Marketing Darwinism - by Paul Dunay
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Marketing Darwinism - by Paul Dunay
Commodity, CRM, Imagination, Innovation, Thought Leadership

CRM is not a Commodity if used with Imagination

Romi Mahajan, President Pepper
Ann Eberle Thomas, CRO Pepper
Dharmesh Godha, President Advaiya

In a recent discussion with an executive, CRM software came up as a hot topic. Her assertion was that too many customers see CRM as a “commodity” and thus balk at upgrades, new purchases, and list-prices. The comment was interesting for a variety of reasons of which the most important was the degree to which this flies in the face of the claims (obviously) that CRM providers make. After all, they argue, if your customers are your lifeblood (as you claim) then how can the system that enhances your ability to build long, loyal relationships be relegated to commodity status? Isn’t a CRM system your best front-end to the customer and as such a core tool to boost sales? If so, how can you think of it as being “just there?”

Commodity? Not a commodity? The grass is green on both sides of the fence, but that is because our imagination has failed when it comes to both CRM and software in general. We continue to make software fit our calcified methods and processes versus letting it liberate us from these very constraints.

Let’s focus on CRM as an illustrative case. From the beginning, organizations have had relationships with their customers- this is simply a truism. Before machines, before computers, before software, before it all, organizations connected with customers and prospects and conducted business. But when some decades ago, intrepid entrepreneurs like Tom Siebel and Marc Benioff realized that specialized software solutions could be used to enhance an already existing idea, the category “CRM” was born. Once the genie leaves the bottle, it cannot be put back in. Once a category is in the world and the lexicon is understood by all, it takes on a life of its own. As such, today CRM is a decabillion dollar business and there are over a thousand companies that build CRM solutions and platforms.

When faced with so many choices and so many seemingly mundane applications of the category, it is no wonder that many think of it as a commodity. This is an understandable if unfortunate fact. When we take an existing idea and an existing process and simply make it “a bit better” with software, the software itself is measured in increments of value. The game in this case is linear.

What if, however, the CRM system allows you to quickly revisit the taxonomies and hierarchies you’ve held as sacrosanct before? What if the CRM system allows you to do different and dynamic things at scale whereas the previous dispensation made those ambitions impossible? In these cases, CRM is not a commodity but is, to use an overused term, a game-changer. Here, the game is non-linear.

That indeed is the nature of innovation. Incremental change and enhancements are good but when an entire epistemology or process is changed, innovation occurs. Innovation is very much a product of the outcome. As such, customers are thus the judge of whether a software solution is innovative or not.

Coming back to CRM. Yes, organizations have from time immemorial “related” to their customers, but the ability to do it not only at scale but by bringing to bear a variety of otherwise disparate data points, is powerful and indeed innovative. The watchword here is “integration” and how it relates to customer engagement. Customers are not monoliths, given to a unidimensional description. They are active, dynamic, multi-faceted beings. When CRM can help you not only discover deep context but also capitalize on it to offer value to these customers, then it ceases to be a commodity.

It requires us to use our imagination.

January 22, 2023by Paul Dunay
Exec Interviews, Innovation, Marketing

Executive Interview with Jeremy McCarty, Co-Founder and CEO of Valligent Technologies

Marketing Darwinism had the Opportunity to Meet Up with Jeremy McCarty, Co-Founder and CEO of Valligent Technologies.

Marketing Darwinism: Jeremy, the Real Estate Technology/PropTech space is, simply put, “on fire” as of the last few years.  Can you comment on this and on Valligent’s place in the mix?

Jeremy: Indeed, Real Estate as a sector and RE Tech specifically are buoyant and exciting.  It is important to remember that residential real estate is the largest “industry” in the country. US homes in aggregate are worth upwards of $35 Trillion collectively and this year almost 7 Million houses will be bought and sold.  The application of technology to this space is key to its future and we’re fortunate at Valligent Technologies to be at the heart of this.  While our valuation an appraisal business has been healthy for years, we saw huge potential in virtual appraisals and low-touch valuations and skated to where that puck was going.  We now have the most innovative virtual appraisal offering in the industry and the regulatory environment has made massive scale possible in this space.  All in all, we don’t feel like we have a ring-side seat; instead we feel like we are on the field playing the game!

