Card-linked marketing programs — like BankAmeriDeals®, an online and mobile cash back deals program for Bank of America® customers — are highly effective in increasing revenue, customer insights and advanced targeting to marketing programs, but are underutilized by chief marketing officers (CMOs), according to a new survey released today by Bank of America and The CMO Club.
The survey, which polled CMOs on their preferences and marketing program needs, found that card-linked marketing may be the industry’s best kept secret. Of the CMOs who had used card-linked marketing, nine out of 10 experienced revenue lift from a program, 98 percent deemed it an effective solution for reaching their target audience, and 96 percent are planning to use card-linked marketing in future campaigns.
While highly effective, these online and mobile cash back deals programs are not yet fully understood. According to the survey, while 78 percent of CMOs say they know what card-linked marketing is, more than half (62 percent) have never implemented a program. Of those who have never used it, 53 percent say they don’t know how it works and one in three (34 percent) admit that they are unsure of its effectiveness, which suggests that many marketers are missing a key opportunity to connect with and grow their customer base.
BankAmeriDeals reaches 29 million of Bank of America’s growing online and mobile banking customers, offering relevant deals to them based on past purchase behavior while creating a targeted marketing solution for merchants. The offers appear in online banking and mobile apps, allowing customers to choose the deals they want while managing their finances. Cash back is in addition to other rewards and is put into customer accounts. Customers can find more information about the product and sign up at www.bankofamerica.com/Deals.
“Program innovations have gone beyond streamlined redemption at the point-of-sale to not only address what CMOs value in a marketing program, but what they need to be successful in customer loyalty and engagement,” said Pete Krainik, founder of The CMO Club (www.thecmoclub.com), a membership organization that brings together more than 850 heads of marketing, and purveyor of the BankAmeriDeals/CMO Club Poll.
See the survey results.....
We are pleased to share the new Spring 2014 CMO Club Innovation and Inspiration Summit Highlight Video. Check out your peers in action.
10 CMOs got together in Atlanta ( Including Coca Cola, AT&T, Navicure, SouthWire, YP, plus others )last night with the help of Alton Adams from KPMG. A number of great insights ere shared. Take a look.
A recent survey of CMO Club members reveals that almost everyone supports nonprofit organizations through donations of time, money and expertise. And most believe that The CMO Club can and should leverage its powerful membership and growing financial strength to make a bigger difference in the lives and health of our people, our animals and our planet.
To reflect the values of our members, the CMO Club is formally launching CMO Club Cares through three initiatives: CMO Club Cares Financial Support, CMO Club Cares Marketing Support, and CMO Club Cares Chapter Support. See more details and help today.......
Boston Market, Patron, Steinway, Estee Lauder, Capital One, Hallmark, J Crew plus others join The CMO Club in March
Please welcome 24 new CMO Club members accepted into the club in March. With these new members the CMO conversations at chapter dinners and summits plus the CMO Curated content, exclusively for members, continues to get more valuable. See who joined in March and reach out and welcome them to the club.
The CMO Club today anounced 6 CMOs to be honored by The CMO Club and D CEO Magazine in Dallas, in the April Magazine plus an awards reception April 1st. Please congratulate the following as voted on by CMOs in the Dallas CMO Club:
1) Julie Cary, La Quinta Inns and Suites
2) Wanda Gierhart, Neiman Marcus Group
3) Michael Guillory, Texas Instruments
4) Allen Klose, ACE Case Express
5) Ashley Sheetz, Sally Beauty Supply
6) Jennifer Warren, RadioShack Corp.
The focus on customer engagement, brand building and leadering high performing marketing teams will be shared at an awards reception, April 1 at Dakota's Restaurant starting at 5:30 pm.
At it’s Spring CMO Innovation and Inspiration Summit on Tuesday, The CMO Club announced the 2014 CMO Awards, created to celebrate the marketing industry’s brightest leaders and to provide a forum to share their successes with other CMOs.
Nominations are open to the public and are now being accepted online at www.TheCMOAwards.com for CMOs in eight dynamic categories. Established in 2013, The CMO Awards are the first and only CMO Awards program driven and decided entirely by an elite group of peer CMOs.
Peer to peer sharing is the core mission of the CMO Club, which is why we love it so much when CMOs bring us case studies from their companies.
Today, we had the priviledge to hear from Stephanie Anderson, CMO of Time Warner Cable about the advancements they are making in aggregating online and offline data and the power of being able to do that.
At TWC, Stephanie and her team have been able to aggregate data so they know who their customers are and what are their needs. This enables them to better service their customers and to do so in a much more efficient way.
Aggregating multichannel data and attributing it correctly and uniformly for better customer service and revenue generation is a topic on most of the CMOs minds here at the Summit.
During his session this morning at the CMO Club Innovation and Inspiration Summit, Dr. Andrew Stephen offered an opportunity for brands to participate in his upcoming research project and learn about their consumers.
