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More than two decades ago, marketing executives followed a simple axiom: Put the product or service out there, and the consumers will come. A 30-second advertisement or prominent shelf space was enough to build a consumer base. Not so today. With increased competition in nearly every industry, consumers have become a lot more selective of how they are drawn in.
During a panel discussion on April 28, four senior marketing officials from different industries, all alumni of the Chicago Booth offered their insights to an audience of prospective, current students, alumni and other business professionals on how marketing has changed and what it takes to keep up. The event was part of Chicago Conversations, a Booth-sponsored series of industry-specific discussions held in cities where those industries are most prominent. Moderated by Michael Krauss, ’76, president and managing principal of Market Strategy Group, the panel was held at the Hyatt Regency Chicago and was organized by several departments at Booth, including the Office of Alumni Affairs and Development, Career Development Services, the Evening and Weekend MBA Program, the Full-Time MBA Program, and the Kilts Center for Marketing.
In the ’80s, retailers started using scanner data to get real-time metrics on who was buying what. With this technological change, marketing went from a field of right-brained creative types to a profession that also required analytical skills. “It’s still about segment-driven marketing, but now we have more ability to close the loop and get feedback through interactive methods,” said panelist Suzanne Martin, ’95, Motorola’s head of worldwide field marketing. Since the early 1990s, competition among mobile technology developers has become especially intense. “Things get real complicated when competition comes in.”
“Now, you have to find consumers,” agreed Ryan Malone, ’05, director of single-serve snacks at Kellogg. His division markets the food giant’s snack brands that consumers buy on impulse at the vending machine, convenience store, and other away-from-home venues. “You have to have data and be smart about it. You have to reach consumers when they want to be reached and how they want to be reached.”
That data is key to achieving one of the key goals of marketing: developing a long-term relationship with the target audience. For that reason, marketers will lean on this data more in the future for strategic direction.
“We mine behavioral, transactional, and survey data,” said panelist Cindy Pang, ’10, director of customer strategy for Hyatt Hotels Corporation. “Hyatt’s success has been built on operations and real estate. Now, we’re focusing on brand asset management, and we’re using analytics to make decisions.”
The reliance on data also will increase as mobile technology and social media become the primary communication vehicles. When Motorola cut back on trade shows, it used social media to upload videos of the experience on the show floor. “Our site had amazing metrics. People were spending seven or more minutes with the videos, blog, and Twitter feeds,” Martin said. “The real-time nature of the site attracted visitors to our stories and we got greater exposure as a result,” Martin said. Some companies hesitate to leverage social media because they cannot control the messages consumers post. If a negative critique goes viral, “don’t ignore it; respond to it. You just have to manage that period until the next guy screws up. Addressing it ultimately results in more positive feedback when the crisis blows over.”
The lack of control can also be a good thing. “Use consumers to your advantage; let them be your sales force,” said Malone.
Panelists agreed that the biggest challenge they face is convincing leaders of other departments that marketing generates value. “Of the 10 ideas you have, only two might see the light of day,” said panelist Doug Ryan, ’87, managing director for Digitas Chicago, an integrated brand agency. “You really have to sell your idea across the organization. Booth helps you speak everyone’s language: the finance department, the operations department—the whole company, not just marketing.”
Whether at an agency, start-up or established corporation, the panelists said curiosity, general management facility, and excellent communication skills have been and always will be the inherent qualities of a successful marketing executive.
The panelists’ insights resonated with students like Anish Sharan, who expects to complete Booth’s Evening MBA Program this year. “It’s good to talk with someone in my line of work who has been there and done that,” said Sharan, director of digital delivery at Leo Burnett. “These kinds of events definitely enrich what we learn in the classroom. If I want to be CEO, it’s good to hear someone say, ‘yeah, you can.’”
— Kadesha Thomas