Marketing Darwinism: Tell us more about the changes you see in the space?

Jeremy: There are so many changes, manifesting daily.  Some of these changes are “disruptive” and others are just natural extensions or evolutions of what existed.  On the former side, take the notion of house appraisals.  House appraisals are very much about the verification of valuation.  In the home buying process- still a lengthy procedure—the valuation of the house is the centerpiece.  From what loan you get all the way to the cost of insurance, the valuation pops up a dozen times at least in the process.  Now imagine being able to get an accurate valuation with technology, in less than an hour.  No long waits for appraisers and white-knuckling the results.  No costly and repetitive services to be subjected to.  Now, imagine further.  Of the circa 7M houses that will sell this year, 40% of so are eligible for waivers on the standard appraisal.  Enter virtual appraisals.  Such speed and scale are a sea-change in what is otherwise a slow moving industry.

Marketing Darwinism: We see a lot of VC, PE, SPAC, and other investment dollars going into this space.  Is there a bubble here?

Jeremy: As in all spaces, this one will have winners and losers.  There is a certain amount of rhetoric and exaggeration in the space, especially with regard to “dressing up” old business models with new “language.”  We see technology buzzwords abounding but when it comes down to it, many companies still rely on analog and traditional methods to transact.  We understood this and have partnered with leading technology players like Quantarium and have developed cutting-edge tech capacity of our own.  So, yes, there are bubble aspects but in reality we are just beginning to see this industry transformed by the combination of technology, regulatory change, innovation in business process, and highly capable and educated consumers.

Marketing Darwinism: Tell us about your Marketing work?  After all, we do care a LOT about Marketing!

Jeremy: Marketing is key to Valligent’s success.  We are big believers in participating in the industry community and in doing our part to promote the industry as a whole. We have been pleased to receive multiple awards in the space and that notoriety has helped create a flywheel of engagement, advocacy, referral, and growth.  Marketing is and will always be core to our company and we feel very strongly that we back up our messaging with a product and solution platform nonpareil.

Marketing Darwinism: Any parting thoughts?

Jeremy: We continue to be excited about Valligent’s growth in the new world of Real Estate and about the space in general.  We believe that top talent will be drawn to RE Tech and that the addition of smart, driven, and innovative people will help the industry mature into a fully tech-enabled and dynamic part of the economy.  It’s already the biggest part of the economy but we want it to be seen as cutting edge.

March 23, 2021by Paul Dunay
Advertising, Big Data, Business Intelligence, Cloud, Data, Data Analytics, Data Mining, Innovation, Strategy

Real Estate, Real AI, Real Value

Submitted article by Romi Mahajan

Chief Commercial Officer, Quantarium

The world of technology is known as much for its hype as it is for its legitimate innovations.  Atone level, this is understandable. Dreamers can only accomplish big things when they dream big and followup on those dreams with supporting rhetoric. At a different level, however, it serves to dupe consumers, customers,and investors into alchemist fantasies that often defy the laws of physics.  What we need, naturally, is a balance.

With AI, and claims about it, we as a community have come to the point where we have to decide if we are okay with “fact-checking.”  Are all claims about AI fair and accurate?  Do all companies that claim to be “doing AI” pass muster in that regard? After all, haven’t many organizations referred to any and all of their “data”initiatives as AI? Have we diluted the term so as to make it meaningless?

Discerning investors have started to kick the AI tires.  Highly skilled Scientists and Engineers increasingly refuse to be beguiled by marketing claims, choosing instead to dig deeply into the code and methodologies surrounding its production before allowing themselves to be recruited by the countless organizations that seek the limited supply of talent. 

Perhaps more relevant, still, is that people in all roles ask one fundamental question:  “Is there any relevant and practical application to the AI work you are doing?”

On all these matters, Quantarium can hold its head high.  From “Real AI” to “Real Applications of AI,”Quantarium is altering and enhancing our notions of what is possible in residential real estate, the world’s single largest asset class.

Take for instance an important but mundane question, likely asked by millions of people every day.  “What is my house worth?”  Several pundits will offer several answers to this question, no doubt.  But, will the answers be accurate and in this case, what does accuracy even mean?  What data goes into the answer?  Do we have all the data we need?  Is it all available? Do the data we collect account for every single aspect of the house that could or should go into the valuation? 

