Articles Archive - Page 98 of 100 -

Blockchain Goes Off Budget: Financial Services Increases Blockchain Spending

We have heard about it for a very long time, and now, the financial services are taking blockchain to the next level. Currently, the industry spends about $1.7 billion annually on the distributed ledgers that are best known for being the base of digital currencies.

The budgets that have been spent on blockchain increased more than 50 percent last year, with statistics showing that 1 in 10 banks and other firms are spending in excess of $10 million on blockchain technology. Complimenting these statistics, the number of employees working on blockchain initiatives doubled last year, demonstrating that finance is taking the technology more seriously in business operations.

Blockchain Innovation in Financial Services

So, what does this increase in spending mean for the financial services? There are benefits of finance taking the plunge into the world of blockchain, since the potentiality for it to serve the industry appears to be limitless and ultimately have a solution for numerous problems the financial and banking sectors encounter regularly.

“Billions of individuals and businesses are served and trillions of dollars are moved around the antiquated global financial system each day. Still heavily reliant on paper, albeit dressed up with a digital façade, there are many issues with this system that cause added expense and delays as well as make it easier for crime and fraud to cripple it. Despite the financial industry’s resistance to change, blockchain and its expected benefits make it worthwhile.” – Forbes reports.

Even though blockchain is still a relatively new technology, it is transforming finance and banking as we know it. For example, blockchain is paving the way for innovation in the financial services because of its potential to reduce fraud. In the financial world, this is getting a lot of attention since most financial intermediaries such as stock exchanges and money transfer services suffer from economic crime every year. With cost reduction emerging as the biggest driver of blockchain investment and development for financial service firms, implementing blockchain technology into business strategy is getting easier and easier for institutions across North America.

Overcoming the Hurdles of Blockchain in Finance

Before the finance industry, or any industry, can realize all the extraordinary opportunities blockchain technology offers in the banking and financial services landscapes, there are still hurdles that need to be overcome.

“Before blockchain can change the world of financial services – from remittance, trade finance, securities trading and insurance – it will have to overcome six key challenges: Complexity and scale, regulation, interoperability, resources, culture, and lock-in.” – CTMfile reports.

The blockchains that would be used by financial institutions would need to comply with privacy laws of today and the future and need to ensure the safety of the data it collects when implemented. There are still many questions regarding regulatory oversight for this new technology that needs to be sorted out before banks and other firms successfully deploy it. With the typical top-tier bank now having around 15 full-time employees working on the technology, any form of blockchain used in this sector would need to handle an extraordinarily large data set, therefore scalability is important in overcoming hurdles preventing successful deployment.

ABOUT TRANSFORMATIONAL FSI ASSEMBLY

C-level IT leaders in the financial services and insurance sectors are dealing with many challenges as digital transformation becomes an imperative. Understanding not only the convergence of Mobile, Social, and Cloud but also the possible implications of Artificial Intelligence, Machine Learning and Blockchain is vital to stay ahead of the competition.

Join us at FSI Transformation Assembly in November for updates on the latest digital technologies and strategies.

Download your copy of the sponsorship prospectus here for more information>>

This is not just another “Financial Services” event. Spaces are reserved for the best in the business. Apply to attend here!

What Are The Most Popular Items Consumers Shop For Online?

Online shopping has made the shopping experience more convenient for customers, changing the dynamic of the retail industry. Since you can now purchase items at the drop of a hat (or the click of a link) consumers tend to prefer online shopping over traditional in-store experiences.

“During an April 2017 survey, 40 percent of internet users in the United States stated that they purchased items online at several times per month, and 20 percent said they bought items or services online on a weekly basis.” Statisa reports.

Online Vs. In-store: A Debate

The other day, I found myself in a conversation with someone discussing what items we prefer to shop for online versus in store. The idea that some items were more appealing to shop for online as opposed to shopping in stores, made me wonder if this is a common debate among consumers.

I’m sure if you were to think on the top of your head what items you prefer to shop for online, you could come up with a few things. Better yet, figuring out what items you feel that you must shop for in-store, may be an easy task.

For example, if you know you need to try on a certain item for your own personal comfort level, like shoes, or sports equipment. Maybe the color of the item online looks a little off, or you are unsure about the material. There are tons of reasons you may prefer in-store shopping to online.

