Got Commerce?
For all those operators with plenty of assets, but not a clear (enough) plan for monetizing the life out of them, hire yourself a chief commerce officer (CCO). Act now, or pay later.
I know. I know. Some companies have chief marketing officers (CMO). Marketing is thought of as fueling sales, but it’s not the same. If I’m wrong, why do titles for VPs read “marketing and sales?”
Business development is fine too, but it’s not really about maximizing the monetization opps for what you already have, asset-wise.
Judging from my years of “interaction” with service providers looking to sell me things ─ contrasted against the efforts of everyone else I buy things from outside technology ─ the CCO is a must have.
You need to have someone in C-level meetings of all types to generate ideas on how to monetize current assets, whether it’s content, connectivity, etc...
We have CIOs, CTOs, CSOs (security), some CMOs and, of course, CEOs, CFOs and COOs. Time to add to the list.
I was reminded of the need upon reading that U.K. conglomerate Virgin Media has a chief commercial officer, who’s now trying to find ways to sell more ads around the video-on-demand content they already have.
Not sure where the guy came from. However, operators should turn to consumer products companies, firms that are well known for marketing and expanding their core brand, and finding ways to win more business from current customers.
Apple anyone?
If you want to get tactical, raid a company that’s taken business away from rivals in a hugely competitive market – Under Armour?
I’d like to see a CCO who does a better job selling me carrier services and everything that goes with them. Chase’s Cash Rewards program is a big hit. Buy three VoD movies and get one free? Any permutation of the once-killer frequent air miles programs? Coupons, sales fliers, points for free magazine subscriptions, free stuff, special access to things as an “insider...”
Verizon hit on this a little over a year ago, when it offered free HD TVs, and later digital cameras, in turn for signing up for its FiOS offering. Demand (of the free stuff and the set top boxes you needed) exceeding supply. Remember?
I know what I like ... and what I don’t. I trust that’s the same for you.
A chief commerce officer need not be a genius, but he or she should be able to sell me more jeans. Right?
But wait, there’s more. At least I hope so.
Spending only stops when those selling stop finding new and innovative ways to engage you.
Nobody wants that to happen.