“Advertising 2020:” Implications for the CMO

The Wharton Future of Advertising Program/Forbes CMO Network Roundtable, “Advertising 2020: Implications for the CMO,” was held in Philadelphia on Wednesday, June 26 and Thursday, June 27, 2013. On June 27, we partnered with Cisco to connect via telepresence with CMOs in San Jose, CA.

Jerry Wind, the Lauder Professor of Marketing at the Wharton School presented WFOA’s ten guideposts for achieving “RAVE” advertising in 2020: AGILE CHOPS.

All Touch Point Orchestration
Glocal
Insights and Privacy (Big Data/Permission)
Live Newsroom Model
Extended (Opened) Innovation

Context
Human Emotion & Story
On-Demand
Prioritize Adaptive Experimentation
Social Impact

Professor Wind discussed how this set of ideas can help companies prepare for the future of advertising. A Q&A session was led by Jennifer Rooney, Editor, Forbes CMO Network. During this discussion, participants gave examples of what their companies were doing to prepare for the future of advertising and shared suggestions on how to make the most out of today’s challenging environment.

Read the Forbes CMO Network write-up of the event.

Click to read Views of the Marketers curated playlist of Advertising 2020 entries.

A Selection of CMOs Top 3 Challenges:
Click here to view the handwritten notes. 

  • ROI measuring
  • Managing brand and reputation in social media
  • Global growth; BRIC countries
  • Talent (esp. social media)
  • Positioning: Integration of all available media- e.g. social media
  • Differentiation and relevancy in a crowded space
  • Promote innovative role and be innovative to stay ahead
  • Connect to end-user
  • Being “glocal”
  • Challenges of being an ingredient brand or a challenger brand
  • How to build the media business of the future with today’s budget
  • How to stay nimble with change
  • How to leverage new technologies
  • Authentic storytelling
  • Awareness of core audience and their needs
  • Transformation and discontinuity in channels and media
  • Long-term view with short-term pressure
  • How to prove the value of the marketing function
  • Global economic uncertainty
  • Data vs. insights and personalized
  • Beating the machines (automation)

Final Summary and Key Takeaways

  • $ -> Short-term vs. long-term
  • Talent/culture/organization
  • Measurement/prove value
  • Scale
  • Global/local
  • Voice/differentiate in a crowded, competitive space
  • Nimble
PARTICIPANTS:
 
Deborah Bussiere, America CMO, Markets, Ernst & Young
Kristen Campbell, VP Marketing, Michael Kors
Caroline Churchill, SVP Marketing, Janus
Lisa Colantuono, Co-Partner, AAR Partners
Tom Davis, CMO, Forbes Media
Nadine Genet, Managing Director, Global Head of Advertising, UBS
Catharine Findiesen Hayes, Executive Director, Wharton FoA
Gannon Jones, Global CMO, Quaker
Colette LaForce, SVP & CMO, AMD
Meredith Kopit Levien, Group Publisher & Chief Revenue Officer, Forbes Media
Amy Love, VP Brand & Demand, NetApp
Peter Mahoney, CMO, Nuance
Ann Marinovich, Chicago Sales Director, Forbes Media
Maureen Murphy, Strategic Marketing Executive, Visa
Dennis Owen, VP Marketing, Cathay Pacific
Camilla Papale, CMO, Prudential Douglas Elliman Real Estate
Lisa Pomerantz, SVP, Global Communications & Marketing, Michael Kors
Eric Porres, CMO, Rocket Fuel
Lauren Raguzin, Director of Corporate Branding, Hitachi America, Ltd.
Bruce Rogers, Chief Insights Officer & Head of the CMO Practice, Forbes Media
Jennifer Rooney, CMO Network Editor, Forbes Media
David Rosenthal, SVP, Corn Refiners Association
Rick Segal, President Worldwide & Chief Practice Officer, gyro
Stefanie Shelley, CMO, Broadridge Financial Solutions
Jim Speros, EVP & CMO, Fidelity Investments
Sebastian Tomich, National Ad Sales Director, Forbes Media
Michele Weber, SVP Ecosystems & Channel Marketing, SAP
Kim Wells, CMO, Scottrade
Jerry Wind, The Lauder Professor, Professor of Marketing, The Wharton School
AGENDA:

Wednesday, June 26th

Location: The Barnes Foundation
2025 Benjamin Franklin Parkway
Philadelphia, PA
http://www.barnesfoundation.org/

4:00pm             Arrival at the Barnes Museum & Tour of the Barnes Collection
5:45pm             Reception – The Garden Restaurant at the Barnes Foundation Terrace
6:45pm             Dinner  – The Garden Restaurant at the Barnes Foundation
                               Welcome Remarks: Meredith Kopit Levien, Group Publisher & Chief Revenue Officer, Forbes Media
7:30pm            “The Changing CMO Role: Lessons from Art”
                                Dr. Jerry Wind, The Lauder Professor, Professor of Marketing, The Wharton School

Thursday, June 27th

Location: The Wharton School, University of Pennsylvania
Vance Hall – 3733 Spruce Street, Philadelphia, PA 19104

During the day, we are partnering with Cisco to connect via telepresence with CMOs in San Jose, CA.

8:00am                 Continental Breakfast
9:00am                 Welcome and Introductions
                                                Catharine Hays, Executive Director, Wharton FoA
                                                Meredith Kopit Levien, Group Publisher & Chief Revenue Officer, Forbes Media
9:30am                 CMO Confidence Index Presentation
                                                Rick Segal, President Worldwide & Chief Practice Officer, gyro
                                                Bruce Rogers, Chief Insights Officer & Head of the CMO Practice, Forbes
10:30am               Break (Vance Hall foyer)
10:50am               “Advertising” 2020: What could/should it be and what should CMOs do now to make that future happen?  Themes 1 – 5
                                                Dr. Jerry Wind, The Lauder Professor, Professor of Marketing, The Wharton School
Q&A led by Jennifer Rooney, Editor, Forbes CMO Network
                                                Catharine Hays, Executive Director, Wharton FoA

          • All Touchpoints Orchestration
          • Glocal
          • Insights from Data and Privacy/Permission
          • Live Newsroom Model
          • Extended (Opened) Innovation

12:00pm               Lunch (JM Huntsman Hall)
1:30pm                 “Advertising” 2020: What could/should it be and what should CMOs do now to make that
future happen?  Themes 6 – 10 (including telepresence with San Jose)
                                    Dr. Jerry Wind, The Lauder Professor, Professor of Marketing, The Wharton School
Q&A led by Jennifer Rooney, Editor, Forbes CMO Network &
                                    Catharine Hays, Executive Director, Wharton FoA

        • Context
        • Human Emotion and Story
        • On-Demand
        • Prioritize Adaptive Experimentation
        • Social Impact

                                  San Jose CMOs: Christine Heckart, EVP of Strategy, Marketing, People & Systems, ServiceSource
                                  Craig Tokusato, SVP, Category Business Leader – Pop Secret & Emerald, Diamond Foods, Inc.
2:30pm                 Program wrap-up
3:00pm                 Program close

Highlights from Cannes Lions 2013

This year more than 12,000 delegates attended the 60th anniversary of Cannes Lions International Festival of Creativity where a record was set of 35,765 entries submitted from 92 countries.  This far surpasses the number submitted to Cannes Lions in 2012, which amounted to 34,301 entries from 87 countries.

