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Modern Marketing Model (M3) - 1 year on

A 12-month timeline of Econsultancy's Modern Marketing Model (M3) which fuses digital and classic marketing into one future-facing framework. M3 informs marketing’s remit, the required competencies and organisational design to define marketing in the digital age

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Modern Marketing Model (M3) - 1 year on

  1. 1. Modern Marketing Model (M3) – 1 year on Ashley Friedlein, Founder, Econsultancy @AshleyFriedlein https://www.linkedin.com/in/ashleyfriedlein/
  2. 2. Agenda • M3 (Modern Marketing Model) – quick recap • How has it been received? • How is it being used? • How is it evolving? • What next? 2
  3. 3. 3 3 M3 (Modern Marketing Model) – quick recap
  4. 4. 4 We need to redefine Marketing
  5. 5. CMOs have the highest turnover in the C-suite
  6. 6. Marketing academia isn’t teaching students what employers want https://medium.com/@dpalm/studying-marketing-at-university-was-a-frustrating-waste-
  7. 7. 7 The problem? Marketing is in the grips of an existential crisis. We have no post-digital reference for what marketing has become.
  8. 8. 8 https://econsultancy.com/blog/62668-our-modern-marketing-manifesto-will-you-sign
  9. 9. 10
  10. 10. Who, what, how...? Objectives/KPIs, budgeting/resourcing Aka “customer-centricity” – are we properly looking at this from a customer/market viewpoint (or just because we have some product we think we can sell)? Aka “market research” – qualitative + quantitative, primary + secondary data sources Brand equity, management, tracking, architecture. Central brand purpose, values. Pricing. Mapping the market and choosing / defining your target segments Deliver brand perception – proposition, offer/benefits Omnichannel customer journey mapping, measurement & optimisation Aka “Place” – ensuring your product/service can be found where your customers are (‘availability’) Media-neutral combination of marketing tactics/channels to communicate your message The management of marketing data (privacy, governance, metadata, algorithms, models etc) + the measurement and optimisation of all marketing activities
  11. 11. 12 12 How has it been received?
  12. 12. 13
  13. 13. 14
  14. 14. 15 X2
  15. 15. 16
  16. 16. 17 "Any manager or student who studies only the old marketing will be no match against digital marketers." "The company’s CMO has to balance the company’s spending between traditional and digital marketing and to take advantage of synergies between the two." "CMOs are recognizing the growing importance of content marketing"
  17. 17. 18 18 How is it being used? Training & Development
  18. 18. 19 Fast Track to Modern Marketing Online Training Anytime. Any device. Learn at your own pace, at a time and place that suits you on our award winning, responsive online classroom platform, with 60 days included access. Marketing excellence. Crafted content. Digital excellence and expert content which gives you the best in marketing and digital, along with up-to-date industry expertise. More than just a pat on the back Upon completion, you’ll receive an Econsultancy certificate with 14 CPD hours. TEX T Global access The way in which marketing is taught, understood and applied has not changed, despite the dramatic technological shifts. Marketers now operate in an environment that demands new requirements for skills, competencies and capabilities, which are not reflected normet by an industry model. The course brings to life the first unifying frameworkto define marketing in the digital age - Econsultancy's Modern Marketing Model (M3), which fuses both classic and digital marketing. All in 10 interactive, challenging and intensive CPD accredited video modules, taught by none other than Econsultancy's founder, Ashley Friedlein. Available for both teams and individuals Booknow: http://econsultancy.com/modernmarke Fast Track to Modern Marketing Online Training Booknow: http://econsultancy.com/modernmarketing
  19. 19. 20 Example brands doing M3 online training… 113113
  20. 20. | 21 M3 Skills Assessment | 21 The following slides demonstrate the results of XXX skills- assessment survey. Participants across different teams at XXX were asked a selection of multiple choice questions on 10 high level modern marketing topics: •Marketing Strategy •Marketing Orientation •Customer Insights •Brand Value •Segmentation & Targeting •Positioning •Customer Insights •Distribution •Integrated Marketing Communications •Data & Measurement
  21. 21. 22 e.g.
  22. 22. | 23 Ple ase no te : This chart is a g ro up ave rag e o f the re sults by to pic acro ss allparticipants Average Group Results Across all Topics | 23 Percentage Score Traditional vs Digital Theoretical vs Practical Generalist vs Specialist Scores pulled up and down by strong and weak answers
  23. 23. | 24 Please note: Each dot represents an individual respondent's total skills assessment score (rounded to highest point) Good pass 4% Pass 69% Below expectation 27% Total of questions correct by individual | 24 Percentage Score
