Tony Wells, Board Member and C-Suite Executive, on the evolving role of marketing

Kevin Lee interviews Tony Wells, an accomplished, results-oriented board director and C-Suite executive with a deep and extensive knowledge of marketing fundamentals. Today Tony serves as Venture Partner at AZ-VC and Member of the Board of Directors at Nexstar Media Group, TripleLift, Yelp, the Advertising Club of New York, and the Association of National Advertisers. Kevin and Tony discuss the challenges of defining marketing roles and responsibilities within an organization, the challenges of navigating marketing budget cuts, the significance of brand strength in digital marketing, and the delicate balance between creativity and performance. They also talk about the importance of tailoring marketing efforts to local markets and leveraging local activations to create more personalized and effective campaigns and trade notes on the need for authenticity in corporate social responsibility (CSR) initiatives.

Topics covered in this discussion include:
- Why CMOs should work with CROs/CIOs to establish clear roles and responsibilities for marketing and technology teams to drive company growth.
- How cuts in marketing budges can be made without compromising brand value or demand creation.
- Data showing how cutting marketing budgets during economic uncertainty can lead to long-term growth problems.
- Why there's a strong correlation between brand strength and lower funnel advertising effectiveness.
- Why CMOs must balance creative execution with strategic insights and revenue growth.
- The potential for brands to break through clutter by investing in local-level activations.
- Why marketers must practice nuanced thinking and execution in local marketing, despite headcount reductions and agency pressure.
- The importance of authenticity and long-term commitments in CSR efforts.
-Why marketers should prioritize year-round messaging and creative execution that showcase their commitment to diverse audiences, rather than relying on one-time campaigns.
- Why prioritizing performance marketing over brand building can create negative consequences for the brand's reputation and relevance.