Banking on Digital Growth
Banking on Digital Growth

Episode · 11 months ago

43) #InsideDigitalGrowth: Bridge the Gap Between Marketing and Sales

ABOUT THIS EPISODE

Marketing sees the value of digital, but sales culture can be heavily entrenched around the branches. How can we begin to bridge the gap between marketing and sales teams?

In this episode of Banking on Digital Growth, I answer this question from Tyler, a marketing director for a bank in the Midwest.

I talk about:

  • Why financial brand CEOs don't trust marketers and marketing teams
  • How chief marketing officers are transforming their role into chief growth officers
  • Why marketing teams need to hold themselves to higher standards

You can find this interview, and many more, by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.

Tyler ask. Marketing sees the value ofdigital but ourselves. Culture is so heavily entrenched around our branches,how could we begin to bridge the gap between marketing and sales teams?That's a great question, Tyler, and one that I look for to answering for you ontoday's episode of Banking on Digital Growth. You're listening to banking on DigitalGrowth with James Robert Lay, a podcast that empowers financial brand marketing,sales and leadership teams to maximize their digital growth potential bygenerating 10 times more loans and deposits. Today's episode is part ofthe inside digital growth Siri's, where James Robert shares answers to some ofthe biggest digital marketing and sales questions he gets from the digitalgrowth community. Have a question you want to get answers to on a futureepisode? Visit www dot go ask jr dot com to submit your question today. Nowlet's go inside. Digital growth Greetings in Hello, Thank you fortuning into the 43rd episode of the Banking on Digital Growth podcast whereI, James Robert Lay your digital anthropologists continue to coach andguide you along your digital growth journey by providing clarity to helpyou avoid the biggest pitfalls and mistakes that will prevent you frommaximizing your future digital growth potential. Today's episode is part ofthe inside digital growth Siri's, and I'll be answering a question from Tyler,who is a marketing director for a bank in the Midwest. Once again, Tyler ask.Marketing sees the value of digital but ourselves. Culture is so heavilyentrenched around branches, how can we begin to bridge the gap betweenmarketing and sales teams? Thank you very much for the great question, Tyler.It's an important question because we're seeing a troubling trend throughour digital growth diagnostic studies...

...that were guiding financial brandsthrough even post co vid. In fact, this troubling trend is a hard truth for alot of marketers to accept. And this hard truth is not a secret because Ihear complaints from marketing teams as they lament over this fact. Put bluntly,many financial brand CEOs simply do not trust financial brand marketers andmarketing teams, and this finding is not just isolated to our primaryresearch. In fact, a study that was conducted by the Forney's marketinggroup, they found that four out of five CEOs don't trust marketers, however, onthe flip side. The forties marketing group also found that 91% of CEOs trustCEOs and CFOs because, according to the study, both CEOs and CFOs are 100% Arlifocused. Now I am very understanding and empathetic to the fact thathistorically speaking financial marketers have been cornered into beingviewed as one of two things internally. Either number one marketing teams areviewed as glorified in house Kinko's or on demand print centers, where they'rethere to serve the last minute demands and needs of others who are in searchof some type of promotion that they have to get out tomorrow into themarketplace to start driving more loans and deposits. Or number two and reallyeven worse, marketing teams feel that they're viewed by others is just simplykids that play with painting crayons. And that's been a direct quote thatI've heard it. Multiple institutions. Statements like these are the reasonthat I continue our mission to simplify digital marketing and sell strategiesto ultimately empower financial brands to generate 10 times more loans anddeposits to help them grow from good to...

...great toe, elevate them beyondpromoting commoditized products and really most importantly to guide peoplein the communities that your financial brand serves beyond their financialstress towards a bigger, better, brighter future. And just like I'm empathetic tomarketing teams, I also have a lot of empathy and understanding for CEOs thatfeel they have a lack of trust in marketing. In fact, this lack of trustis very understandable because it's been nearly impossible for legacymarketing systems to demonstrate any measurable value marketing creates onthe bottom line. And it's because marketing can't prove their value.Marketing teams were viewed by CEOs and along with CFOs as cost centers. Butthis thinking must transform. It is a strategic imperative four CEOs and CFOsto view marketing as a growth center in a post co vid world. Because marketingthanks in part to digital technology and digital distribution channels, itis destined to become a growth center, a profit center that deliversquantifiable bottom line value and predictions that we made 345 years ago.They're now becoming reality post co vid. And while slowly happening in thebanking space, one of these predictions we're starting to see come true whenwe're looking at other verticals is CMOS chief marketing officers aretransforming and shifting their role into an even more strategic one as theybecome what is known as the chief growth officer. And you might bewondering where the idea of another C suite title came from. It's like thesoup de jour because it feels like you...

