stats from the summit
I’m posting live from the CMO Council Summit
in Monterey, CA — it’s a membership-only gathering of approx. 100 CMOs from a range of industries (everything from Ciao Bella gelato to SAP) and the theme of the conference is “Routes to Revenue.”
As Council Executive Director, Donovan Neale-May, explains, “Given the current economic malaise, this year’s theme is spot on. Marketing is challenged like never before to retain and grow existing customer relationships…Identifying new revenue opportunities, under-served segments, and adjacent markets will be critical to marketing’s effectiveness in the year ahead.”
I plan to do a more thorough report of the Conference in my next brand-as-business briefTM (if you’re not on the distribution list, you can sign-up at deniseleeyohn.com/newsletter.html ) but here are a few interesting statistics that were bandied around today:
– 123,000 new products were launched in 2007 — of those, only 3,500 generated over $10MM in revenue; only 10 generated over $50MM (source: not specified) — yikes!
– in a study of 1,300 products, it was found that an average of 2.5% of the product’s customer base was responsible for 85% of the volume (source: Catalina Marketing) — certainly makes the case for ensuring you have advanced analytics and customer intimacy so you can retain and grow the most profitable existing customer relationships
– 76% of CMOs say they are not fully realizing the potential of their existing customers (source: the CMO Council) — a shame, particularly given the prior stat
– 64% of CMOs say they are evaluating all areas to improve marketing performance (source: the CMO Council) — I’m not sure trying to do everything is the right answer
More conference coverage to come…