I had the great pleasure of speaking at The Great Indian B2B Marketing Summit in Bangalore yesterday, organized by Jessie Paul, the former CMO of Indian outsourcing juggernaut Wipro, author of the book “No Money Marketing,” and founder of Paul Writer, a marketing consultancy cum hub that runs an influential online CMO Roundtable and other formidable programs to facilitate the exchange amongst the Indian marketing community. The program was quite an eclectic mix of topics, ranging from social media and digital marketing trends, to market development, to marketing leadership, to personal branding.
Consumers are calling brands’ bluff these days. No longer can there be a solely transactional relationship between brand and consumer, but a relationship built on true cultural exchange. Many companies are beginning to acknowledge the shift from just making good products to providing meaningful experiences. Of course, an important component in creating social change, is working with the communities you aim to serve in order to embolden the growing cultural fabric and not dictate it. This requires brands to experiment and offer their resources in ways they haven’t done before.
For the first time in 23 years, Pepsi Co. has decided to not run any advertisements during the Super Bowl in 2010. Instead, the nation’s second-biggest soft drink maker is plowing marketing dollars into its "Pepsi Refresh Project," an online community that allows Pepsi fans to list their public service projects, which could range from helping to feed people to teaching children to read. Visitors to the site can vote to determine which projects receive money. The program will pay at least $20 million for projects people create to "refresh" communities. Last year, Pepsi Co. spent $33 million advertising products such as Pepsi, Gatorade, and Cheetos during the Super Bowl, according to TNS Media Intelligence, $15 million of it on Pepsi alone. Ad time last year for the NFL championship game cost about $3 million for 30 seconds, on average. Pepsi Co. spokeswoman Nicole Bradley said Super Bowl ads don’t work with the company's goals next year: "In 2010, each of our beverage brands has a strategy and marketing platform that will be less about a singular event and more about a movement." Pepsi's remarkable decision epitomizes the new paradigms of marketing: Online instead of TV; many-too-many instead of one-too-many; engagement instead of advertising; sharing instead of broadcasting; movements instead of events; communities instead of campaigns.
It was just a matter of time: “With brands turning into curators of conversations about them and brand value increasingly determined by the value of aggregated content, third parties might be inspired to hijack these very brands by offering curated conversations on their behalf,” I wrote in early July.
And now Seth Godin and BzzAgent have done exactly this. The marketing guru and the marketing agency have launched a portal that aggregates conversations about brands and presents them in a unified public-facing dashboard that gives brands the chance to lead the discussion. Brands in Public translates the Get Satisfaction business model (a portal for public-facing aggregated customer support) into the broader realm of brand management. It aggregates the aggregation, if you will, and centralizes what Modernista, Skittles, and Crispin Porter Bogusky did on their own sites.
This week's collection of remarkable marketing links, curated by the frog marketing team.
CMOptimism: A new CMO Survey, sponsored by the AMA and the Duke Fuqua School of Business, reveals that senior-level marketers are more optimistic about the U.S. economy and will focus their recovery efforts on social media marketing and new product innovations.
The Socialnomics-Social Media Blog has compiled a comprehensive list of stats from all kinds of sources to prove that "Social Media Is Bigger Than You Think."
Our promised series on “Meaning-Driven Business” is taking shape. After introducing the concept of “Chief Meaning Officer” in the “Power” issue of design mind, we are going to formally launch this new forum in our upcoming special TEDGlobal issue (to be released on September 21) as well as on a special micro-site to be launched in a couple of weeks.
For the first round of essays, we are delighted to have received contributions from three industry and thought leaders: Beth Comstock, chief marketing officer of GE and one of the world's most influential Fortune 50 marketing executives, will take the economic crisis as an opportunity to make the case for marketing-driven innovation. Werner Bauer, Nestle's chief technology officer and head of innovation, will describe his company’s concept of “Shared Value” and how it enables a more socially responsible business. And Dev Patnaik, founder and chief executive of innovation consultancy Jump Associates and author of the book Wired to Care, will illustrate how “high-empathy organizations” of all kinds prosper when they tap into a power each of us already has: the ability to reach outside of ourselves and connect with other people. Stay tuned!
The conversation is continuing in other outlets, too, and some pundits want “meaning” to not only be an abstract concept, but a movement. Economist Umair Haque is one of them. His "Generation M (as in “meaning”) Manifesto" stirred some controversial reactions (just read the comments on his blog) – from unconditional endorsement to accusations of arrogance and naiveté. It is one out of many manifestos that have recently been published on the new “new economy” – this, too, is a sign of the times. Manifestos indicate an increased need for ideological alternatives – and meaning.
