David Cooperstein of Forrester Research Shows CMOs How to Build 21st Century Brands

Read the original post published on iCrossing’s Great Finds blog on May 3, 2013.

Are you a 21st century brand? You are if you deliver a connected experience for empowered consumers, according to David Cooperstein, vice president and principal analyst of Forrester Research. Cooperstein discussed the attributes of successful 21st century brands at the iCrossing CMO SummitMay 3.

Cooperstein kicked off his presentation by showing key data points on how consumers use online media: there are 133 billion searches on Google per month, 400 million tweets sent per day on Twitter, and more 33 million streams per day on Hulu.  Audiences online are much larger than traditional television audiences, and even larger than traditional print audiences.  Consequently, brands that embrace new media and digital marketing can experience a greater volume of success.

But how does a brand succeed in the digital age? You start by taking a look at the changing activities and desires of your consumers. Cooperstein built off Tom Daly’s earlier CMO Summit presentation on building mobile connectedness for Coca-Cola, stating that Forrester has witnessed a significant mobile mind shift. This shift has made it so consumers expect that any desired information or service is available, on any appropriate device, in context, at the moment of need. So-called perpetually connected consumers – those who have at least three online devices, who go online at least three times per day, from at least three different places – thrive off of convenience and building shared experiences.

Because of the desire for perpetual connectedness, brands need to shift their perceptions of traditional marketing and focus more strongly on improving the consumer experience. Consumers drive the strategic direction of the brand and want to feel pride in the brands with which they interact. The greater amount of pride felt by a brand, the greater the chance the consumer will share those experiences.

How do brands manage this shift and become a more connected, 21st century brand?  Cooperstein shared three steps:

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Coca-Cola’s Vision: Use Your Mobile Phone to Buy a Coke

Read the original post published on iCrossing’s Great Finds blog on May 3, 2013.

Tom Daly of Coca-Cola would like to see you use a mobile phone in one hand to put a Coke in the other. At the iCrossing CMO SummitMay 3, Daly, the group director of mobile and search at Coca-Cola, shared how Coca-Cola is using mobile marketing to put the brand within arm’s reach of consumers.

“We have some big, hairy, audacious goals,” stated Daly, referring to Coca-Cola’s ambition to double the company’s sales by 2020. And mobile marketing is the key to achieving that goal. There are many more mobile users in the world than people who buy Coke every day. Daly wants to inspire consumers to use their mobile phones to increase Coke sales around the globe.

“Mobile is the closest you can get to your consumer these days aside from bringing the product directly to their lips,” Daly asserted.

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Safe Is the New Risky in Marketing

Read the original post published on iCrossing’s Great Finds blog on May 3, 2013.

“Safe is the new risky in marketing,” asserted iCrossing Chief Creative Officer Pat Stern during his May 2 presentation at the iCrossing CMO Summit. To build connected brands in a world of always-on consumers, CMOs should take calculated risks, learn, and innovate, according to Stern.

He began his presentation by sharing a formula for managing marketing opportunities and processes. According to the “70-20-10” rule, 70 percent of your marketing resources should go toward activities that you know will work; 20 percent should go toward innovating from that 70 percent; and 10 should go toward risk taking, or “swinging for the fences.” Gone are the days of taking major risks and hoping for the best. Digital marketers should take calculated risks to learn how to create experiences that connect with customers in different ways.

Stern gave detailed tips to guide marketing experimentation and innovation, including:

  • Listen closely to your customers. Consumers have certain expectations, and sometimes technology can’t meet those expectations. To meet their own needs, Innovative consumers will create their own experiences and their own interactions with your products and your brand. Stern shared an example from the era of audiocassette tapes: innovative consumers used to create mix tapes consisting of their own musical experience by editing together their own versions of songs and albums. Had record labels been paying attention to this activity, they would have understood the need for technology to help create unique musical experiences. Consequently, the way in which we listen to music now could have been drastically different, or much more advanced. The answers to consumer problems are there – you, as a marketer, just need to be willing to dig for it.
  • Swing for the fences. According to the “70-20-10” rule, 10 percent of your marketing efforts should be used for experimenting with something completely new. That 10 percent is a calculated risk based on your ability to listen and learn from consumers, and discover what else may make them connect more strongly with your brand. By taking risk, no matter the outcome, you’ll learn something important. And that knowledge will help you hone your skill and master your technique. Continue reading