Today, I’m thrilled to discuss our recent interview with Joseph Jaffe, someone I read via his regular MediaPost column and listen to regularly whether on his own podcast Across the Sound, Bob Knorpp’s The Bean Cast or Mitch Joel’s Six Pixels of Separation. Joseph is a matchmaker who pairs big brands with new start-ups because he believes (and I agree) that both have something to offer each other. Learn more at Evol8tion.
Two things really hit home for me in listening to Joseph speak. The first is that the marketing department, led by the CMO, has fairly limited power within most major brands. And this despite those $4 Million per spot Super Bowl ads. As Joseph puts it:
Today, marketing is a joke. Today, the chief marketing officer, we all know the stats, tenure of less than two years. They own nothing anymore, except for promotions and advertising. They don’t own distribution. They don’t own pricing. They don’t own R&D. They don’t own a lot of the things that even pertain to the four P’s.
In a way this was not surprising and yet hearing that the four pillars we can all recite in our sleep – price, product,promotion, and place - are to a certain extent out of our power is extremely disheartening. So how can we overcome this? Especially since marketing is changing so rapidly. Perhaps it is, as Joseph puts it, the blending of IT and Marketing. I’ve certainly read a lot about the coming of the CMTO and it makes a lot of sense. Joseph speaks about it this way:
I was discussing with someone today, this prediction from IBM that marketing will spend more on IT, or technology, than the IT department will. I said to them, ‘Yeah. That’s true, but the real question is will the IT people figure out marketing before the marketing people figure out IT?’ If they do, there will be more marketing.
I think the real key to this podcast and Joseph’s prescription to fix marketing is for technology and marketing (Silicon Valley & Madison Avenue) coming together in innovative partnerships. This kind of creative collaboration will eventually not only change how marketing is perceived, but also change how effective it can be. This certainly echoes what we heard from R/GA Chief Creative Nick Law.
What do you think? Is a match between Silicon Valley and Madison Avenue the perfect match?