Now take an extrapolation of this question with magnified scale.  Imagine you are the CEO of a large bank that “owns” half-a-million residential mortgages. What is your portfolio worth?  How much risk are you holding in the portfolio?  Are you too exposed in a particular geography or demographic?  Do you have sufficient data and the ability to process and make sense out of it?  Can you do this all with the speed that is called for by regulation and market conditions?

These questions are easy to pose but hard to answer.  Further, while these questions may not seem “sexy,” they underscore the reality of the single biggest source of economic value and for most families the single largest source of equity.  Using AI to drive accuracy, speed, and scale in this market is complex, genuine and incredibly important.Indeed, real AI applied to real industries with real outcomes is the name of the game. Therein lies the balance we seek, the convergence of both the hype and of the reality.

December 18, 2018by Paul Dunay
Blockchain, Customer Experience, Digital Transformation, Innovation, Smart Contracts, Tokens

Interview with Christopher Woodrow, CEO of MovieCoin

Marketing Darwinism caught up with Christopher Woodrow, CEO of MovieCoin, an innovative company that tokenizes movie projects and other real assets. By writing these assets to the blockchain and using smart contracts to automate transaction, the company is digitizing the entertainment industry’s inefficient, paper-based supply chain. With its goal to bring significant volumes of new investment capital into the film business by transforming traditional financing processes, MovieCoin is creating “Hollywood 2.0.”

Marketing Darwinism: Christopher, tell us about MovieCoin.  What you have going on seems revolutionary.

Christopher:  Thank you, Paul. We started MovieCoin in 2017 after realizing that blockchain and security tokens had the potential to bring unprecedented levels of transparency and liquidity into the film economy.

Shortly thereafter we started seeking a qualified technical partner who could help bring life to our vision of creating access, unleashing creativity, improving liquidity, and boosting cross-industry collaboration in the entertainment industry. That’s when we met Igor Khmel, founder and CEO at technology development firm BANKEX,  and realized there was tremendous synergy between the two sides. The technology we’re developing sets us up for huge success in 2019 and beyond.

Marketing Darwinism: If we understand properly, there are several components to your business.  Can you shed some light here?

Christopher: Absolutely. The MovieCoin platform includes a website, wallet, distributed application and mobile application, which enable accredited investors to participate in financing quality feature films initially sourced by MovieCoin’s seasoned media executives and held within the company’s Smart Fund. Investing in this portfolio requires purchasing MovieCoin Smart Fund (“MSF”) security tokens that represent an ownership stake in the Fund. They offer a more liquid means of entry into film financing than traditional methods lacking a secondary market.

A separate cryptocurrency, Moviecoin Tokens, will denominate value for B2B and B2C transactions throughout MovieCoin’s ecosystem. Moviecoin Tokens (“MOV”) are publicly available as a cash substitute that brings more speed and transparency to revenue distribution and tracking. This holistic view of product performance, including revenue shares; licensing ownership; and intellectual property rights, prevents third-parties from holding onto capital owed to investors and talent for longer than necessary.

Over time, the company will also introduce MovieCoin ‘as-a-Service’, inviting major film studios to market their own film and television financing opportunities to a broader audience using MSF tokens. MOV tokens also provide consumer behavior data to help businesses refine their marketing efforts.

Marketing Darwinism: This makes perfect sense. Tell us about the team you’ve assembled to tackle this. 

Christopher: Well I’m a financer and film producer who has led the production of box office successes including “Black Mass,” “Hacksaw Ridge,” and Academy Award Best Picture, “Birdman.” The company’s broader executive team brings a wealth of experience from investment banking; portfolio management; corporate law; film financing, production and distribution; technology deployment and public company management. Combined with outstanding technologists and marketers, we have a well-rounded team that fundamentally believes in this opportunity to create Hollywood 2.0.

Marketing Darwinism: You refer to your Bankex partnership often.  Can you explain a bit more?