From a retailer standpoint, knowing how customers are shopping online can put you in a unique position to target these audiences accordingly. Not only will answering this question provide you with insight that reveals what customers are shopping for, it answers the question of where they are spending their money and gives you a firsthand look into if your competition is sweeping their interests away.

What Customers Are Shopping For Online

PwC conducted a report that focuses on where customers are shopping for online, revealing top buying patterns of consumers. The categories that are found in the report include books, clothing and footwear, electronics, home improvement, furniture grocery, health and beauty, household appliances, jewelry, sports equipment, and toys. All items are vastly available online, and the majority of consumers take advantage of this fact.

Through this report, I discovered that consumers prefer shopping online for books, clothing and consumer electronics online the most. PwC reports:

“In the purchase journey for this product category, global shoppers looking at books, music, movies and video games are the most likely of all categories to research and purchase via an online channel, 68% and 60% respectively.”

“For clothing and footwear, 52% of global shoppers prefer to research purchases online…”

“For consumer electronics and computers, 62% of global shoppers prefer researching these purchases online…”

The rest of the categories still have a significant impact on consumers when it comes to online shopping, like health and beauty and household appliances. The fact that the three above categories were most popular, comes as little surprise, considering they are most commonly needed items in the sector.

ABOUT DIGITAL RETAIL TRANSFORMATION ASSEMBLY

C-Level experts from across North America’s retail industry are coming together in Dallas in February 2019 to anticipate the highly complex digital retail environment that will develop over the next few years.

Through a cutting-edge program designed by the industry, for the industry, we will provide a fresh and up-to-date insight to help move your organization to the next level of digital leadership. A series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions will offer industry-specific topics and trends to ensure your company sustains its competitive advantage.

Advertising Week 2018 Is Here – Here Is What To Expect

If you are walking the streets of NYC, more specifically near AMC Loews Lincoln Square, and you notice an abundance professionals around, don’t be alarmed. It’s officially Advertising Week in NYC.

In case you are not familiar with Ad Week, fear not. I am here to provide you with some of the trends that will be discussed during this week.

The Jist Of It All

Ad Week is one week of the year where advertising professionals come together to talk about the latest trends in the complex world of marketing and advertising, offering unique perspectives and expertise through a series of different seminars, workshops and such.

Just like The Millennium Alliance, one umbrella of AD week focuses on technology and leadership, something we happen to specialize in. Among tech and leadership, AD Week also touches and surrounds itself with the different trends in marketing.

Among this week of informative banter, there will be a few trends to look out for. Hint, hint, these trends may also be reflected in the entire marketing industry for the upcoming year. So, this will give you a little preview of what to expect.

Authenticity Is The Goal

According to Mediapost, authenticity is what will count for CMOs in the coming years. This isn’t very surprising since the world is turning against the norm, and supporting credibility when it comes to ads.

This came forward even more so during some famous controversies like the Coca-Cola ad featuring Kendall Jenner solving political issues with the brand last year with “buying the world a coke.” Anyone remember that? Well, this year, marketers are determined to eliminate the risk of controversy.

“Today’s consumers want advertisers to be authentic, added Rajamannar. “They expect brands to take a stance and do something about it and not just put out ads,” Mediapost reports.

Moving forward, advertisers and marketers need to keep in mind the consumers are interested in being authentic and real, as opposed to being exposed to a lack of transparency within brands.

Engage Customers With Personalization

It’s a tale as old as time. Customers need to be engaged. That seems like a no-brainer, right? You may be correct, and I would even agree. However, it all comes down to how you engage your customers. The answer is not as simple as the goal. One world that will help you reach that goal is: Personalization.

“Verdone believes customers would embrace extreme personalization such as receiving an online follow-up immediately after a person ends a call center phone conservation with the same brand.” Mediapost reports.

During Ad Week will be talking about how to engage customers in the financial industry and many more. With engagement, comes privacy and data security risks that professionals must be aware of moving forward.

All in all, Ad Week is a fantastic week that provides all types of professionals key tools to move forward when it comes to instigating necessary tactics involving the marketing scope. Marketing is everywhere on the day of the digital age, and it’s important to embrace it.

ABOUT DIGITAL MARKETING TRANSFORMATION ASSEMBLY

With 53% of Marketers planning on adopting Artificial Intelligence in the next 2 years, the digital marketing revolution is just getting started. CMOs and CDOs alike are seeking new ways to maximize their digital reach to attract new business to, as well as deliver enrich, personalized experiences to existing customers.

