QuickBooks loses CMO after just two months (Score 53)

Sales lead: This departure will affect the company's marketing spend & agency roster. 

• QuickBooks is already searching for a new marketing chief following Lauren Weinberg's departure in December.
• Weinberg joined QuickBooks as chief marketing & revenue officer in October.
• She is now the CMO of Peloton. 
• We will be sure to update you as soon as a replacement is announced. 

Target demographic: Business DMs & self-employed small business owners

The company will likely:

• Continue moving ad dollars from TV to digital channels
• Experiment with new ad channels
• Make agency changes 

Broadcast insights (TV ad creative spend, effectiveness, impressions, and performance)

• YTD spend: QuickBooks spent nearly $27.6m on national TV ads YTD, about 43% of the $64.9m spent in this channel during the same time period of 2022. 
• 2021-2022 spend: Full-year spend increased by 10% from $59m in 2021 to $64.9m in 2022. 
• Ad programming: It placed ads during programming such as NFL Football, NBA Basketball, FOX NFL Sunday, Women's College Basketball, and NHL Hockey. 

Digital and social insights (digital ad spend, effectiveness, impressions, and performance)

• YTD spend: QuickBooks spent around $68m on digital display ads YTD, a significant jump from $23m spent in this channel during the same time period of 2022.  
• YTD data: 9.2b impressions via Facebook (40%), Instagram (35%), YouTube (19%), desktop video (3%), and desktop display (2%).
• 2021-2022 spend: Full-year spend fell by 16% from $29m in 2021 to $24.3m in 2022. 
• Ad location: It placed 99% of these ads directly onto sites such as, facebook.com, instagram.com, youtube.com, twitch.tv, and heraldweekly.com. It placed 1% of these ads indirectly through Display & Video 360 and Amazon DSP onto sites such as filehippo.com, ebay.com, amazon.com, espn.com, and yahoo.com. 

Additional channel insights  

• QuickBooks also invests in local broadcast.
• Top podcasts sponsored: CNN 5 Things, NPR News Now, Dateline NBC, Up First, and Planet Money.

Agency analysis:

• Opportunity: Keep an eye on this company so that you can reach out as soon as it hires a new top marketer. 
• Current roster:
  • FCB New York: creative AOR
  • Initiative: media AOR
  • Camelot Strategic Marketing & Media: digital