Christopher: BANKEX is a critical partner in our mission to launch MovieCoin. Igor Khmel, founder and CEO, is a visionary in the world of financial technology who’s created a preeminent bank-as-a-service blockchain-based company. By combining their technical expertise with our inherent knowledge of film financing, production and distribution, this cooperation will be the foundation for MovieCoin’s success.

Marketing Darwinism: Any parting thoughts?

Christopher: There are several components to our company that, while complex, will act in unison to democratize access, share knowledge, and improve the film and entertainment industry as we know it. I ask anyone who is keen to learn more about MovieCoin to reach out to us via our social channels with all your questions, sign up for our newsletter to receive regular updates, or check out the company’s whitepaper.

October 24, 2018by Paul Dunay
Applications, Big Data, Business Intelligence, Cloud, Digital Transformation, Innovation, Strategy

Interview with Joe Martin CEO of CloudFit Software and Kyle Wagner CFO of CloudFit Software

Marketing Darwinism: I’m very interested in CloudFit’s strategy. Can you tell our readers a bit more about it?

JM: Thanks Paul for your affirmation. CloudFit is in the “Managed Digital Transformation” space. What this means specifically is that Digital Transformation is very much a function of embracing the cloud and that migrating your applications and workloads to the cloud is not a “one and done” exercise. Cloud Migration as a concept has to be understand as both a set of generalizable principles but also as a very individual factor as each business has its own priorities and constraints. Our software and services accelerate this journey and allow customers to “migrate, monitor, and measure” their cloud applications.

Marketing Darwinism: Fascinating. So is this mostly about financial savings (since you mentioned acceleration?)

KW: It’s about operational excellence of which a piece is financial savings, a piece is accountability, and a piece is working in the background so that the organization can grow its core business and innovate versus getting all its energies caught up in the transformation itself. As a CFO I think about my peers and their needs but I also think about the roles of the CIO and CEO as they are charged with technology-enabled futures.

Marketing Darwinism: You two boast 4 decades of collective Microsoft experience and your three other Principals add another 4 decades. Wow! Tell me about that.

JM and KW: Microsoft has played a huge role in our collective learning and imagination. We are humbled to have been part of Microsoft’s journey to the forefront of Enterprise Computing, Cloud Services, and related areas. We are proud of the large scale we helped enable. Microsoft and its amazing people continue to be core partners and vectors for our success. Clearly, the customers are our main focus and at times they run hybrid or non-Microsoft environments. As a software and services company we have to both respect the customers’ needs but also remember where we came from!

Marketing Darwinism: You are a young company but have already done a major acquisition. That’s very ambitious. Am I reading this correctly?

JM: Paul thanks for this question. Yes, our acquisition of Composable Systems cemented both our team but also our ongoing and deep relationships with core customers. We are indeed young but are very hungry to add value and wanted to create a force multiplier early. We welcomed not only the revenue and customer streams but also the team and expertise.

KW: I’d like to add to this too. We all have had big company backgrounds as you know; I’ve also had the pleasure to help build one of the fastest growing technology companies in the Northwest and understand the importance of building the right team and equipping them with the right tools from the get-go. We didn’t start CloudFit to be a lifestyle business but instead of grow quickly as a function of our value-add.

Marketing Darwinism: What do your customers say about you?

JM: Paul, thanks for bringing it back to them. We get very favorable reviews from our customers, many of whom consider us as key partners in their Digital Transformation. In the earlier days, we had a few hiccups and we learned from these. We went in with confident humility and have improved our customer story, interaction, and value-delivery each and every day. We hope to continue to improve. But overall we feel very good about this area of our business.

Marketing Darwinism: What’s the “Garden-variety” case for someone to contact CloudFit?

KW and JM: We believe that any organization that knows they want to transform but needs to understand what the journey is and how to do it in a methodical and accountable way while accelerating time to value is a perfect conversation for us. We want to partner with all organizations that are entering this journey and need to connect their Business needs with this IT process. We believe that Managed Digital Transformation is a very large space and is where the puck is going.

September 26, 2018by Paul Dunay
Big Data, Cloud, Customer, Customer Experience, Data, Data Analytics, Data Mining, Enterprise 2.0, Innovation, Strategy

Interview with Samir Saluja, Co-Founder of DeriveOne

Marketing Darwinism caught up with Samir Saluja, Co-Founder of DeriveOne and former Microsoft Learning Executive.