The project will be begin with an analysis of Facebook data, to look at the impact and value of social networking for marketers as well as individuals.
As with any research, more data allows the findings to be more significant statistically. In return for secure and anonymous use of your FB post data, Dr. Stephen will give you back findings on your specific customer data.
This is a really great opportunity for free research for brands and for marketers as a whole to better understand and utilize social networks.
If you are interested in participating. please contact Dr. Stephen at email@example.com.
Kicking off the conversation on Day 2 of the CMO Club Innovation and Inspiration Summit, was Dr. Andrew Stephen, Katz Fellow and Professor in both University of Pittsburgh and Columbia University graduate business schools.
Dr. Stephen shared his latest findings on the impact and value of social media for brands, as well as for the individual. His research showed that connecting influencers and their respective social networks resulted in 16x more sales on only a 1% increase in social activity related to the brand in question.
On the individual level, his study found that soical networking, such as getting "likes" on Facebook actually increases self-esteem, but negatively impacts self-control.
These are important findings for marketers in both the B2C and B2B space.
Next up, Professor Stephen is working on what he calls the Facebook Genome Project, where he will dig deeper into social habits by examining actual Facebook posts. A variety of brands have already given their data to be analyzed. If you are interested in your brand participating and learning more about the behavior of your consumers, please contact Dr. Stephen at firstname.lastname@example.org.
The closing session at the CMO Club Summit today was led by Greg Welch, Principal, at recruiting firm, Spencer Stuart.
After a top ten list of why CMOs have a tough job that got the audience roaring with laughter, he introduced two new CMOs to talk about their current roles, their past that led there and their future trajectory at their new brands.
Darren Marshall, formerly of Coke, spoke of the passion play he made in his recent move to Steinway & Sons, by stating that he made a list of the things he loved and disliked about marketing and then found a firm that satisfied his loves.
Lee Applbaum, CMO of Patron, spoke of the depth of planning and process that a brand that at times will ferment product for years before release, affords him and his team.
Both agree that getting close to the product and the manufacturing process is key to being able to market these global brands effectively.
Patron and Steinway are both luxury brands and face pricing challenges. Understanding the customer, using data wisely in that understanding is essential to appropriate pricing for both products.
Patron uses an emotional strategy tying Patron to a celebration of special moments and celebrations in the consumer's life.
Really great session. We will keep our eye on how these two brilliant marketers move these brands to new global heights.
When your customer is happy they tell an average of 9 people about their happiness with your brand. When they are angry, they tell an average of 22. That IS fierce.
This afternoons' first big panel discussion focused on the customer experience.
Fred Neil, Recent CMO of Home Depot says that customers most want to be known by brands. If a customer purchases in store after an online search, but continues to receive retargeted emails or banners, they feel anonymous and unimportant to the brand. How do we get the online data in to the retail environment? How do we impact customer service and experience when an online customer decides to purchase in a retail location. How do we make it personal? And do it all without violating a consumers' privacy?
Services like Ibeacon are developing technology to deliver real-time personal ads to mobile phones without being intrusive to the consumer.
Earnie Harker, Executive Director Marketing, Maverik, the fuel retailer in the western US. Ernie, believes that we need to make sure we don't lose our "heart" and "passion" while marketing in the age of big data. They use an adventure lifestyle creative platform to engage customers' imagination, aspiration and passion, while servicing their need for automobile fuel and various ancillary products.
Bronwen Rohland of Pick n Pay in South Africa, discussed a loyalty program amongst their franchisees and 50k employees called Smart Shopper to start engaging their consumers on a very different level. They signed up 3MM customers into the program within the first 10 days. Currently they have the largest loyalty program in all of Africa with 7.8MM members signed up.
Our host, Nadine Dietz of 5one, asked the panel, "What's Next?". Fred Neil believes that the customer is in control and that the next generation is less sensitive to digital media. Maverik believes that better employees, called Aventure Guides, are key to improving the customer experience. In the grocery category, Rohland of Pick n Pay believe that we need to make the retail experience more relevant to their typically femaile shopper.
Great session with Howard Belk, CEO and CCO of Seigel + Gale and Martin J. Homlish, Chief Customer Experience Officer at HP about reinventing the HP brand.
Discussion of the HP Garage, a collaborative gathering of all the different groups involved in the branding process in a unique physical space to enhance the ideation process. Think IDEO on steriods Think great creative agency and a large technology company, busting the silos and getting to the key issues. Keep it simple. Prior to this effort, branding and messaging was very fractured.
This "creative think tank" concept is a huge trend in larger CPG,retailer and technology firms.
In the international realm, a key takeaway is about decentralization of marketing from one central HQ hub to various hubs around the world.
Marketers are storytellers, and HP was able to create revelevant stories for each of their business units that resonated both inside and outside the company.
The CMO Club Summit kicked off this morning with a couple surprise interviews: Fashion designer and guru, Ceasar Galindo of CZAR and Amilya Atonetti, host of the weekly radio show on 77ABC.
