Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.” – John Wanamaker, founder, Wanamaker’s
The 2014 CMO Digital Benchmark Study from Leapfrog Online says CMOs’ lack of experience with emerging mobile technology is keeping their organizations a step behind the modern consumer. While that may be true in some cases, it’s not the intricacies of mobile technology that matter most. CMOs are in a position to know and do more in mobile than they may think. Why? Because the real power of mobile is revealing what to do to sharpen the entire marketing mix and get the right 50% working for them.
This comes from mining location for a deeper understanding of consumers and the dynamics of advertising. Since many marketers haven’t yet established the systems for getting the real value out of the medium, they tend to overlook location as an organizing principle.
This is where CMOs can set up for advantage. With a simple shift in perspective and using readily available mobile data, they can increase intelligence on what’s working, improve performance based on insights (re: when and how to reach people), and stretch resources further.