Marketing Darwinism: Samir, you left Microsoft to start DeriveOne with your partner Jason Talwar. Tell us about that transition.

Samir:
Microsoft played a huge role in my development and in my understanding of the needs of customers. It also helped me understand the importance of data and using data for scale. What Jason and I realized is that despite the importance of data in the organizational and business world, most were not conceiving of it correctly or in the most efficient manner. We saw that “data for data’s sake” started becoming the essential mantra for companies and we wanted to help them avoid that trap. Thus we started DeriveOne. We consider Microsoft a key partner so still are in the ecosystem.

Marketing Darwinism: “Data for data’s sake?” What do you mean?

Samir: Data has come to be seen as an important commodity and as such companies are scrambling to ingest it and even hoard it. Ingestion is great but what about digestion? How do you use this data? What about data-overload? What about useless data? What about “fake” data? The point here is that data is not an unalloyed good if not trained on decisions. In fact, we believe you need to look at the decisions first and figure out the data needed based on the decisions not just because “data is good.”

Marketing Darwinism: You have a very varied background. Tell us more about your journey.

Samir: Thanks Paul. I have spent time in the Peace Corp, as an entrepreneur, as a business-owner, as a Microsoft employee and as a volunteer. All of these experiences helped me converge on being who I am today, personally and professionally. The Peace Corp helped me learn to listen, empathize and act. Being an entrepreneur taught me about risk and reward. Microsoft helped me understand the importance scaling through partnerships. DeriveOne has helped me realize the value of focus.

Marketing Darwinism: Why should an organization hire DeriveOne?

Samir: We believe that partnering with our customers in the context of what they need and what their customers need is crucial. We help organizations, medium to large and even some startups, use data to hone and focus their customer segmentation strategy, the cognitive diversity of their teams, and to inculcate the culture of decision-driven data. We believe that methodology matters, eliciting what the true decisions that need to be made is key, and delivering accountability is necessary. We are humbled daily by interest in our company.

September 19, 2018by Paul Dunay
Artificial Intelligence, Big Data, Business Intelligence, Cloud, Data, Data Analytics, Data Mining, Innovation, Strategy

Interview with Clement Ifrim, CEO and Co-Founder, Quantarium

Marketing Darwinism: Clement, tell us about Quantarium.

Clement: The company is inspired by insights from Quantum Physics and the potential inherent in applying them to Machine Learning approaches within an A.I. framework. We have organically gathered the analytical methods of fields as far reaching as Quantitative Genetics to build a leading Artificial Intelligence company that enables competitive advantage in vertical industries via advanced predictive and propensity models along with smart decision-engines. To be sure, there remains a lot for Quantarium to accomplish and indeed we have the ambition to match, though we are quite proud of our synthesis to date and the benefits our customers are enjoying each day.

Marketing Darwinism: Can you tell us which verticals you focus on mostly?

Clement: The beauty and peril of A.I. is that it can seemingly apply to everything and that can be intoxicating, thus both market and organizational focus to execute become paramount. Our first salvo is residential Real Estate, a $20 Trillion asset class that represents in a meaningful personal perspective, the most important of all sectors because it constitutes the largest purchase a family ever makes. Quantarium looks at Real Estate from a perspective not only of Data (and there is a lot of Data!) but also of modeling scenarios of what “could” be. For both financial institutions that “own” and service mortgages and for the individuals who own homes, understanding the “deep” economics is very important. From valuations to other analytical models, Quantarium intends to revolutionize the approach and economics.

Marketing Darwinism: Clement, you have a background in large companies like Microsoft, how is it being a CEO of a start-up.

Clement: Thanks for the question. There is nothing headier than building something with world-class people who humble me every day with their vigor and intelligence. At Microsoft, I learned how to manage A+ teams and to think about products and customers at scale. Applying that to the need for speed in the startup world is my biggest challenge and joy.

Marketing Darwinism: Clement, I must ask you this. A.I. has become a “buzz phrase” …how do you distinguish yourself.

