In June during the Cannes Lions Festival of Creativity, Gain Theory Global CEO, Manjiry Tamhane, and Howard Grosfield EVP & GM US Consumer Marketing at American Express took to the stage to talk brand purpose and Marketing Excellence at the CMO Club House.
Below are the key takeouts, originally published on the CMO Club website.
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- Marketing is the engine of business growth.
- We find a lot of conversations are about being data-driven, but it should really be about how data is used to inform the decisions within an organization.
- Organizations that ground their decisions in data outperform on revenue by 85% against their peers.
- You need to have a deep understanding of the purpose of your brand and then permeate that meaning to the front lines of your organization. If you do both of these things together, that’s excellent marketing.
- When marketers excel at what they’re doing, you get sustainable business growth.
- We aren’t trying to be the largest Bank or credit card company. We wake up wanting to deliver the world’s best customer service every single day, even if that involves us moving into new markets or engaging with our customers in new ways.
- We’re a data-rich company. Our problem is not getting data. We have 120 million cards used around the world, but we need to be surgically precise on how we use this data to drive engagement. When customers tell us what they need, we pivot.
- There’s a divide between those who think it’s about creative and those who think it’s about data.
- For those of us in heavily regulated industries where every marketing message needs to be approved, the gift of agile is being able to seat the copy person, the creative person and the compliance person round one table, and do what the customer wants us to do.
- Questions marketers are asking, “How do I educate and upskill my people,” and “How do I change the process?”
- The marketer’s challenge a few years ago was getting their hands on data, removing jargon from the industry and asking a simple question without getting different answers. Now marketers have the data, know the jargon, and have the answers. The challenge is how to make decisions quickly, and how to become data rich but not insights poor.
- Manjiry Tamhane says; “My Mum gave me determination. She’s as stubborn as anyone you’ll ever meet. My Dad was an architect so from a creative industry, and it created a beautiful blend of my mom’s data brain combined with his creativity.”
- Howard Grosfield says; “My parents were tremendous role models. They taught me that people rarely remember what you say, but they always remember how it made them feel. We’re now in the feelings business, that advice has translated well into my career.”