Last week in Palm Springs, Brad & Joel discussed the latest Marketing Megatrends with CMOs of the world's leading brands (Uber, Lyft, and more..). Whether you're a brand or an influencer, you want to know what these CMOs had to say about the future of the industry.
1. What is marketing?
This was the question CMOs of global brands were struggling with last week in Palm Springs. More marketing innovation has happened in the last two years than has happened in the last 20, and as the definition of marketing changes, so does the CMO role. Marketers chatted about the need to have more and more skills to keep up with the industry including graphic design, data analytics, and coding. As more roles get wrapped into one, marketers are evolving into a more diversified role that puts them in a position to evaluate objectives across more methods and goals.
2. Measurement is losing its power over budget
Although it seems like there are many methods for tracking and monitoring available to marketers, there is still so much we don’t know. In the past, marketers have tended to keep their budget behind methods they could definitively measure and report on. With so much left to discover and understand, CMOs are realizing that it’s time to open their minds up to the possibility of testing the unknown. This happens by silencing some of the noise that comes with extreme amounts of data and getting to the heart of human connection.
3. Stick to the fundamentals and put substance over style
With all of the efficiencies available to modern marketers, it’s more important than ever to stick to the fundamentals. Developing a good product will always win when it comes to brand loyalty, especially as the consumer becomes harder to please. Tech might have made it easier to acquire a customer, but keeping them is a challenge. For brands — sticking to your core values and maintaining authenticity will set you apart and keep you in the lead. Methods for accomplishing this? HINT: brand advocacy is much strong than brand voice.