Madison Avenue and Silicon Valley are remaking advertising

By
Megan Hackett
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Silicon Valley

The Covid era has meant that many businesses have finally understood the importance of digital transformation to the future of their business.

This includes how companies market their products and services to other companies. But now the advertising business is in the midst of a restructuring, with companies blending the best of the digital world with the physical world of customer relationships that still matter.

ServiceNow Chief Marketing Officer Michael Park said in his recent CNBC CMO Exchange interview with CNBC Media & Tech Correspondent, “In many ways, it starts with defining what Covid is, and it’s a new We are allowed to develop the model.” Julia Boostin’. “It’s not his classic B2B model,” Park says.

Madison Avenue

The role of the chief marketing officer has also changed significantly with the advent of technologies such as AI and data science applied to decision-making. Park said, “I am constantly amazed and tired every day. But the effort he puts into his ServiceNow, from the product team to the sales team, to his CEO, Bill McDermott, has given me a few ideas about how to lead marketing.” this led to some important conclusions.

Park shared some of his key thoughts with Boostin’.

B2P Square Marketing

According to Park, before Covid, B2B marketing was more linear, from building a brand to generating leads for salespeople to having dinner with executives to closing deals. But the use of technology and his focus on digital marketing has led companies like ServiceNow to find new and better ways to reach customers through their journey, so to speak.

In today’s world, the technology available allows physical touchpoints to be combined with a digital presence to create an enterprise marketing experience with scale and personalization similar to consumer marketing. And you can understand your customers and how they use technology like never before. “Business to square people,” he called it.

AI in advertising

As digitization permeates the world of marketing, it can be applied to physical events as well. ServiceNow learned that first-hand through the series of conferences it hosts. It can take data from event interactions, create what Park calls a “journey-tracked digital footprint,” and apply machine learning to that data to understand commonalities. “The advantage of going digital is that we can quickly run his A/B tests using patterns, and we can turn that into local field action,” he said.

In other words, a centralized digital team, divided into regional focus areas, analyzes all incoming data at headquarters, marketing its plans to inform regional activities in more region-specific areas. Helpful. Park said that’s where the company does physical account binding and affiliate marketing.

Hybrid event

Park said his ServiceNow Knowledge event this year was split across all continents into four events, and while splitting up the annual conference was “not progressive,” Park said it did. Customers can physically show what the company has done in the last two years. Built. They had yet to see it in person, and providing a digital platform for the annual conference was also “a great moment.”

“Our digital footprint has lagged after the event,” said Park, with the number of people returning to watch demos and keynotes up 35% from previous years.

“There’s nothing like a real conversation,” he says Park. “When COVID-19 hit, everyone turned left and said, ‘Wow, digital isn’t enough,’ but now we know the real pattern is somewhere in between.”

Look outside the advertising industry

Park advises companies to look beyond his own experience and his studies of advertising-specific cases to look for new ideas. That means looking outside technology to deliver best-in-class practices.

When Thorpe was working on his line changes at Procter & Gable, he was in the pits of his F1 with a team investigating how his crew made the changes during the race. He also cites how Netflix delivers content as a great example of “the different ways that all these components can be oriented outside the industry.”

How to use dollars to reach your customers

Advertising budgets are changing, but Park emphasized that it depends on the audience and geography. ServiceNow recently entered the Japanese market and initially intended to make a name for itself on television, but this approach is more of an in-house company than the best way to target and win specific customers in the market. has been found to build trust among employees. Japanese operators are part of The Golf Channel’s demographic, which is what ServiceNow has focused its advertising on, “boom, suddenly we’re seeing results,” Park said.

While some of the lessons from the corona era and digital transformation are more broadly applicable when it comes to specific campaigns, “it shouldn’t be a cursory brushstroke,” Park said. and all buyers, which leads to a holistic top-down strategy.”