There are loads of responsibilities that come with being a good Chief Marketing Officer. One that may not be listed on a job write up but is vitally important is the need to constantly have your eye on market trends and what they mean for your department. That’s why we’ve put together the top five trends we think any CMO worth their salt is watching this year. Let’s go!
Account Based Marketing
If you’re wondering what Account-Based Marketing is, take everything you’ve been taught about mass marketing over the last ten years and flip it. It doesn’t mean that a previous, more generalized approach to marketing was wrong. It was fitting for its time, but as online marketing grew in new and innovative ways, the ability to reach and measure lots of prospects at once trumped the direct mail days of the past.
But this has been the case for quite some time now, which has resulted in an over-saturated market that is starving for individual attention. Enter ABM, or simply stated, marketing to one. This is especially useful in the B2B environment where a company is often pitching to a small group of stakeholders to close a sale. ABM allows you to individually nurture each one, as opposed to a broad, more diluted approach that doesn’t yield as many conversions.
It doesn’t take much to realize that consumers are less trusting than ever. Heck, even on a general level, human beings are less trustworthy in institutions than they’ve ever been. And when it comes to buying, we’ve got all our walls up.
We ask our moms, mom’s moms, roommates, and local baristas before deciding we trust a product. It’s why we pour over customer reviews in droves before giving our credit cards the virtual swipe. Which is precisely why Influencer Marketing holds the power it does.
Instead of a product being promoted by the oh-so untrustworthy company, it’s lauded by those we relate to, maybe even idolize. It allows us to see our peers actively using and trusting in the products we’re considering, putting us at ease and upping our purchase consideration.
In the same way that influencer marketing takes a subtle approach to selling, native advertising is all about blending in. Native advertising refers to a paid ad that blends seamlessly into its platform’s look and feel.
If you’ve ever liked a photograph in your Instagram feed only to realize after that it has the subtle “sponsored” marker, that’s native advertising at work. It often can be found in social media feeds, as recommended reading at the bottom of an article you’re reading, or as a listing at the top of your Google search.
YOU NEED VIDEO CONTENT. Didn’t get that? We’ll say it one more time. MAKE VIDEO CONTENT. LIKE NOW!!!
Creating a marketing strategy without video content in 2019 is like building a Ferrari and forgetting to put the engine in. Ever since fluid images first found their way onto the screen in 1888, we’ve been hooked. Everywhere you look, human beings love video.
Through video content, we’re able to eat information up in a fraction of the time that it would take if we were reading that same content. Which is especially handy for today’s busy consumer. Perhaps that’s why we retain 95% of what we see in a video, versus the 10% that accompanies the reading. It skyrockets click-through rates, overall traffic, shares, and revenue. From your Instagram stories to your product pages, the question is—why wouldn't you use video content?
This one is less of a specific trend and more of a constantly changing target to aim at. It means taking control of your measurements to produce the outcomes you want, versus operating at their mercy. Instead of launching a campaign, crossing your fingers and sitting on your hands, you can use more sophisticated measurements to shape the step-by-step results you want.
Think of it like goal setting. You don’t kick-off without a solid finish line in mind and hope to take some good baby steps along the way that will potentially get you there. You start with the end figure you want, and then you work backward to implement the actionable steps and results you need to see along the way to achieve success.
Your marketing endeavors should be no different. For example, before launching your campaign, you’d start by defining the ROI you want to achieve. Then you’d work backward to set identified milestones with the measurements you need to hit at each stage to reach your predefined ROI. All of this is made simple through the use of a CRM, where you can also include details like how many calls it took to close, your win rate, loss rate, and more.
Have another trend on the horizon you think all CMO’s should have their finger on? Let us know in the comments!