The business world is fundamentally different – with companies looking to transform into omnichannel, real-time operations.
Meanwhile, many continue to use models which, while still fundamentally sound, don’t fully reflect the world we and our customers live in. Brands are turning to a blend of digital and traditional marketing, such as Econsultancy’s M3 model – a framework for what marketing has become and the new requirements for marketing competencies and capabilities around domains of expertise such as data & analytics, customer experience and content, omnichannel and personalisation.
This week, in the first of our 2018 Oystercatchers Club evenings, we asked: is our industry future fit?
With some 200 plus senior leaders from the likes of Barclaycard, Diageo, Direct Line, Hiscox, Just Eat, RBS, Unilever, Virgin, and GSK, gathering at London’s May Fair Hotel, we had a full house and great vibe as our Club members caught up after the Christmas Holiday.
Our CEO Suki Thompson invited four outstanding business leaders to share how they have been merging marketing and digital across their businesses. The panel included John Smith, Former COO, Burberry & CEO, BBC Worldwide; John Rudaizky, Partner, Global Brand and Marketing Leader, EY; Frank Arthofer, Global Head of Digital and New Business, Formula 1 and Lindsay Pattison, Chief Transformation Officer, WPP & GroupM.
The current marketing model needs to change for an always connected world. The challenge is to go broader and deeper with end to end activation for customers. Good price architecture is essential – savvy Chinese shoppers will shop via a uk.com domain as prices can be cheaper.
Mission critical: marketers must be digitally obsessed and creatively literate. Burberry, for one, is on a constant journey of change. It recognised that it needed to behave like a media or digital company, not simply a fashion house.
The role of the CMO has become the “chief dot connector”, “chief digital officer”, “chief data officer” – as we look for the optimum ways to connect with the customer at the right moment. Transformation company EasyJet has recently replaced the role of Chief Marketing Officer with Chief Data Officer. Watch out for more to come.
Everything is a creative endeavour. Drama is as important as an app. “Bringing creativity and algorithm is the challenge”, John Rudaizky, EY.
Omnichannel with digital at the heart is not “great to have” but “need to have”. John Smith, “All channels are relevant and unless you totally understand digital, you miss an important customer segment”.
This week, we were exceptionally proud that the FT listed Oystercatchers as one of the UK’s leading management consultancies – testament to the effectiveness of the M3 model. If you’d like to hear more about how to accelerate marketing using M3 do please get in touch with us.
Please contact Sam for further details, or for any questions about the Oystercatchers Club at firstname.lastname@example.org