The Digital Marketing Transformation Assembly will bring together North America’s most prominent digital marketing technology and business leaders from all major consumer-driven industries to discuss the latest technology, innovations, and strategies driving digital marketing in 2019 and beyond.

Are you a CMO interested in attending this event? Enquire here today to find out if you qualify for Millennium Membership >>

The Future Of Business Lies Within The Role Of The CIO

Digital transformation has the ability to bring forward more than just technology at the forefront of business, it also has the ability to turn CIO’s into CEO’s, according to a new report.

Let’s face it, digital transformation is what we are all about. We see it in major industries every day, throughout a variety of different resources. It is growing to become more than a trend, but a necessary way to do business. As technology continues to grow and conquer business as we know it, it changes more than just the way we conduct everyday tasks.

CIOs Turn To CEOs

A new report found on CIO Dive suggests that as digital transformation continues to grow, innovation also grows when it comes to the flexibility of the workplace. This simply means that digital transformation brings forward a new way of thinking, which will make old corporate structures instinct and outdated.

So, if you are adopting digital transformation, it’s time to throw out your old way of thinking. It won’t do you or your organization any good moving forward.

Digital Transformation Creates New Roles

Since digital transformation has emerged on the business scene, new roles in the corporate structure have been creating. Anywhere from CIOs to CDOs are now not just important, but necessary.

“Inspired by the digital economy and keen to quickly evolve, in recent years organizations began acquiring chief digital officers to help spur transformation. To some, renovating the business and integrating technology throughout an organization required an outsider.” CIO Dive reports.

…And Bridges The Separation Among Old Ones

With the new roles in the workplace evolving, it also calls for a mindset that does not permit or promote separation among the roles. Before digital transformation took the business world by storm, there was a divide between CEOs, CIOs and everything in between.

Experts nowadays are suggesting that this creates a divide in the corporation and beyond, which can hinder and influence successful business.

“But companies are starting to realize that the separation of the CIO and the CDO doesn’t scale well. Whether businesses call digital leaders a CIO, CDO or CTO, organizations need to bring digital and IT operations together.” CIO Dive reports.

The future lies in the CIO. The CIO is the future of business, simply because CIOs are knowledgeable on the skill sets that businesses need in order to survive the technology-driven world we live in. As technology becomes more advanced, businesses must adapt. Especially the structure that underlines all practices.

In order to truly succeed in business, one must possess an attitude that allows for these changes to happen. An open mind that does not separate the CIO from the rest of the company, but instead, allows the company to adapt to the innovative role.

ABOUT TRANSFORMATIONAL CISO ASSEMBLY

As more and more businesses look to digital technology and strategies to transform their business, CIOs know that data and information technology have never been more important. Understanding the convergence of mobile, social, and cloud is the first critical step for organizations looking to create opportunities and stay ahead of the competition.

The Millennium Alliance is thrilled to present our bi-annual Digital Enterprise Transformation Assembly, put together by the industry, for the industry. Join us on June 21-22, 2018 at The Mandarin Oriental in Miami, FL. for a series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions will offer industry-specific topics and trends to ensure your company maintains its competitive advantage.

Download your copy of the sponsorship prospectus here for more information>

Rebranding Your Brand? Remember These Key Factors

Last week, Dunkin’ Donuts unveiled new branding for 2019, with an official name change to Dunkin’. The change will go into effect in January 2019 and appear on the brand’s packaging, advertising, website, and social media channels to emphasize the company’s focus on coffee.

Over the course of the year, several companies have taken their shot at rebranding themselves. But, why? Rebranding can breathe new life into your business or product, but it has to be done with a focus on strategy, a clearly understood process, creative vision & thought, and most of all for the right reasons.

So, if you are looking to rebrand your business, it is best to remember these essential components to set your new brand up for success.

1. Ask yourself, should you rebrand?

The honest truth about rebranding is that many companies will do it at some point. Your brand is the face and voice of your business. If you no longer think it is a good fit, you should consider rebranding your company. Typically, when the needs of your customers change or you do not stand out in comparison to your competitors, this is when companies revamp their image.

2. Manage your plan.

What are the key projects? What are the challenges? What are the things that are most likely to mess things up? These are vital questions you must ask yourself when forging your rebranding strategy.

With a quick and responsible team, frequent check-ins can surface issues long before they affect timelines and they can bring up issues that might not have been considered before.

