Female Millennial Opps: Saks Off Fifth brings in second CMO this year (Score 60)
Sales lead: This will affect the brand's marketing strategy & may lead to agency hires. .png)
- Saks Off Fifth (SOF) hired Kim Miller as chief marketing and analytics officer in October 2023.
- Miller most recently served as CEO of Boutique Brands.
- Prior to that, she was CMO of Rakuten.
- She replaces Sara Griffin, who only held the position from June to September.
Target demographic: Millennial women
Once it hires a new CMO, the brand will likely:
- Return to higher ad spending
- Experiment with new ad channels
- Outsource some marketing duties to agency partners
Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
- YTD spend: SOF spent around $1.4m on digital display ads YTD, down 60% from $3.5m spent in this channel during the same time period of 2022.
- YTD data: 209m impressions via Facebook (41%), Instagram (37%), YouTube (16%), desktop display (4%), and mobile display (3%).
- 2021-2022 spend: Full-year spend increased by 26% from $3.4m in 2021 to $4.3m in 2022.
- Ad location: It placed 96% of these ads directly onto sites such as facebook.com, instagram.com, youtube.com, yahoo.com, and currently.att.yahoo.com. It placed 4% of these ads through multiple indirect channels onto sites such as yahoo.com, cnn.com, currently.att.yahoo.com, money.cnn.com, and sports.yahoo.com.
Agency analysis:
- Opportunity: Contact the new CMO now to secure top priority.
- SOF does not have any agency partners at this time.
Insight Sources: Digital spend insights estimated by Pathmatics.
