“Advertising 2020:” Implications for the CMO

Forbes CMOThe 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

Fast.Forward.Connecting marketers with innovation

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Partnering with Google’s Fast.Forward Channel on YouTube, WFoA helped launch a collection of short interviews with 292 leading industry experts and academic thought leaders to offer their perspectives on the evolving world of marketing. With the goal of connecting marketers with innovative ideas, as well as other marketers, the video explores a range of hot topics on the future of marketing, such as the role of social media, defining the “branded environment,” and the importance of experimentation and innovation. Data from the interviews was then analyzed into a formal report by Immediacy Mobile Learning.

Click here to view video.

CMO Roundtable: Facebook

In collaboration with the Baker Retailing Center and the Wharton Customer Analytics Initiative, this roundtable session with a diverse group of CMO and Social Media Strategists explored best practices in maximizing the opportunities, and managing the challenges, of incorporating Facebook in a marketing and advertising portfolio. The session was held at Macy’s Headquarters in NYC on January 18, 2013. Wharton Faculty from the three centers facilitated the session.

The following topics were addressed:

1. What is the role of Facebook in the shopper experience and in driving people into the store (both offline and online)?

2. What are the appropriate metrics to measure the ROI of Facebook?

3. What is the role of Facebook in promotional/brand building strategies?

Plans included developing new frameworks and models for thinking about these questions as well as a research agenda.

Game-Changing Technologies Affecting Advertising and Marketing

Objective:

To provide a qualified filter for the world’s CMOs and those who support them about where technologies affecting advertising and marketing are headed, what they need to pay attention to, and how best to leverage the new tools at their disposal. The Steering Committee provides direction and assistance in shaping the program and identifying and inviting the target audience of attendees and tech companies. Initial members: Doug Alexander, ICG; Michael Kassan, MediaLink; Max Kalehoff, Syncapse; David Lubars, BBDO.

Steering Committee Members and special guests convened in NYC on April 25, 2013 to determine the key questions and next steps for this initiative.

Steering Committee Members:

Douglas Alexander, President, ICG
Keith Berlin, General Manager, The CMO Collective, The Digital Collective
Maya DraisinAssociate Publisher, WIRED 
Keith Grossman
, Associate Publisher, WIRED 
Mark Himmelsbach, EVP, Director of Digital Strategy, BBDO North America
Catharine Findiesen Hays, Executive Director, Wharton Future of Advertising Program
Mark Holden, Worldwide Strategy & Planning Director, PHD UK
Paran JoharCEO & Founder, Mobile Media Summit
Max Kalehoff, VP Product Marketing, Syncapse
Michael Kassan, Chairman & CEO, Medialink
Terry KawajaFounder & CEO, LUMA Partners
Courtney E Kelso, Vice President, Enterprise Growth Strategy, American Express
Alessandra Lariu, Co-Founder, SheSays; CEO, Shout
Jim LecinskiVP U.S. Sales, Google
Tara Walpert Levy, Managing Director, Ads Marketing, Google
David Lubars, Chief Creative Officer, BBDO North America
Graham Mudd, Head of Measurement Market Development, Facebook
Shelly Palmer, Fox 5 New York’s On-Air Tech Expert, Host of Shelly Palmer Digital Living, Managing Director of Advanced Media Ventures Group
David SableCEO, Y&R Advertising
Mitch Stoller, Partner, Group SJR
Rishad Tobaccowala, Chief Strategy & Innovation Officer, VivaKi
Kip Voytek, SVP, Director of Digital Innovation, MDC Partners
Fred Wilson, Co-Founder, Managing Partner, Union Square Ventures
Jerry Wind, Lauder Professor, Professor of Marketing, The Wharton School

Mars Viral Video Experiment

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Mars, one of the funding sponsors of WFoA, collaborated with WFoA researchers to determine the causes of viral diffusion of commercials online. The results will lead to an experiment: the creation of a television ad intended to go viral.

Story Worldwide Post-Advertising Summit

collaborations_story

Story Worldwide, one of WFoA’s funding sponsors, sponsored a hands-on conference for strategists, storytellers, marketers, and advertisers to explore the future of marketing and collaborate on branded content. The inaugural day-long event was held in April 2012. Professor Wind revealed some of the results of the WFoA/Mars collaboration in a presentation, “The Secrets of Viral Ads.”

Think With Google Forum

collaborations_google

WFoA collaborated with Google in April 2012 to launch the Wharton Knowledge in Action series, featuring Wharton professors and industry experts for quarterly live Google+ hangouts on key topics for practitioners.

The inaugural article for this series by Jerry Wind, Orchestration as the New Managerial Model in the Digital Agereflects the concepts and insights shared and debated during our Wharton Future of Advertising October 2011 Roundtable: Emerging Orchestrators and New Business and Revenue Models.

WFoA Insights and Impact Reports

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WFoA Insights and Impact Reports provide analysis of innovative advertising initiatives.

Inaugural report: “Reinventing Domino’s” with Domino’s and CP+B, 2011. Click here to view and/or download the PDF.
Domino’s transformative experience in 2009 shed light on several important issues that impact the entire advertising industry:

  • How should you be responding to, and embracing, a consumer audience who is more empowered than ever?
  • In a turn-around crisis situation, what creative advertising and marketing strategies and new mindsets should you consider?
  • What are innovative approaches to building a multi-platform campaign that embraces the best of old and new media?
  • Given the new advertising environment, what should you look for in an agency?

Summary:
In 2009, nearing fifty years in the business, Domino’s Pizza ranked last among the big three pizza chains. The successful restructuring of Domino’s online and mobile ordering platforms in the previous years had increased sales and generated buzz, but Domino’s still faced a central problem: people didn’t like the taste of their pizza.

With two daring moves, Crispin Porter + Bogusky helped Domino’s transform what was once hidden–you pick up the phone, a pizza appears 30 minutes later–into a transparent process: these are our chefs, these are your ingredients, here is your pizza. Domino’s intentionally and publicly owned up to their shortcomings and significantly improved their core product. In doing so, they turned around their tarnished reputation, doubled fourth quarter profits, sent their stock soaring, and became the talk of the town.