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Modern marketing is much more than just a brand or a killer slogan. Technology has enabled marketers to influence the entire the customer experience, even across sales and service.
At this year’s CES, I had the privilege of leading two top marketers in a discussion about how to connect with customers in a technology-driven world. The panel included JPMorgan Chase & Co. CMO Kristin Lemkau and Facebook CMO and VP of Product Marketing Gary Briggs, who shared insights on how data influences marketing strategy, how to balance creativity and science, and the evolving role of marketing.
The true game-changer in marketing is the abundance of data. Today’s marketers can gain much deeper customer insights, and they’re using that knowledge to connect with customers more closely. Lemkau shared how budget previously spent on paid media can now be used to reach customers through owned digital channels, and how data helps JPMorgan Chase deliver personalized, decision-driven offers based on a customer’s engagement or purchase history. “It’s about giving the right personalized offer in the right space,” she said.
Briggs noted that how companies use consumer data has precipitated a change in consumer expectations. Consumers know they’re sharing information, so they expect to see that information used to benefit them, through relevant content and offers. He explained how some of Facebook’s products revolve around access to specific data — for instance, advertising to custom audiences through demographic and interest targeting.
An overarching theme was the role of science and creativity in marketing. I asked how today’s marketers can find balance between the two disciplines. Lemkau urged companies to leverage both, since data-driven insight can lead to creative solutions. “Back when Don Draper had to come up with one great idea, it had to be great for everybody,” she said. Today, marketers can use data to create personalized experiences for specific audience segments and individuals.
Briggs agreed that both disciplines matter, especially since there is a strong emotional connection between Facebook and its users. “For a long time, tech has been portrayed as being cold, but we’re seeing a very human side of tech, and we see friendship,” he explained, adding that people have always wanted to connect.
Both Lemkau and Briggs agreed that technology has empowered marketers. While marketing has always been about telling great stories, today’s marketers have the added bonus of data and accountability. While marketers may need to work harder to prove their business value, Briggs argued that a new level of accountability has made marketing more interesting than ever. The old adage about knowing that half of your advertising budget is wasted, but not knowing which half, no longer holds true. With sophisticated, data-driven reporting, marketers can support their strategies with the same business metrics that speak to CFOs and CEOs.
Watch the full panel here:
