'Oreal, Burberry, La Mer, and other established brands.

• L'Oreal studied one of its Pinterest campaigns and find gains in new product awareness, message associations, and purchase intention. 
• Burberry is partnering with Pinterest for a personalized campaign starring its new Cat Lashes mascara.
• La Mer is seeking to stimulate Pinterest word-of-mouth for its skincare products.

Oh, and that old "Buy It" button? Goodbye--now Pinterest users can simply click to "add to bag" and shop their way across boards and platforms.

New Product Success: 10 Million Sold in 3 Days

The headline says it all: Apple's new iPhone 6 and 6+ are big, big hits. Although analysts expected high demand, an opening weekend figure of 10 million indicates that Apple has once again correctly identified the sweet spot of consumer interest. This time, the larger screens are a major attraction for iPhone fans--not to mention the status of being among the earliest adopters of this new product.

Although Android is the big market share winner worldwide, Apple's iOS dominates the US market, with a nearly 42% share. New iPhones have caused a frenzy in the past, but this latest product launch eclipses Apple's previous records.

Apple has traditionally shown initiative and power in product launches. Its ability to orchestrate and implement all the details of product development, production, and introduction--including the all-important intro marketing campaign--is a major strength. That doesn't stop rivals from sniping, of course, as Samsung did one day after Apple's highly publicized launch of the iPhones and Apple Watch.

With customers deciding between tablets and phones--and sometimes buying both--the industry is seeing even more innovation and crowding than ever. This final quarter of 2014 will feature a number of competitive smartphone launches, including:

• Samsung Galaxy Note 4 and Samsung Z
• Sony Xperia Z3
• Nexus 6
• Moto X + 1

Hashtags Keep the Marketing Conversation Going

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It's a hashtag world for marketers these days. On Instagram, Twitter, Pinterest, Google+, Vine, and Facebook, marketers and consumers use hashtags to identify content about specific brands, products, topics, events, occasions, people, and more. The idea is to start or add to a conversation, potentially propel a hashtag into viral territory, maybe even make people smile--and, ideally, give the brand a promotional push.

One key element of hashtags is that they must be short and to the point. A brand like KitKat uses a Twitter hashtag like #HaveABreak to encourage consumers to post photos or other content related to enjoying KitKat bars as, well, a break. For tips on choosing a hashtag for marketing purposes, check this MediaBistro infographic. To see which hashtag campaigns Search Engine Watch named the best of 2013, click here.

For more impact, keep the marketing conversation going across social media sites with hashtags. For visual impact, think Pinterest or Instagram. Instagram explains how to use hashtags for photo campaigns here. Don't miss the links to marketing uses by General Electric and #charitywater.