Clement: You are certainly correct about that. The technology business is very much about fashion and phraseology. Unfortunately, it is also often about false claims as well. Quantarium’s founders team, with Ph.D’s and accomplished experts in the field, undertook the approach that A.I. is best when it enhances the ability for people to both arrive at a valuable truth in a quicker and more judicious fashion, and then start to predict future truths, or certainties, given the current business exigencies. Quantarium established itself as an A.I. company from the get-go, it’s in our DNA; as a matter of fact, the first platform Quantarium built, QVM/Quantarium Valuation Model relied on M.L./A.I. technologies such as evolutionary programming when “Artificial Intelligence” was not such a buzz phrase yet. Our team consists not only of award winning Mathematicians and Engineers but also of some of the best “technology translators” in the industry. Algorithms and A.I. are indeed assets, however when you add them to the human agency and agility, you get real applications of real A.I.

Marketing Darwinism: What’s in store for Quantarium in the next phase of your growth?

Clement: Good question. While structured as a tridimensional growth approach, with a clear focus on increasing market share, innovation / differentiated I.P. and product expansion, in many ways we’ve been silent for too long. We enjoy genuine, solid relationships with our customers and partners but haven’t “splashed” in the market yet. That has been by design but the time has now come to shout from the rooftops. We’re showing up at conferences like the O’Reilly AI Summit and Strata. While we remain humble and true to ourselves, we are bold at the same time so watch out for us.


About Clement

Clement is Co-Founder and CEO of Quantarium, an Artificial Intelligence company enabling vertical industries via advanced Predictive and Analytic models, and smart decision-ing engines. As the name of the company suggests, inspired by Quantum Physics and fueled by the power and potential of Machine Learning such as synthesizing and leveraging approaches from Quantitative Genetics, towards resolving significant predictive challenges, Clement is an accomplished international professional for leveraging Data Science and A.I. as well as a proven business leader.

With degrees in Computer Science, Clement spent 14 years building large-scale and Enterprise-level software products and services in areas traversing Content Management and Enterprise Search. Responsible for strategy and product development, Clement directed enterprise teams for Microsoft such as SharePoint, and MS Enterprise Search, while building a proven track-record for recruiting and developing teams with exceptional culture. Prior to Microsoft, Clement started and ran several software companies.

Originally hailing from Romania, Clement lives in the Seattle-area with his wife and children. He is actively involved in a variety of philanthropies and applies philosophy to technology as he builds lasting companies.

August 14, 2018by Paul Dunay
Advertising, Advocates, Artificial Intelligence, Blockchain, Branding, Cause Marketing, Conversion, Conversion Optimization, Customer Experience, Data Mining, Influencer, Innovation, Interactive Marketing, Internet, Lead Generation, Optimization, Reputation Management, Social Media, Strategy, Transformation, User Generated Content

7 Ways Blockchain can Transform Marketing

Here’s a great video of me and Aseem Badshah the CEO of Socedo, a social media lead generation tool, talking about 7 ways Blockchain can transform marketing! We hope you enjoy it …

January 26, 2018by Paul Dunay
Agile Marketing, Business Intelligence, Content Marketing, Conversational Marketing, Innovation, Interactive Marketing, Marketing, ROI, Social Media, Social Networking, Thought Leadership, Transformation

Are Marketers over indexing on ROI and the return of the Marketing Mix?

Two of my very good friends, Romi Mahajan of the KKM Group and Aseem Badshah of Socedo shot a video discussing our most recent blog post on the Return of the Marketing Mix. Ultimately, marketing is a mix of channels, tactics, and bets, of which some are measurable and some are not. It’s time for marketers to reclaim their role as engagers, risk-takers, and experimenters!!

January 16, 2018by Paul Dunay
Agile Marketing, Business Intelligence, Content Marketing, Conversational Marketing, Data Mining, Enterprise 2.0, Inbound Marketing, Innovation, Interactive Marketing, Marketing, Real Time Marketing, ROI, Strategy

The Return of the “Marketing Mix”

Fashions change. 

This cliché doesn’t apply just to hemlines and jeans, but to business as well.  Anyone who claims that business is all about logic and data needs to get a reality-check; Marketers are perhaps the worst offenders here, much to their detriment.  Of late, Marketers have suffered from a deep alienation from the real essences of their profession and we hope that 2018 will usher in a return to sanity.