3. Consider what your customers think.

Remember IHOb? Even though it turned out to be an elaborate “scam” to generate awareness to promote their new burgers (it worked, kind of), IHOP’s rebranding effort as IHOb caused mixed reactions from their customers.

So, keep in mind, a great rebrand is exciting to your customers as well as your internal team. Plan your strategy with their needs at the top of your mind.

4. Stay true to yourself and be prepared.

Rebranding can be exciting, but very exhausting. You should be aware, it can be tempting to pick elements from other successful brands and try to squeeze them into your rebrand. However, you shouldn’t.

5. Launch it!

Launch day is only the first step in fulfilling your brand vision. The rebrand you adopt needs to guide how you conduct business from that day forward. While you have likely lived and breathed this identity for months, the same does not go for the rest of the world. With the right launch, not only will you be excited about your brand’s future, but your audience will be too.

ABOUT TRANSFORMATIONAL CMO

This October, the 8th Transformational CMO Assembly in Denver is a unique event that challenges our attendees to learn how to anticipate what’s next for the highly complex marketing environment that has emerged throughout the year through a series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions with our industry experts and advisory board over the course of 2 days.

Download your copy of the sponsorship prospectus here for more information>>

Spaces are reserved for the best in the business. If you’re a CMO looking to stay one step ahead of the digital world, reserve your seat today >

What makes our assembly so exclusive is our exclusive content. And what better way than getting exclusive content than by downloading our brochure created with you in mind?

Download your copy here to get a sneak peek into our assembly today >>

“Get out of your chair, put away the report, and live the world a bit.” Interview With Dipanjan Chatterjee, VP & Principal Analyst At Forrester

Transformational CMO is less than a month away! Before we go #MillenniumLive in late October in Denver, Digital Diary had the opportunity to sit down with Dipanjan Chatterjee, VP & Principal Analyst at Forrester to gain insight into what is impacting CMOs and how we can stay ahead of this year’s digital transformation as we charge into 2019.

Thanks, Dipanjan, for your expertise!

As a VP & Principal Analyst, you help CMOs thrive in the age of the customer. From your experience, what can a brand do to develop and manage themselves as a “world-class brand”?

Have an unyielding obsession with customer primacy. Leverage, but don’t get distracted by the tech and the toys, the data and the analytics. Don’t let your laser vision of your customer and how you can motivate them to get obscured by anything else.

At Forrester, you challenge thinking and lead change. By working with business and technology leaders to develop “customer-obsessed strategies that drive growth”, what have you seen as being the best practices in achieving that growth for a business?

This goes along with what I said previously. Leverage, but do not get distracted by what’s around you.

Since we are currently in the age of the customer, it is important that CMOs understand that building a powerful brand lies in the hands of those customers. How can CMOs shift from a company-centric approach to one that is focused on the customer?

Embed and demand empathy, fold it into the fabric of your organization. Hire for it. Train for it. Reward it. Then boost the human force of empathy with the analytic force of technology to create relevant and compelling brand experiences.

You recently released your report, “Give Your Brand A Voice — Literally”. Why do you think that voice will flourish and what does the shift to this paradigm mean for a modern brand?

Voice is the most natural form of communication. Human are there already. Machines are not. But the pace at which they have advanced is phenomenal, and we are likely not more than a few years away from a few pioneer brands implementing meaningful voice interfaces at scale. Add to this the growth of screen fewer devices, and any brand, modern or not, must be getting ready now to navigate and interact in the near-future world of voice.

(Check out Dipanjan’s report, Give Your Brand A Voice – Literally here.)

As the marketing industry continues to evolve, the way people develop solutions and strategies has drastically changed when compared to the past. How have influential technologies like AI or Blockchain impacted the way brands develop breakthrough solutions that resonate in the industry?

The capacity for machines to generate, gather, and analyze data with tremendous
processing power and the virtuous cycle of artificial intelligence has brought unprecedented power to brands. Now it is up to them the use them appropriately, use them well, and have the foresight to know when to supplement with context and intuition.

Is there a certain experience that you reflect upon or bring up when you create and scale solutions for global brands?

The world can be remarkably similar. And remarkably different. There’s a version of 5 the Avenue and a Rodeo Drive, and people that shop there, in most countries. Chocolate and vanilla are the preferred ice creams flavors just about anywhere. Yet Land Rover evokes very different emotions in China than it does in the US. And I can never forget the flabbergasted expressions of a team of Italian consumer durables executives as I walked them through kitchens in every corner of India. Get out of your chair, put away the report, and live the world a bit.