...know, there's a new C suite titlepopping up every other week, and I'm gonna come back and address thatbecause all of this is rooted in getting representation from marketingat the leadership level for financial brands. Because, historically speaking,there's been a lack of representation from marketing at the C suite at theexecutive team level for many banks and credit news. And and this shows one oftwo things. One. There's a lack of respect for the marketing role to beginwith in the first place and number two. That lack of respect, I believe, isreally more deeply rooted in a lack of understanding in the value thatmarketing creates can create will create for financial brand beyondprinting swag and brochures for branches and placing promotions and adsin the newspapers and billboards and TV and radio. In the past, all strategicplanning might have been centralized around the CEO. However, we know thatwith legacy or egg structures falling away and crumbling because they're nolonger applicability, today is rapidly changing. Post covert world CEOs Airreally looking to other sea level team members for strategic support forguidance for direction and marketing must be included in these discussionsaround the future growth of a financial brand. But we continue to find that's just notthe case for many banks and credit unions. And even looking at Cem Cemoutside research Stephen McConnell, who is in the recruiting industry. Heshared a similar perspective when he wrote Quote for CFOs. Gone are the daysof number crunching to get ahead. The majority of CEOs want CFOs that airtrue company strategist. The same is...

...true for CMOs End quote. And that's why,following our digital diagnostic studies, we often help banking, creditand restructure their marketing teams, their marketing or chart around newroles like the chief growth officer. But then that restructure often leadsto a bigger conversation at the macro level for the the or chart structure ofthe organization as a whole and and the best way to think about thistransformation is to transform and flip the entire or chart upside down. Now Iwant you to stay with me because this recommendation often makes board ofdirectors, executives and leadership teams feel a little bit uncomfortableat first. Because historically they've said at the top of the proverbialpyramid, however, and this is the opportunity when we transform and flipthe Orc chart. Not only does the board of directors, the executive team, theleadership team, they don't sit at the bottom. What they're doing is they'reactually supporting the rest of the organization. And then when we flipthis Orc Chart Execs board leadership team sitting at the bottom supportingthe rest of the organization, it provides an opportunity toe. Add twoother key stakeholders to the top of the invert inverted pyramid that airoften missing from traditional or charts. One of these key stakeholdersis the community Ah, financial brand serves because the community is made upof potential account holders and then number two. It's the account holdersholders themselves, which are supported by marketing cells and service teams.Technology has transformed our world, and digital has changed the wayconsumers shop for and buy financial services forever. Now consumers makepurchase decisions long before they walk into a branch if they walk into abranch at all. But your financial brand...

...still wants to grow loans and deposits.We get it. Digital growth can feel confusing, frustrating and overwhelmingfor any financial brand marketing and sales leader. But it doesn't have thiobecause James Robert wrote the book that guides you every step of the wayalong your digital growth journey. Visit www dot digital growth dot com toget a preview of his best selling book, Banking on Digital Growth, or order acopy right now for you and your team from Amazon. Inside you'll find astrategic marketing manifesto that was written to transform financial brands,and it is packed full of practical and proven insights You can start usingtoday to confidently generate 10 times more loans and deposits. Now back tothe show alignment around marketing, sales and service brings us back to theCMO, as traditionally ah CMO was to have created value through soft subjectmatter like branding. But let's be honest, it's very hard to measure theimpact of riel meaningful Bottom line outcomes when all your reporting isvanity metrics like Reach shares likes clicks, clicks, views etcetera. As Thomas Barta, who is the co authorof The 12 Powers of Marking Leader Thomas Bardo, shared quote. As long asmarketers continued to position themselves as experts in advertising,brand positioning, millennials and the latest digital fads, instead of beinggrowth, drivers will see MAWR CMO positions disappear. End quote Now. Infact, according to Marketing Pro Inc dot com, the average CMO Onley last 18months at an organization. And perhaps the reason for this short tenure can befurther found, with insights shared coming back to the Forney's group, whoin their study reported that 71% of...

...marketers measure their effectivenesswith KP ice or key performance indicators that include visits, views,opens, clicks like those vanity metrics that I just mentioned. To make mattersworse, 86% of marketers mistake's engagement for conversion. So the bigquestion is, what should marketers be measuring and reporting then? Well, I'mgonna simplify this CEOs. Let's just focus on on four quantifiable bottomline metrics important to CEOs to CFOs Number one. We have leads number two.We have leads that turn into loans. Number three. We have leads that turnin tow deposits and the number four we have leads that turn into new accounts,which turned into loans which turned into deposits. So we have leads. Wehave loans, we have deposits. We have new accounts. But who is responsiblefor assisting marketing to achieve these goals and increase in leads andincrease in loans and increasing deposits and increase in new accounts?It's the fragmented departmental structures that exist today in manyfinancial brands that create a challenge because pre existingresponsibilities and duties in the past those are the things that we must letgo of. You know, when we look at the old world of growth being routed aroundbroadcast marketing and branch cells, I want to keep things focus for today'sconversation, and let's just look at to revenue generating functions out offinancial brand. We have marketing and we have cells Now we could add a thirdelement to this with with service coming back to my inverted pyramid. ButI want to focus specifically right now around marketing and cells, and it'smost simplistic form marketing as two...