This alienation – or departure from sanity in Marketing- stems from the over-indexing on Data and Measurement.  While this sounds strange, even counterintuitive and heretical, it stands the test of logic and does not require a deep knowledge of Marketing to understand.  Data and Measurement are no doubt valuable but they can also be the refuge of scoundrels.

The key in the above paragraph is the term “over-indexing.”  In other areas of life, the tendency to over-index is called zealotry.  In Marketing, the zealotry of measurement has created an untenable situation in which Marketing is asked to be as resilient as Physics or Mathematics; So too are Marketers, who feel forced to conform to the fashions of the day.  For the past decade or so, the fashion has been “Performance Marketing” or, in a wild conflation of strategy and channel, “Digital Marketing.” 

The genesis story here is a good one.  Marketing for a long time appeared to be a cocktail of guesses mixed with a dose of manipulation.  Organizations started to get frustrated with the lack of predictability and rising costs associated with Marketing and the ecosystem of agencies and media companies that had to be invoked when even considering bringing a product, service, or brand to market.  Theories of consumer reception abounded, but the overall logic of Marketing appeared to be something akin to “do it and it will work.”  Since no company could afford to shut off all Marketing, they continued in an inertial frame for decades.

Then came the Internet.  Almost overnight- or so it seemed- behavior patterns changed.  In addition, the almost infinite real estate and low cost of replication on the Internet, allowed for a completely different cost structure for Marketing. Completing the hat-trick was the fact that digitized Marketing can be “revved” quickly and tests of efficacy can be run in record time.  A heady mix indeed!

And for a while it seemed great.  Marketers could “go to market” quickly and bypass the usual middle-men.

Soon, however, the false “quants” took over and started writing how Marketing was both a “Science” and “Predictive.”  Tomes could be written about the false attribution that plagued the marketing scene with the eminent measurability of Digital Marketing.  We neglected Pater Semper Incertus Est. 

Marketers new to the profession became one-channel ponies. They only knew Digital Marketing. They also grew up under the totalitarianism of measurement.  They believed in the falsity of attribution and hewed only to the channels that provided an easy story for attribution.

Lo and behold, pundits declared the demise of “traditional” marketing.  Some said TV was dead. Others eulogized radio.  Still others print and outdoor.  Digital Marketing was ROI Marketing and ROI Marketing was King (forgive the pun!)

The zealotry created real problems for real Marketers.  First, they were subjected to Wall Street-type time-frames. What would in a sane world take a year, had to be measured in weeks or months.  Second, the need to show ROI created a channel bias in which they were forced to market in only those channels which were eminently measurable.  Third, they lost the Art which defined Marketing and chose, instead, to genuflect at the altar of a false science.  CMOs lost their jobs in 18 months because they could not prove the ROI they agreed to.  Marketing lost its way.

Fast forward to now. 

Are Marketers ready to reclaim their profession?  Are they ready to bring back that Evergreen-yet-needs-to-be-green-again concept that defined their art?  Yes, you know what we mean- The Marketing Mix. 

We predict that 2018 will be the year in which Marketers re-embrace the notion of managing a portfolio of bets, of which some are measurable and others are not.  The rush to measurement restricts the channels Marketers pick to engage with, not unlike a Chef with an infinitude of ingredients but only one ladle and one pan with which to create a gourmet meal.  

The portfolio will no doubt contain elements of Digital Marketing but will also likely concentrate on what the current and future audience really needs and could, thus, index on physical marketing, TV, Radio, Outdoor, even Print.  Who knows.  Why discount ideas and channels a priori? 

Ironically, the zealotry around measurability and ROI lands Marketers in an ironic soup- they restrict themselves from generating real ROI by thinking of it as an input and not as an outcome.

All fashions have their arc.  It’s high time we reclaim Marketing from the ROI zealots and re-engage with the world as it is and as it could be.

Guest post by:
Romi Mahajan, Blueprint Consulting
Steven Salta, Agilysys

January 3, 2018by Paul Dunay
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Welcome to my blog, my name is Paul Dunay and I lead Red Hat's Financial Services Marketing team Globally, I am also a Certified Professional Coach, Author and Award-Winning B2B Marketing Expert. Any views expressed are my own.

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