What advice do you have for CMOs looking to stay ahead of this year’s digital transformation?

Try and stay five years ahead in your understanding of market dynamics. And seed all kinds of pilot and tests targeting what’s coming two years down the road. Then you might be ready for the “next year” every year.

We are very excited that you are attending our Transformational CMO Assembly in Denver. As our Analyst Partner. What are you looking forward to most at our event?

To share my ideas and seek feedback to refine and sharpen them, and to learn from all around me.

What do you think are the benefits for a C-Level executive in attending this event?

To hear from some of the experts in their respective field on developments that will shape business in the near future, and to have the opportunity to shape that future.

Thank you, Dipanjan, for taking the time to interview with Digital Diary and we will see you in Denver!

ABOUT TRANSFORMATIONAL CMO

This October, the 8th Transformational CMOAssembly in Denver is a unique event that challenges our attendees to learn how to anticipate what’s next for the highly complex marketing environment that has emerged throughout the year through a series of executive education roundtables, keynote presentations,collaborative think tanks, educational workshops, and networking sessions with our industry experts and advisory board over the course of 2 days.

Download your copy of the sponsorship prospectus here for more informa tion>>

Spaces are reserved for the best in the business. If you’re a CMO looking to stay one step ahead of the digital world, reserve your seat today >

What makes our assembly so exclusive is our exclusive content. And what better way than getting exclusive content than by downloading our brochure created with you in mind?

Download your copy here to get a sneak peek into our assembly today >>

Are Subscription Services The New Face Of Retail?

In this fast-paced world that we live in, it is no surprise that people want products delivered to them in an agile and effective way. Luckily, this can be accomplished by the emergence of subscription companies, that are growing at a rapid rate.

“In the month of April 2017, subscription company websites had about 37 million visitors. Since 2014, that number has grown by over 800%.” Forbes reports.

The subscription business has taken off in the retail industry, changing the way consumers receive goods and services. Forbes dedicated an article just for subscription businesses, and the insights found to prove just how much this industry is growing.

What Is A Subscription Business?

For starters, understanding what a subscription business is, is crucial to understanding why they are growing. In simplest terms, subscription businesses send consumers packages based off of items that have been picked specifically for that customer. The average subscription business delivers products once a month. Consumers are able to subscribe to this service and have a hands-on approach to what they receive.

This business has taken off in the last couple of years mainly because technology has grown so much, making it easier for companies to reach an audience and deliver products effectively.

There are many popular subscription services out there. You may be familiar with Blue Apron, which delivers ready to cook meals to customers. Dollar Shave Club is also a popular service that caters to men’s shaving needs, delivering shaving products to the doorsteps.

Subscription Services Are Growing

Forbes referred to as subscription businesses as being faster growing than most retailers, thanks to technology and mobile capabilities. Not only does technology help grow this business, but it proves what kind of customer base is out there, and what they are looking for.

Retailers can look to this kind of customer in order to adapt goods and services to meet their needs. This customer is one that is adaptable, up to date and looking for a personalized experience.

“It’s not enough anymore just to give consumers what they’re looking for if they know what they want they can get it with a click anytime. To get a consumer excited, you have to offer something they’re not expecting and subscriptions are an ideal instrument for surprise.” Forbes reports.

In order to achieve the utmost level of personalization, companies can’t be afraid to ask their customers what they want. A subscription business is only as successful as how much they know about their customer, in order to cultivate products and services that will meet their needs.

If your services are out of date and not targeting the right customer, it will fall short. Retailers can rely on data and analytics in order to get to the hearts and desires of their customers. Following a subscription model can be beneficial. After all, customers can cancel a subscription as fast as they can sign up for one. This is a challenge that retailers face in the growing age of customer engagement.

The secret to combating this challenge is selling a product that people actually want. Look inward, do your research and you will find what you are looking for.

“Google search is the biggest source of customers for subscription companies and social media is second. Social media is a more important source of customers for subscription businesses than it is for other types of retailers.” Forbes reports.

So, are subscription businesses, in fact, the new face of retail? According to many experts, the answer is yes. This industry is growing at a rapid rate, as new industries are being tapped into, like the beauty and fashion industry. We are faced with a market that only has the potential to grow.