Ceasar Galindo touched on marketing lessons from his fashion empire. He stated that data will not ever completely substitute a good gut instinct. He has used his instinct to not only grow his firm into one of the most forward-thinking design houses in the country, but also to consult with other household-name design houses.
Amilya Atonetti spoke to the group from her experience as a CMO, an entrepeneur, and now as a journalist looking at trends in the world around us, about reinvention. We all focus on reinventing our brands at the office, but what about our personal brand? She says that the best revinvention for her has come out of a previous faliure. To reinvent yourself, you need passion and commitment. Those around you should feel the passion eminating from you. She spoke of creating your own "signature", as a way to identify you and your work.
Most importantly, she spoke of the importance of the next two days at the show. Foster relationships, ask questions, push back, and plant seeds for the future.
We're off to a fantastic start!
Stay tuned for more!
The Conrad Hotel in lower Manhattan is buzzing with activity and excitement as we await the start of the CMO Club Summit. The stage is set and attendees are eagerly taking their seats so they don't miss a single moment.
Check back here for regular posts on the content shared and happenings during the next two days.
Can you feel it? NYC is abuzz with excitement about tonight's kickoff of the CMO Club Innovation and Inspiration Summit! Opening reception is at 6:00pm at the Conrad Hotel on North End Avenue, downtown.
This conference is jam-packed and non-stop. The speaker line up is just an amazing who's who list of the industry's best and brightest sharing what is working and what is not. I always get great ideas to take back to my business from this event. Here is the agenda .
You will notice that there are a lot of surprises in store. I know what/who they are, but you are just going to have to join us to find out. The line up is mind-blowing! This conference blends networking, idea sharing and fun like no other. There is still time to register. If you can't make both days, come for one. Use the link at the bottom of the agenda page.
I hope to see you there! Leave a comment below if you are coming, and I will save you a seat. :)
Check back here regularly for more updates throughout the conference.
The CMO Club annouced yesterday that VIP Bloggers Bryan Kramer @bryankramer , Drew Neisser @DrewNeisser , Pamela Dunaway @pameladunaway , Courtney Smith @cshasarrived , and John Hall @tweetJohnHall will be sharing session recaps and highlights from conversations with CMOs at The Spring CMO Innovation and Inspiration Summit, March 24-25 in NYC. Follow them and the twitter conversations at #cmoclubsummit .
The CMO Club to Announce CMO Club Cares, 2014 CMO Awards and CMOs Behind Closed Doors Podcast at CMO Club Innovation Summit in NYC
The CMO Club will be announcing 4 new programs at next week's CMO Club Innovation and Inspiration Summit, with over 150 CMOs confirmed to attend. These four programs are all driven by CMOs in the club and designed to improve peer based sharing and leveraging the insight and power of over 800 CMOs in the club for social responsibility. The four programs are:
1) CMO Club Cares Program ( Social Responsibility and Giving from the Club ).
2) 2014 CMO Awards Program ( launch next week as the only CMO awards program voted on entirely by CMOs).
3) CMOs behind Closed Doors Podcasts with Amilya Antonetti ( CMO interview podcasts for current and future CMOs )
4) New CMO Club Blog Curated Exclusively from CMOs in the Club.
Colette LaForce, CMO at Advanced Micro Devices (AMD) Selected as First Chapter President for The CMO Club Austin, TX Chapter
THe CMO Club announced today that COlette LaForce, CMO at AMD is the first CMO Club Chapter President for the Austin, TX Chapter. The club now has 18 CMOs leading chapters and continues to add 20-30 new CMOs per month joining the club.
Colette is the Senior Vice President and Chief Marketing Officer at Advanced Micro Devices (AMD), a Fortune 500 technology leader. Since she came to AMD, they have successfully returned the company to profitability, completed a corporate restructuring, increased employee engagement to highest levels in 5+ years, and achieved four consecutive quarters of revenue commitments.
Prior to joining AMD, Colette spent four years at Dell in a variety of leadership roles that culminated in Chief Marketing Officer for the $8 billion Dell Services entity. While at Dell she launched the company’s first line of PCs customized for emerging markets, helped increase customer satisfaction scores by 30 percent, drove record levels of marketing-generated revenue pipeline and led Michael Dell’s thought leadership communications program.
"The CMO Club members are among the most consistently engaged, genuinely helpful, and truly fun group of professionals I know. " Margaret Molloy
If you are looking for perspectives, learnings and recommendations from fellow CMOs on how they faced and addressed similar challenges to yourself, then this is the association for you. Practical and knowledgeable advice provided in a friendly, informal environment.
I'm a more effective CMO and leader thanks to the relationships and insights I have made from The CMO CLUB
The CMO Club and dinners are great because there are no hidden agendas, other than to learn from each other and network, in an engaging, comfortable environment.
The CMO CLUB is the most engaged group of CMOs I Know