Catharine Hays, Executive Director at the WFoA Program, and Jerry Wind, Lauder Professor and Director of the SEI Center for Advanced Studies in Management at the Wharton School, were invited to host a seminar at the 2013 Cannes Lions Festival where they shared insights from the Advertising 2020 project.  They discussed the innovations necessary for agencies that strive to become or remain major players in the future, touching on topics such as social impact, integration, context, and orchestration of touch points.  Watch the discussion on Cannes Lions TV [here]

Several Ad2020 contributors also shone at Cannes Lions this year, adding their names to the list of speakers, participating in programs and judge panels, and collecting awards.  Ad2020 contributor as well as CEO & Founder of re:kap Ldt., Kevin Allen, headed the new Cannes Lions Young Account Executive Academy, which aims to help young executives implement creative practices.  Read more about the Academy [here]

Along with a team of executives from PepsiCo, Richard Lee, Ad2020 contributor and CMO of PepsiCo China, was awarded a Bronze Lion and Best Use of Screens for Media this year at Cannes Lions for the ad campaign “Bring Happiness Home.”  PepsiCo China identified a need for an experience that would unite and bring joy to Chinese consumers traveling home during the Chinese New Year.  The project involved a movie about “a group of homeward bound travelers stranded in a snowstorm” featuring PepsiCo products and an accompanying theme song.  The movie, which could be viewed at train stations and on mobile devices, quickly became the most watched video in China and awareness for the campaign rocketed to 86%.  Read more about the PepsiCo campaign and watch the video [here]

Marc Violo, Ad2020 contributor and Senior Digital Lab Manager of Ogilvy & Mather Shanghai Lab, and his team members brought home a Silver Lion and Best Use of Mobile Devices for Media at Cannes Lions 2013 for the campaign “1000 Stores.”  Ogilvy & Mather Shanghai helped Yihaodian, an online grocery store, compete in a market dominated by the “brick-and-mortar super store.”  The campaign consisted of opening 1000 virtual stores in China.  To access the store, consumers use their mobile phones to walk through virtual aisles and select products, which are then delivered to the consumers’ doors.  Yihaodian increased its revenue by 17% during the time of the campaign.  Read more about the Ogilvy & Mather Shanghai campaign and watch the video [here]

Additionally, a number of Ad2020 contributors and members of the WFoA Global Advisory Board were speakers at Cannes Lions 2013.  This list of speakers included:

– Mark Earls, Founder, Herd (DARE’s Deadly 60)

– Mark Holden, Worldwide Strategy and Planning Director, PHD (The Future is a Massively Multiplayer Game)

– Gareth Kay, Chief Strategy Officer, Goodby Silverstein & Partners (When Advertising Grows Up)

– Stephen Kim, VP, Global Agencies & Accounts (Beyond Technology: Designing for People)

– Thomas Hong-tack Kim, Executive Creative Director, Cheil Worldwide (Every Company is a Media Company)

– Richard Lee, Chief Marketing Officer, PepsiCo (How to Reach a Billion Eyeballs?)

– Jonathan Mildenhall, Vice President, The Coca-Cola Company (Work That Matters)

Nigel Morris, CEO, Aegis Media Americas & EMEA (The Future of the Human: Brand Interface)

– Mark Pollard, VP, Brand Strategy, Big Spaceship (Creativity Inside-Out: a New Way of Doing Business)

Randall Rothenberg, President & CEO, Interactive Advertising Bureau (Liquid Creativity: IAB Secrets of the Mobile Superstars)

– Steve Stoute, Founder & CEO, Translation (Culture as a Creative Catalyst)

– Rory Sutherland, Vice Chairman, Ogilvy & Mather UK (Digital Divas: The Leaders of a Cross-Channel Shopping Revolution)

– John Winsor, CEO & Founder, Victors & Spoils (When Advertising Grows UP)

For a full description visit the Cannes Lions website [here]

 

 

Native Advertising

With an increasingly empowered and skeptical consumer base, marketers need to bridge the gap between advertiser-consumer relations. Native advertising, with its integrated, content-based marketing strategy, looks to be crucial to the new age of advertising.

With the generous support of Yahoo! APAC, WFoA is undertaking a research study to assess the current state of native advertising and propose a framework for native advertising of the future. We are looking to delve deeper into the heart of native advertising: What formal data and experiments do we have? What kind of native advertising works? What doesn’t?