CMOs Face Challenges in Marketing

Sep 16, 2024

What to Think VentureBeat's Weekly Technology Podcast: The CMO's Dilemma

Hosts

  • Dylan Tweeney, Editor-at-Large at VentureBeat
  • Stuart Rogers, Researcher with VB Insight

Special Guest

  • Michael Williams, Chief Marketing Officer at Grand Prix of America

Episode Highlights

Introduction

  • Focus on issues facing Chief Marketing Officers (CMOs)
  • Sponsored by Viant

Tech News Highlights

U.S. Internet Ad Revenue

  • Ad revenue grew 60% in Q1 2015, reaching $13.3 billion
  • Increase from $11.4 billion in Q1 2014, despite dropping advertising rates
  • Growth attributed to increased screens (smartphones, tablets) and digital marketing commitment

Mobile Advertising

  • Brands see increased engagement with video ads on mobile
  • Example: Disney's use of engaging content
  • Opportunity gap in mobile ads identified by Mary Meeker ($25 billion)
  • Discrepancy in adoption due to budget and technology understanding

Google Photos

  • New standalone product, formerly part of Google Plus
  • Features include automatic photo organization and animated GIF creation
  • Concerns over removed features, e.g., "eraser" and "smile" feature

Main Segment: CMO's Dilemma

Guest: Michael Williams

Background

  • CMO of Grand Prix of America, focused on bringing Formula One (F1) racing to the U.S.

Marketing Formula One in the U.S.

  • Formula One viewed as a luxury brand, different from NASCAR
  • Cultural, financial, and media appeal in cities like New York
  • Use of social media to leverage passionate F1 fans

Personalization in Marketing

  • Importance of data-driven personalization for effective and timely marketing
  • Strategy differs from year one to subsequent years
  • Building long-term relationships with fans through personalized communication
  • Use of various platforms: emails, social media, web

Challenges and Strategies

  • Tailoring communication to different demographics and devices
  • Maintaining customer relationships across screens: TV, desktop, mobile

Future Prospects

  • New York race to be a significant event, combining business and pleasure
  • Importance of listening to consumers to deliver on brand promises

Conclusion

  • Formula One aims to create engaging and personalized experiences to build lasting relationships

Contact

Acknowledgments

  • Thanks to sponsor Viant for supporting the podcast

Closing

  • Subscribe to the podcast on iTunes under "What to Think"
  • Hosts Dylan Tweeney and Stuart Rogers