ABOUT TRANSFORMATIONAL CMO

Download your copy of the sponsorship prospectus here for more information>>

Spaces are reserved for the best in the business. If you’re a CMO looking to stay one step ahead of the digital world, reserve your seat today >

What makes our assembly so exclusive is our exclusive content. And what better way than getting exclusive content than by downloading our brochure created with you in mind?

Download your copy here to get a sneak peek into our assembly today >>

It’s True: Loyalty Can Survive in a Gen Z World

It is more common for marketers to think of loyalty as a technology platform or a marketing campaign. They think it is a demand or a lever to produce higher revenue, but now, it is so much more than that. In one of its most successful definition, loyalty is now a mindset permeating all aspects of business this year.

As we find ourselves going deeper and deeper into 2018 (can you believe it is already July?), it means the predictions and trends for marketers everywhere are fading to favor actual outcomes. However, there is still a sleeping giant amongst us that will have an ever-increasing role in almost every facet of our lives… Yes, we are talking about Generation Z. Projected to become half of the active consumers across all markets by 2020, it is crucial for marketers to grasp the demands of the fresh-to-market generation who, like millennials before them, are poised to significantly shape consumer behavior and expectations for years to come.

Reshaping your Approach to Loyalty

Since Gen Z are considered to be the most diverse and multicultural generation ever, this upcoming generation is as nuanced and complex as every other generation that came before them. More often than not, peer-to-peer relationships play a vital role in serving as the vehicle through which brands are served, shared, mentioned and experienced. The traditional relationship between the brand and the loyalty program, with the consumer occupying the space in the middle, is rapidly becoming obscure. So, now more than ever before, marketers need to pinpoint how they add value to individual Gen Zers.

““Do as I say, not as I do” — that’s the motto for many brand leaders, but loyalty’s effectiveness is directly influenced by support, sponsorship and active guidance from leadership. To be effective, loyalty needs broad support to change how the brand thinks about the customer.” – Marketing Land reports.

Furthermore, to Gen Z, actions speak louder than words. Now, the C-suite can drive priorities for the program that change the brand mindset and create an atmosphere that elevates the new and upcoming customer as they journey throughout the organization.

The Value and Mission you have Matters

For Gen Z, transparency, authenticity, and purpose are huge in attracting them to your brand and building trust. Since Gen Z are more altruistic and egalitarian than previous generations, brands that strive to meet their cause-related goals will benefit from organic publicity and will be more likely to attract the attention of Gen Z.

“It’s more than money back. Ultimately, points and rewards alone won’t foster brand loyalty. Instead, in the post-millennial economy, things like exclusivity, reciprocity, social responsibility and instant gratification will trump traditional loyalty marketing.” – AdWeek writes.

For marketers, strategically and carefully tapping into relevant social movements that resonate with your brand is key to reaching Gen Z.

Gen Z has Something to Say

For marketers, the challenge remains the same; capture attention and demonstrate that your message, product or service is worth it. With the looming influence of Gen Z already penetrating how things are run in the United States, it is safe to say that by 2020, Gen Z will be the pivotal group making the rules and regulations across all industries.

Even though they may be young, Gen Z has already lived through some major historical moments in the United States, ones that will shape how they purchase and consume products and services over their next 40 to 50 years. With that said, the brands that respect and honor the world they live in will be the ones who ultimately gain their loyalty.

ABOUT TRANSFORMATIONAL CMO ASSEMBLY

Download your copy of the sponsorship prospectus here for more information>>

Spaces are reserved for the best in the business. If you’re a CMO looking to stay one step ahead of the digital world, reserve your seat today >

“It is more risky to be afraid of change than it is to embrace change.” Keynote Speaker Wes Nichols Discusses Marketing Transformation in Exclusive Interview

With September coming to a close, it only means one thing: Summer is almost officially over. To some, that might be bad news, but to us at The Millennium Alliance, we are thrilled that fall is almost here. The reason why? Our highly anticipated Transformational CMO Assembly this October is Denver is on the horizon.

To add to the excitement, Digital Diary had the opportunity to sit down with our Keynote speaker, Wes Nichols, to gain a first-hand look into how marketing is continually being affected by predictive analytics to marketing optimization, and how the changes in those sectors are impacting the industry. Wes discusses the pace of change in the industry, as well as the key challenges executives marketers face as the industry continues to evolve, and what to do to overcome them.

Thank you, Wes, for sharing your insight with us!