...rules control the brand and theexperience across all channels and to generate leads. And as leads come inthrough different channels, cells must take ownership of those leads to do twothings. Number one. Nurture those leads and the number to convert those leads.And this is where the opportunity coming back to this idea of a chiefgrowth officer comes back into play because it is the chief growth officerthat has the ability to provide strategic strategic guidance anddirection to create quantifiable, bottom line value creation that iscentered around the digital consumer journey. Working across the entireorganization, the chief growth officer can help to alleviate some of thesehistorical legacy preconceived notions around marketing and sells. Totransform that thinking, to transform those mindsets, to break down in turtlesilos and to ultimately align marketing and sales teams and even service teamsthat air than further supported by ops and I T. And just as important, the chief growthofficer is the single individual. A pointed toe oversee the transition ofleads from marketing to that of cells. Once again, marketing control the brandmessage control the experience, control communication and generate leads toprimary objectives of marketing cells. Nurture Leads, Convert leads This iswhy when we look at this idea of not just the chief growth officer, but ofreally building a whole new team what we would call the growth team or thedigital Growth Team, there has to be a service line agreement betweenmarketing and cells. Now the job description of a chiefgrowth officer doesn't just stop at breaking down internal barriers andimproving internal processes and systems that ultimately, you know, makea positive external experience. The...

...chief growth officer provides focus.They provide clarity on continually addressing the questions, the concerns,along with the hopes and dreams for the people their financial brand serves. Iwanna take that thinking even further. A chief growth officer also leads thestrategic initiative to elevate their financial brand beyond positioningaround and promoting commoditized products. Great rates the amazingservices, if you will, that every other financial brand promotes, and they doso with all of their thinking framed around the digital consumer journey. So as we wrap up, I'd like to come backto Tyler's question as he asked, Marketing sees the value of digital butourselves. Culture is so heavily entrenched around our branches. Howcould we begin to bridge the gap between marketing and sales teams? Insummary? The opportunity here is to elevate marketings strategic statuswithin the organization that that has to happen first. And we do so by movingmarketing beyond being viewed and feeling like they're just a noverworked in house Kinko's or or worse, kids that just play with Peyton Crowns.Marketing must hold themselves accountable and tow higher standards tobe more than just a cost center, but become the profit and growth centersthat they're destined to be. And with digital marketing along withdigital cells both for banks and credit ins, marketers can help. CIOs and CFOsknow that every dollar that they invest...

...in marketing comes back and creates,You know, 2345 10 extra dollars. And this is exactly where a chief growthofficer comes in. To help move these strategic initiatives, Ford put simply,ah, growth officer is focused on one thing. It's the future growth of thefinancial brand, and this is done by unifying marketing and sells around acommon purpose. The topic in a subject that I spent around four or fiveepisodes discussing, I want to be very clear here. The chiefgrowth officer is not meant to replace the marketing function as a whole, butinstead achieve and maximize the financial brands future growthpotential through the focus on additional strategies, which includesmarketing and sells alignment to become the growth team and going beyond thatof traditional advertising. Regardless of that, traditional advertising isoffline or online. This is another topic that I spoke about in depth andepisode number 31. Or unpack some of the digital ad industries dirty littlesecrets that no one wants to talk about. The chief growth officer is focused onthe future, working alongside the CEO, the CFO, the Cielo, the CEO and, as youcontinue to move along, your own digital growth journey focused on thefuture. I'm here to help and guide you along the way because if you have aquestion like Tyler, I want to hear from you because I want to help yougrow from good to great as you maximize your own future digital growthpotential, go to www dot go ask jr dot com. Submityour question there and I will answer it for you on a future podcast episode.And remember, the only bad question is...

...the question that goes unasked untilnext time and is always be Well, do good and wash your hands. Thank you forlistening to another episode of Banking on Digital Growth with James Robert Ley.Like what you hear? Tell a friend about the podcast and leave us a review onApple podcasts, Google Podcast or Spotify and subscribe while you'rethere to get even. Mawr Practical and proven Insights, visit www dot digitalgrowth dot com to grab a preview of James Roberts bestselling book Bankingon Digital Growth or order a copy right now for you and your team from Amazon.Inside, you'll find a strategic marketing and sales blueprint framedaround 12 key areas of focus that empower you to confidently generate 10times more loans and deposits until next time, be well and do good.

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