Eighty percent of marketing managers believe they are fully responsible or play a leading role in their organization’s digital transformation strategy, according to a May 2021 Gartner survey, illustrating the increased intertwining of marketing and digital .
More specifically, CMOs are redefining their role as digital becomes the default banking channel for customers. As a late addition to a siled product industry, marketing managers have had to prove their worth and uphold a customer-centric organizational mindset in the face of internal resistance. And being responsible for customer retention as well as acquisition, they seek to influence more stages of the customer journey.
Insider Intelligence’s Banking CMO report synthesizes exclusive interviews with 10 CMOs from some of the largest and most innovative banks,
in the United States and Canada to provide an overview of how marketing managers define their roles and responsibilities; how trends shape their strategic priorities; and how the changing consumer and competitive environment is more fundamentally changing the role of the marketing manager.
Here are three emerging internal priorities that are at the top of the agenda for bank marketing managers today.
Extension of the mandate
Marketing managers reinforce their value within the organization by taking on more responsibility than the role previously encompassed. Product marketing, once at the heart of CMO’s business, is at this point a table issue. Now, banks are gradually competing to attract customers to experiences rather than primarily functionality of features. As a result, bank marketing managers are supporting more initiatives within their organizations to drive marketing value and drive ROI for marketing spend.
There are several key elements that fuel this primary responsibility, based on our interviews with Marketing Directors and Deloitte research:
- Make the business strategy more customer-centric.
- Promote ideation and experimentation.
- Analyze and interpret customer insights.
- Create compelling brand stories.
Marketing managers must now complement ‘soft’ marketing skills with quantitative skills to be successful in a digital landscape. Where more general skills such as communication, customer experience, business knowledge and creativity were once the main requirements for a successful marketer, these qualitative skills now need to be complemented by quantitative skills such as knowledge of data and technology, as marketing moves firmly to digital.
Today’s marketing managers need to add the following skills to their toolbox to improve their value to their organization:
- Analytics: The ability to synthesize and interpret data on market trends and customer behavior through tools such as Google Analytics.
- Technology: Familiarity with customer relationship management (CRM) and campaign management tools, as well as techniques such as programmatic digital advertising, email automation, and SEO.
- Strategy: Know how to leverage analytical information to optimize current and future marketing campaigns.
- Agility: the ability to adapt and react to change in real time to maximize campaign relevance and mitigate possible instances of reputational damage.
Maximize return on marketing investment
Bank marketing managers are increasingly concerned not only with quantifying marketing ROI, but also constantly increasing those returns. The value of marketing managers to the organization is increasingly inextricably linked with their ability to drive customer and revenue growth and to strengthen the status of marketing as a major engine of growth.
Making better use of data to make marketing initiatives as impactful as possible is a top internal priority. Once an initiative is launched, marketing teams continuously measure engagement and satisfaction to identify not only areas that may sag, but also things that could be amplified.
Improving marketing personalization is a critical way for marketing managers to improve ROI. Personalization plays a bigger role in helping brands retain shoppers: 60% of people surveyed in a segmented survey said they would be likely to become repeat buyers after a personalized shopping experience in 2021, compared to 44% in 2017. That’s a good thing. News for banks: They already have a rich set of proprietary data and should use it more to drive conversion.
More to learn
Today, there is no doubt about the importance of marketing in gaining customer trust and building lasting relationships. The value of the CMO to their organization is actually creating new pressures to make marketing an increasingly powerful engine of growth. To achieve this, marketing managers are embracing digital on two fronts: they become more data savvy to maximize marketing effectiveness, and they also learn to track and anticipate the ever-changing digital habits of consumers to achieve significant appeal.
Insider Intelligence interviewed 10 marketing directors at some of the largest and most innovative banks, credit unions, and neobanks in the United States and Canada. Read the executive summary.
This article from Bank Marketing Directors originally appeared on Insider Intelligence.