You are an industry authority in predictive analytics, marketing optimization, attribution and cross-channel measurement, and creating solutions for Fortune 500 companies for over 20 years. How has marketing changed over the course of those 20 years?

Wes Nichols: The pace of change, powered by technology, data, and analytics, has continued to accelerate and dominate the C-Suite of many companies, large and small. The ability for CMOs to have true agility and accuracy with decision-making, resource allocation, and tactical activities is remarkable and powerful. We are seeing the next wave of CEOs in the making as a result – a first for CMOs.

As you are considered a “serial entrepreneur” in the industry, what value does a seasoned business have when looking to partner or acquire a startup? What would you say to those who wouldn’t take that risk?

WN: The game-changer for my company was partnering with UCLA and Wharton academics who are considered the world’s leaders in marketing science. They had a huge advantage of having thought about this analytics problem and creating solutions that passed academic rigor as well as in-market performance. We also created what many consider is the best advisory board assembled, and we really relied on these industry experts – Jim Stengel, Rishad Tobaccowala, Margo Georgiadis, Becky Saeger, Mike Linton, Gokul Rajaram and numerous other luminaries in their fields were very hands-on in the creation and expansion of MarketShare. Most important, it was critical to find early innovators like Anne Lewnes at Adobe, Jim Farley at Ford and many other clients who ‘got’ what we had built and how different it was from anything else in the market.

As the marketing industry continues to evolve, the way people develop solutions and strategies has drastically changed when compared to the past. How have influential technologies like AI or Blockchain impacted the way marketing leaders develop breakthrough solutions that resonate in the industry?

WN: I find it riskier to be afraid of change than it is to embrace change. Things are actually moving and changing quickly – just talk to anyone in retail, media, entertainment, packaged goods and so many other industries finding themselves disrupted by technology at a must faster pace than originally estimated. I was asked to write about this in an article which became the cover story of the Harvard Business Review several years ago – Analytics 2.0 (https://hbr.org/2013/03/advertising-analytics-20.) The article they have asked me to write this year builds on this and there continue to be big advancements in the use of data, analytics, AI and machine learning (still pretty early for blockchain for most companies, but important to understand it now). I will be featuring a number of early innovator CMOs who are building internal teams to drive all budget planning, allocation and measurement of their marketing activities – a big shift indeed.

Is there a certain experience that you reflect upon or bring up when you create and scale solutions for global brands?

WN: The power of data. Virtually all companies (other than Amazon, Google, Facebook, and Netflix) under-estimate or under-leverage data they have in their companies. Many don’t even realize the pots of gold they are sitting on and not leveraging, relying on old approaches or methods to go to market. The biggest opportunity of our era is to collect, analyze and leverage your data to drive revenue; if you don’t have team members who can do this, get them and trade up on your team.

What advice do you have for marketing leaders looking to stay ahead of this year’s digital transformation?

WN: Make sure your CEO and board are excited about technology advancements and understand it; if your CEO still has his or her emails printed out by the secretary for a hand-written response, quit and move on to a company that is going to survive! (I have seen several such execs and companies, even as recently as last year). There must be an appetite to embrace change, invest in product and market changes, even disrupt your core business if necessary. If not, someone else will.

We are very excited that you are attending and keynoting our Transformational CMO Assembly in Denver. What are you looking forward to most at our event?

I have worked with CMOs globally for decades and love the innovation, creativity, energy, and enthusiasm for change. CMOs are often the voice for change and improvement, and that’s exciting to provide them the tools and PROOF of IMPACT that most CMOs have lacked for decades.

What do you think are the benefits for a C-Level executive in attending this event?

Given the rate of change happening to business now, I find attending well-curated events with interesting people from different disciplines is useful at helping me stay ahead of these changes. Those who set aside presumptions and ego, and come to actively listen and talk to peers will have tangible take-home value when they return to the office. That is the “ROI” of such an event.

About Wes Nichols

Wes Nichols is a Board Partner at Upfront Ventures and an active technology investor and advisor. Wes is a serial entrepreneur and an industry authority in predictive analytics, AI/Machine Learning, and attribution, creating and scaling solutions for global brands. Wes is the author of the Harvard Business Review cover story, Analytics 2.0, on next-generation analytics to drive more predictive CMO decision-making.

