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How to Be a Marketing Hero to Senior Management


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How to Be a Marketing Hero to Senior Management

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How to Be a Marketing Hero to Senior Management

  1. 1. 01 How to Be a Marketing Hero to Your Bank’s Senior Management Presented by
  2. 2. 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
  3. 3. And Yet ✤ 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 spending levels. ✤ 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
  4. 4. 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 a result: ✤ Optimize the opportunities for profits through organic growth. Treasury Strategies Inc. benchmarking study
  5. 5. 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.
  6. 6. 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 efficiently. 5 Steps to Align the Offices of the CMO and CFO
  7. 7. 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 profiles. ✤ 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
  8. 8. About the Publisher For more information, contact: FPS President Vince DiPaolo at 847-858-9566 or Financial Publishing Services is the industry leader in quality content development on behalf of corporate bank marketers. FPS develops custom content for client newsletters, white papers, conference presentations, case studies, video scripting, landing page development, and bylined article writing and placement services. FPS also provides planning and content development support for bank-sponsored client events. Click here to see the FPS content development process in action.