Marketing Voices and Perspectives: Walmart CMO William White on Brand Values and Cutting Through the Competition | Modern Marketers

Release Date: October 2, 2024

Hosts:

• Joshua Espanier - VP of Media Lab, Google Marketing
• Bethany Poole - Global Senior Marketing Director, Google

Guest:

• William White - Chief Marketing Officer, Walmart

1. Introduction and William White’s Journey

00:01 – 00:45

Joshua Espanier opens the episode by introducing William White, the Chief Marketing Officer at Walmart. William shares that he has been with Walmart for over four years, joining at the onset of the pandemic. His role centers on leading a marketing team dedicated to creating and capturing demand, focusing on driving traffic to both Walmart’s physical stores and its robust e-commerce platform. Key performance indicators (KPIs) for his team include traffic generation, customer engagement, loyalty, and enhancing Walmart's brand equity.

2. Rapid Fire: Personal Interests

00:45 – 04:52

Favorite YouTube Creators:

• William White mentions two favorite YouTubers:
  • Kafuzi (00:45 – 02:37): A running guru who reviews the latest gear and technology in the running world, reflecting William’s passion for running.
  • Devin on Deck (02:37 – 03:18): A men's fashion creator who skillfully pairs high and low fashion, also a father whose content includes styling with his child. Notably, Devin is part of Walmart’s creator platform.

Personal Achievements:

• Running Marathon (02:37 – 03:18): William shares his excitement about running the Berlin Marathon, his first international race, highlighting his dedication to running and his upcoming participation (02:44 – 03:18).

Career Advice:

• William White (03:18 – 04:52): Reflects on a pivotal career advice from his former boss: “The best moves that I've made are probably the moves that I haven't made.” Emphasizing the importance of thoughtful career progression and not hastily jumping at every opportunity, William underscores patience and strategic decision-making in career growth.

3. Walmart’s Scale and Customer Reach

04:52 – 06:37

Store and Online Presence:

• William White (04:52 – 05:37):
  • Walmart operates approximately 4,700 stores.
  • Serves about 90% of Americans, with 90% living within a 10-mile radius of a Walmart store.
  • Approximately 150 million people visit Walmart stores weekly.
  • The website attracts around 275 million visitors each week.

Personal Anecdote by Joshua Espanier (05:37 – 06:32):

• Joshua shares a nostalgic story about his first Walmart visit in California, highlighting the memorable shopping experience and strong brand affinity he developed early on.

Bethany Poole’s Funniest Walmart Purchase (06:32 – 07:04):

• Bethany humorously recounts buying birdseed and a squirrel-proof bird feeder, which led to amusing encounters with persistent squirrels, tying back to Walmart’s diverse product offerings.

4. Data-Driven Insights and Consumer Trends

07:04 – 13:50

Leveraging Data for Insights:

• William White (07:04 – 09:11):
  • Emphasizes the vast data Walmart collects from its extensive customer base.
  • The insights and strategy team analyzes trends to understand consumer behavior, regional variations, and economic sentiments.
  • Monthly and quarterly reports help guide Walmart’s strategies, ensuring alignment with customer needs and market conditions.
  • Collaboration with partners like Google enhances Walmart’s ability to capture and analyze data effectively.

Distinguishing Long-Term vs. Short-Term Insights:

• Joshua Espanier (09:11 – 10:01):

  • Discusses the difference between longitudinal insights (e.g., the annual stress on households during holidays) and short-term trends (e.g., popular hair colors).

• William White (10:01 – 13:50):

  • Highlights the importance of balancing quick-hit sales trends with deep, long-term cultural and human insights.
  • Emphasizes that true insights require digging beyond surface-level data to understand underlying behaviors and sentiments.
  • Asserts that genuine insights provide a competitive advantage by enabling Walmart to serve customers in more meaningful and compelling ways.

5. Marketing Strategy and Audience Segmentation

13:50 – 18:31

Balancing Broad Appeal with Personalization:

• Joshua Espanier (13:50 – 15:31):

  • Raises the challenge of marketing for a brand as broad as Walmart, which serves diverse customer segments.

• William White (15:31 – 18:31):

  • Stresses adherence to Walmart’s core purpose and values: “helping people save money and live better.”
  • Introduces the concept of “your thing,” which focuses on personalized experiences and products tailored to individual customer needs.
  • Utilizes advanced audience selection and targeting techniques to reach specific affinity groups while maintaining alignment with universal brand truths.
  • Advocates for authenticity with the mantra: “Be it, do it, say it” (15:39 – 16:34), ensuring that Walmart’s actions and communications are genuine reflections of its values.