Most recently, Wes was the Chief Strategy Officer at Neustar (NYSE: NSR), the leading company in authenticated identity for marketing and security. Neustar acquired his company, MarketShare, where he was co-founder and CEO. MarketShare, recently acquired by Neustar for nearly a half a billion dollars, was backed by FTV Capital, Elevation Partners, and Silver Lake, the world’s largest technology investor.

Prior to starting MarketShare, Wes was with Omnicom Group (NYSE: OMC) as President and CEO of TBWA’s digital business, working with Nissan, Sony, Pfizer, and other brands. Prior, he was the founder and CEO of Direct Partners, building from scratch one of the industry’s first data-driven analytics companies, which was acquired by Omnicom Group. Wes is a member of the Board of Directors of TrueCar (NASDAQ: TRUE) and BJ’s Restaurants (NASDAQ: BJRI), the LAPD Foundation, and a Trustee of Randolph-Macon College. Wes is an active member in both Young Presidents Organization (YPO) as well as the Pacific Council on International Policy.

You can meet Wes Nichols at our Transformational CMO Assembly in Denver on October 22-23, and follow along on social media using #MillenniumLive for more insights.

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Are Executives “Sleeping” on Cybersecurity? Experts Say Yes.

All companies connected to the internet are vulnerable to cyber attacks, with the potential losses significant. Nowadays, liability for data breaches that affect customers leads directly to the leadership of the C-Level suite. Now more than ever, executives need to personally know how strong their company’s cyber defenses are, as well as the expected responses for attacks or breaches.

However, experts say that many business leaders are resistant to investing in systems and training to protect against cyberattacks. Experts are baffled by this mentality the of CEOs and CIOs that they are safe because they do not have anything worth stealing, which, of course, is false in the digital era.

Where C-Level Executive’s Go Wrong

For the C-Level executives that think they are safe from any form of cyberattacks, the risks are growing every minute. Unfortunately, for every business leader, a cybersecurity attack is no longer a potentiality, it is an eventuality. For a C-Level in an business in any industry, there will never be enough technology or humans to truly protect a business from an attack due to the fact that attackers grow increasingly intelligent and agile as technology evolves.

“Gone are the days when companies could pass the headaches of cyber security to the IT department, as it has become more of a business issue too. This is especially important as businesses are more digitized, meaning they are exposed to an increasing number of threats if they do not manage the risk of security properly, especially from the viewpoint of the executive.” Forbes reports.

Since there could never be enough strategies for a C-Level to implement to protect their business in the age of digital transformation, they will need to invest just as much time and energy in being able to respond and recover when a cyberattack does occur.

What are the Measures C-Level’s Should Take?

Executives should start by understanding what protocols they currently have in place and where they fall short in the IT sphere of their business. According to experts, an annual security assessment is thought to be a best practice to prevent data breaches. If performed correctly, the security assessment reveals the residual risk, and the number and scale of attacks that are likely to get through. If the residual risk is acceptable, then an annual review may be sufficient for most C-Level executives.

However, most experts say that cybersecurity should be viewed as four main components: Prevention, Detection, Response, and Recovery. While there are multiple prevention technologies that a business can take, it would be easier for a C-Level executive to understand which route to take when deciding on which exact measure they should implement into their IT department.

“Rolling the dice on a cyberattack creates an enormous financial risk for your business. But the stakes are much higher than that. Doing so is also, in effect, gambling on the livelihoods of all of your employees and the data security of your customers. As a leader, you have a duty to protect them all.” Forbes reports.

Unfortunately, no business is immune to cyberattacks. Hackers cast a wide net in their search for vulnerable targets, leaving your business open for an attack at any time. With the chance that hackers have identified your point in the financial value chain very high, they are most likely trying to penetrate your cyber defenses at this very moment. Therefore, it is now up to the C-Level executive to not be caught sleeping during this time and ensure that the technology and people that they have are up to speed and ready to protect their company.

ABOUT THE TRANSFORMATIONAL CISO ASSEMBLY

In a new digital world, driven by data, businesses of all sizes are working tirelessly to secure their networks, devices, and of course, their data. CISOs need to plan for worst-case scenarios, stay ahead of latest IT Security transformation technology, and maintain their company’s information assets without losing sight of the corporate culture.

This November, the 6^thedition of our Transformational CISO Assembly will bring together industry leaders to discuss the latest strategies and innovations in cybersecurity in Miami. Join us today, the assembly is now open for application!

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This is not just another “IT Security” event. Spaces are reserved for the best in the business. Contact us today to reserve your seat >>

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