Best-selling author Andrew Davis has great disdain for MFOMO (Marketer Fear of Missing Out), CMO Pizza and the “marketing funnel.” He believes that if brands concentrated more on outcomes and not market share, they could avoid all three of these pitfalls.
It was Davis, of Monumental Shift, who kicked off the recent Beet.TV Leadership Summit titled Outcomes, presented by video marketing technology provider Eyeview, with a frenetic and humor-laden presentation about what’s wrong with marketing today. Before building and selling a digital marketing agency, Andrew was a producer for NBC and also worked for The Muppets.
MFOMO is what happens when brands chase what seems to be the next big thing just because they can. “If we hear somebody’s making money on Snapchat, all of a sudden everybody’s on Snapchat,” said Davis.
Likening social media to the decades-earlier additions to the marketing pie of events and promotions, websites and search engine optimization, Davis concluded that the “CMO pizza” isn’t getting any bigger. “It’s just sliced more and more ways.”
He traced the advent of the marketing funnel to 1898 when Elias St. Elmo Lewis sketched out his AIDA funnel model. All these years later, marketers are still obsessed with one iteration of the funnel or other.
“We have to rethink the funnel,” said Davis. “We’re focused entirely on winning market share. This market share battle is just an awareness play.”
One of the most illuminating parts of Davis’ presentation was when he shared insights from Breville, which makes juicers and other kitchen appliances. Without giving away the bottom line, part of the company’s success in increasing the size of the juicer market came from Google Trends, which Davis called “the most underutilized marketing tool on the planet today.”