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How to Be a Marketing
Hero to Your Bank’s
Marketing Has a Branding Problem …
✤ Marketing is often seen as a cost generator, not a profit center.
✤ 8 of 10 CEOs view marketers as being disconnected from their
companies' financial realities.
✤ Most want Marketing to demonstrate ROI.
Fornaise Marketing Group
✤ A survey of over 200 CMOs says:
✤ 57% don't establish their budgets according to ROI measures.
✤ 68% of said they base their budget decisions on historical
✤ 28% said they go with gut instinct.
✤ 7% said most of or all their spending decisions aren't based on any
metrics at all.
Columbia Business School Survey
Establish the Link Between Marketing
and Customer Loyalty
✤ One of the key roles of the chief marketing officer (CMO) is to provide
insights into customer preferences.
✤ Use that market intelligence to "elevate the customer experience”, and as
✤ Optimize the opportunities for profits through organic growth.
Treasury Strategies Inc. benchmarking study
Make the Case For Loyalty and ROI
✤ Being well versed in the ROI of client satisfaction and
retention will also demonstrate to senior executives your
"connection with the financial realities" of the bank.
See the March 2014 edition of Banking On Content to help you establish this correlation.
The opportunity to be a hero in the eyes of senior management lies in how well
Marketing is able to correlate customer satisfaction and loyalty to increased
sales and profitability — ROI.
Collaborate with Sales and Finance
✤ Give weight to the fiscal impact of your marketing plans by involving both
Finance and Sales in developing your marketing budget.
✤ The result of this collaboration is:
✤ A marketing plan that highlights its impact on sales revenue.
✤ The CFO can more easily comprehend how your marketing plan
can both increase sales, and enable the Sales team to sell more
5 Steps to Align the Offices of the CMO and CFO
Other Key Metrics
✤ Senior management also expects Marketing and Sales to agree on
issues such as:
✤ CMOs sometimes design strategies to go after the wrong prospects
because they have not established in advance well-defined prospect
✤ Measure the number of raw leads generated and be sure that leads fit
your prospect profile.
✤ "If you're going to look at the numbers and measure the results, you
have to make sure that everyone understands what the numbers
mean and what should define success".
Mike Sullivan, CFO of eIQnetworks Inc.
For more on this subject, see a Q&A with Sullivan conducted by ITSMA Marketing Strategist
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