  24. 24. | 25 Stakeholder interviews key themes: 3. NOT MODERN MARKETERS | 25 Leaders don’t model the curious, creative experimental mind-set. Appetite for digital exists but needs a complete reboot. Need to get excited again about the possibilities of digital. Job descriptions don’t contain modern marketing detail. Marketing has evolved but ‘classics’ hold the top jobs. Digital = accountability and people fear that. raditional marketing is held up as more valuable than newer methods. bove the line profile, budget and perceived ‘glamour’ draw staff away from data driven digital performance marketing and create a split between the new and old techniques. By not being integrated and understood as a whole, outputs and activity cannot achieve full potential. raditional marketers sitting in top jobs who then recruit in their own image – the way to the top is seen as ‘old school’ so digital talent often leaves. igital is seen a separate. Yes it can be part of everyone’s job but the experts sit in IT. | 25
  25. 25. | 26 Key Findings (Summary) | 26 even major themes emerged during the interviews and map directly onto the M3 model as challenges. Stakeholders felt that all themes were individually and collectively preventing XXX from fulfilling its potential. . Lacking a ‘customer first’ approach . Challenging culture preventing progress . Traditional and digital marketing not connected . Chosen technology is disrupting, not enabling
  26. 26. | 27 1. Detailed modern marketing skills become mandatory in job descriptions and prioritised during recruitment process. 2. Make strategic ‘digital biased’ hires in key senior roles. 3. Create a solid interagency team that share budget, objectives ensuring integration is baked in at the highest level. 4. Ensure traditional and digital partners have equal status at CRUK, and as brand guardians speak in one voice. 5. Make innovation everybody’s business again and create a framework around how the central expert team support, collate and publish. Key Rec’d 2: Fuse together marketing styles | 27
  27. 27. 28 28 How is it being used? Organisational Design
  28. 28. Key M3 considerations for modern marketing • What level of control/involvement for ‘marketing’ in the following: – Data / tech – Content – Customer Experience (inc. Product) • What level of co-operation with other teams (esp. tech, sales, service, product) 29
  29. 29. 30 https://econsultancy.com/reports/modern-marketing-model-m3-mapping-tool/
  30. 30. BBC - helping identify areas for customer facing teams to co-operate 31
  31. 31. M3-compliant marketing org model
  32. 32. 33 33 How is it evolving?
  33. 33. Integrating classic/digital
  34. 34. Data is the biggest skills gap 35
  35. 35. 7 Data Competencies (for Modern Marketing) 36 Domain Activities Function Roles 1. Measurement & Optimisation Metrics (inc. social, web, offline, multichannel); reporting (inc. ROI/revenue performance, activity-level); analytics (inc. dashboards, forecasting, multi-attribution); optimisation (inc. test and learn, A/B and multivariate testing, conversion rate optimisation, budget re-allocation) etc. Marketing, Data Analyst, Optimiser 2. Marketing & Data Ops Joining the data/system/process dots; data integration (inc. deduping, syncing); data flows (inc. IOs, routing, migrations); data formats and types; managing martech stack (inc. what to buy, why, when, tools); data capture (inc. forms, validation); data quality (inc. data cleansing, recency, accuracy, validity, completeness) etc. Marketing, Data Data Ops, Data Engineer, Marketing Ops 3. Governance & Compliance Privacy; permissions/consent; data access and controls; processes/policies around data etc. Marketing, Data, Legal Compliance/data officer, Legal counsel 4. Marketing Logic/ Intelligence Automation rules; personalisation logic; artificial intelligence (inc. smart content suggestions, email/content creation, bot programming); predictive analytics; algorithms; triggers/sequencing; programmatic logic; dynamic models; lifecycle management etc. Marketing, Data Data Scientist 5. Customer Data & Insight Customer data model, values and attributes; segments; LTV models; what/when/how to capture customer/prospect data; quant. customer insight, market research, voice of customer etc. Marketing, Data Strategist, Planner, Insight/Research 6. Architecture Taxonomy, ontology; schemas; metadata; mappings etc. Marketing, Data Analyst, Strategist, Architect 7. Infrastructure Identity management; authentication; security; hosting; protocols; monitoring etc. Data, Technology Technical Architect, Systems Engineer, DevOps
  36. 36. 37 37 What next?
  37. 37. Customer Experience Customer journey, UX/UI across all channels “CCaaP” - Customer- Centricity-as- a-Platform Customer- Facing Business Function Marketing Sales Service Ops “Joining the data/system/process dots”, integration, flow, routing, working processes (e.g. agile) Content All media types, channels, content assets – supporting all stages of customer journey and experience Data Metrics/KPIs, Customer data, Operational data, Taxonomy/metadata, Governance, Logic, Algos/AI etc. Applications CRM, CMS, ESP, Social, Ecommerce, Ad/MarTech, Analytics etc. Infrastructure Identity, Authentication, Security, Hosting, Realtime, Monitoring, DNS etc. The “Customer-Centric Stack” Marketing Strategy Customer Centricity Customer Insight Brand & Value Segmentation & Targeting Positioning Distributio n Integrated Marketing Communications ? ? ? ? ? ? ? ? ? ? ? ?
  38. 38. Thank you – questions?