6. Harnessing AI in Marketing

18:31 – 20:11

AI Applications in Walmart’s Marketing:

• Bethany Poole (18:31 – 18:31): Inquires about the role of AI amidst current hype, seeking William’s perspective on opportunities and potential pitfalls.

• William White (18:31 – 20:11):

  • Quotes CEO Doug McMillan on AI’s evolving nature: “AI will be at its worst today than at any moment in future history.”
  • Details AI applications in:
    • Performance Marketing: Enhancing bidding strategies, budget allocation, and pacing through machine learning.
    • Audience Building: Utilizing propensity models to create targeted audiences.
    • Creative Optimization: Leveraging AI for content generation and optimization, enabling rapid responsiveness to effective marketing strategies.
  • Concludes that AI is a significant, non-hyped asset that will continue to grow in capability and impact.

7. Holiday Marketing Strategies

20:11 – 25:34

Approach to Holiday Season:

• William White (20:11 – 27:23):
  • Compares holiday planning to marathoning, highlighting extensive preparation starting from the previous December.
  • Recognizes holidays as both joyous and stressful times, aiming to inspire and alleviate stress for customers.
  • Focuses on:
    • Gift Inspiration: Showcasing a diverse range of gifts that cater to various needs and relationships.
    • Convenience: Ensuring efficient supply chain operations to provide desired products through various delivery and pickup options.
    • Competitive Pricing: Maintaining low prices on key items to ease financial stress for customers.
    • Creative Outreach: Innovating with unique marketing initiatives, such as the “shoppable rom-com,” a series of short, shoppable episodes that integrate Walmart products into engaging content.
    • Media Strategy: Navigating the crowded Q4 advertising landscape by maintaining consistent brand messaging and impactful, insightful creative content.

Bethany Poole’s Favorite Holiday Purchase (24:22 – 25:34):

• Bethany shares her recurring purchase of a $2 plastic holiday-themed tablecloth as a personal reward, underscoring Walmart’s range of affordable, functional products that cater to seasonal needs.

8. Future Initiatives and Conclusion

25:34 – End

Upcoming Projects:

• William White (25:52 – 27:23):
  • Excited about three key upcoming events:
    1. Berlin Marathon: Personal achievement and enthusiasm for participating in an international event.
    2. Holiday Marketing Campaign: Anticipates an even more impactful holiday season following successful previous initiatives.
    3. Creator Upfront Event: Partnering with Forbes to host a creator-focused event in October in Los Angeles. This initiative aims to foster collaboration between brands and creators, enhancing Walmart’s presence in the creator economy.

Closing Remarks:

• Joshua Espanier (25:34 – 27:50): Thanks William for his insights and participation. Encourages listeners to subscribe for future episodes.

Notable Quotes

• William White on Career Moves:
  “The best moves that I've made are probably the moves that I haven't made.”
  (03:26)

• Be It, Do It, Say It Mantra:
  “Be it, do it, say it.”
  (15:39 – 15:54)

• AI’s Future Impact:
  “AI will be at its worst today than at any moment in future history.”
  (18:31)

• Holiday Marketing Insight:
  “The holidays drive a tremendous amount of stress for people… our role is to help inspire people, help lower the stress level by providing convenience and competitive pricing.”
  (20:11 – 24:22)

Key Takeaways

1. Strategic Data Utilization: Walmart leverages extensive data sources to understand and predict consumer behavior, balancing short-term trends with long-term cultural insights to inform marketing strategies.

2. Brand Consistency and Personalization: Upholding core brand values while utilizing advanced segmentation and personalization techniques enables Walmart to cater to a diverse customer base effectively.

3. AI Integration: Artificial Intelligence plays a significant role in optimizing Walmart’s marketing efforts, from performance marketing to creative content optimization, positioning AI as a critical tool for future growth.

4. Innovative Marketing Campaigns: Walmart continuously seeks creative ways to engage customers, exemplified by the “shoppable rom-com” and the upcoming creator-focused event, enhancing the brand’s cultural relevance.

5. Holiday Season Focus: Extensive planning and creative marketing initiatives are central to Walmart’s strategy for navigating the high-stress, high-opportunity holiday season, aiming to inspire customers while alleviating their stress through convenience and competitive pricing.

This episode offers a comprehensive look into Walmart’s marketing strategies under the leadership of William White, emphasizing data-driven insights, brand consistency, AI utilization, and innovative campaigns to maintain and enhance Walmart’s position in the competitive retail landscape.