Banking on Digital Growth
Banking on Digital Growth

Episode · 2 years 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 of digital 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 on today's episode of Banking on Digital Growth. You're listening to banking on Digital Growth with James Robert Lay, a podcast that empowers financial brand marketing, sales and leadership teams to maximize their digital growth potential by generating 10 times more loans and deposits. Today's episode is part of the inside digital growth Siri's, where James Robert shares answers to some of the biggest digital marketing and sales questions he gets from the digital growth community. Have a question you want to get answers to on a future episode? Visit www dot go ask jr dot com to submit your question today. Now let's go inside. Digital growth Greetings in Hello, Thank you for tuning into the 43rd episode of the Banking on Digital Growth podcast where I, James Robert Lay your digital anthropologists continue to coach and guide you along your digital growth journey by providing clarity to help you avoid the biggest pitfalls and mistakes that will prevent you from maximizing your future digital growth potential. Today's episode is part of the 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 heavily entrenched around branches, how can we begin to bridge the gap between marketing and sales teams? Thank you very much for the great question, Tyler. It's an important question because we're seeing a troubling trend through our digital growth diagnostic studies...

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

...great toe, elevate them beyond promoting commoditized products and really most importantly to guide people in the communities that your financial brand serves beyond their financial stress towards a bigger, better, brighter future. And just like I'm empathetic to marketing teams, I also have a lot of empathy and understanding for CEOs that feel they have a lack of trust in marketing. In fact, this lack of trust is very understandable because it's been nearly impossible for legacy marketing systems to demonstrate any measurable value marketing creates on the 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. But this thinking must transform. It is a strategic imperative four CEOs and CFOs to view marketing as a growth center in a post co vid world. Because marketing thanks in part to digital technology and digital distribution channels, it is destined to become a growth center, a profit center that delivers quantifiable bottom line value and predictions that we made 345 years ago. They're now becoming reality post co vid. And while slowly happening in the banking space, one of these predictions we're starting to see come true when we're looking at other verticals is CMOS chief marketing officers are transforming and shifting their role into an even more strategic one as they become what is known as the chief growth officer. And you might be wondering where the idea of another C suite title came from. It's like the soup de jour because it feels like you...

...know, there's a new C suite title popping up every other week, and I'm gonna come back and address that because all of this is rooted in getting representation from marketing at the leadership level for financial brands. Because, historically speaking, there's been a lack of representation from marketing at the C suite at the executive team level for many banks and credit news. And and this shows one of two things. One. There's a lack of respect for the marketing role to begin with in the first place and number two. That lack of respect, I believe, is really more deeply rooted in a lack of understanding in the value that marketing creates can create will create for financial brand beyond printing swag and brochures for branches and placing promotions and ads in the newspapers and billboards and TV and radio. In the past, all strategic planning might have been centralized around the CEO. However, we know that with legacy or egg structures falling away and crumbling because they're no longer applicability, today is rapidly changing. Post covert world CEOs Air really looking to other sea level team members for strategic support for guidance for direction and marketing must be included in these discussions around the future growth of a financial brand. But we continue to find that's just not the case for many banks and credit unions. And even looking at Cem Cem outside research Stephen McConnell, who is in the recruiting industry. He shared a similar perspective when he wrote Quote for CFOs. Gone are the days of number crunching to get ahead. The majority of CEOs want CFOs that air true company strategist. The same is...

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

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

...marketers measure their effectiveness with KP ice or key performance indicators that include visits, views, opens, clicks like those vanity metrics that I just mentioned. To make matters worse, 86% of marketers mistake's engagement for conversion. So the big question is, what should marketers be measuring and reporting then? Well, I'm gonna simplify this CEOs. Let's just focus on on four quantifiable bottom line 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 turn in 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. We have loans, we have deposits. We have new accounts. But who is responsible for assisting marketing to achieve these goals and increase in leads and increase in loans and increasing deposits and increase in new accounts? It's the fragmented departmental structures that exist today in many financial brands that create a challenge because pre existing responsibilities and duties in the past those are the things that we must let go of. You know, when we look at the old world of growth being routed around broadcast marketing and branch cells, I want to keep things focus for today's conversation, and let's just look at to revenue generating functions out of financial brand. We have marketing and we have cells Now we could add a third element to this with with service coming back to my inverted pyramid. But I want to focus specifically right now around marketing and cells, and it's most simplistic form marketing as two...

...rules control the brand and the experience across all channels and to generate leads. And as leads come in through different channels, cells must take ownership of those leads to do two things. 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 chief growth officer comes back into play because it is the chief growth officer that has the ability to provide strategic strategic guidance and direction to create quantifiable, bottom line value creation that is centered around the digital consumer journey. Working across the entire organization, the chief growth officer can help to alleviate some of these historical legacy preconceived notions around marketing and sells. To transform that thinking, to transform those mindsets, to break down in turtle silos and to ultimately align marketing and sales teams and even service teams that air than further supported by ops and I T. And just as important, the chief growth officer is the single individual. A pointed toe oversee the transition of leads from marketing to that of cells. Once again, marketing control the brand message control the experience, control communication and generate leads to primary objectives of marketing cells. Nurture Leads, Convert leads This is why when we look at this idea of not just the chief growth officer, but of really building a whole new team what we would call the growth team or the digital Growth Team, there has to be a service line agreement between marketing and cells. Now the job description of a chief growth officer doesn't just stop at breaking down internal barriers and improving internal processes and systems that ultimately, you know, make a 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. I wanna take that thinking even further. A chief growth officer also leads the strategic initiative to elevate their financial brand beyond positioning around and promoting commoditized products. Great rates the amazing services, if you will, that every other financial brand promotes, and they do so with all of their thinking framed around the digital consumer journey. So as we wrap up, I'd like to come back to Tyler's question as he asked, Marketing sees the value of digital but ourselves. Culture is so heavily entrenched around our branches. How could we begin to bridge the gap between marketing and sales teams? In summary? The opportunity here is to elevate marketings strategic status within the organization that that has to happen first. And we do so by moving marketing beyond being viewed and feeling like they're just a nover worked in house Kinko's or or worse, kids that just play with Peyton Crowns. Marketing must hold themselves accountable and tow higher standards to be more than just a cost center, but become the profit and growth centers that they're destined to be. And with digital marketing along with digital cells both for banks and credit ins, marketers can help. CIOs and CFOs know 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 growth officer 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 the financial brand, and this is done by unifying marketing and sells around a common purpose. The topic in a subject that I spent around four or five episodes discussing, I want to be very clear here. The chief growth officer is not meant to replace the marketing function as a whole, but instead achieve and maximize the financial brands future growth potential through the focus on additional strategies, which includes marketing and sells alignment to become the growth team and going beyond that of traditional advertising. Regardless of that, traditional advertising is offline or online. This is another topic that I spoke about in depth and episode number 31. Or unpack some of the digital ad industries dirty little secrets that no one wants to talk about. The chief growth officer is focused on the future, working alongside the CEO, the CFO, the Cielo, the CEO and, as you continue to move along, your own digital growth journey focused on the future. I'm here to help and guide you along the way because if you have a question like Tyler, I want to hear from you because I want to help you grow from good to great as you maximize your own future digital growth potential, go to www dot go ask jr dot com. Submit your 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 until next time and is always be Well, do good and wash your hands. Thank you for listening 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 on Apple podcasts, Google Podcast or Spotify and subscribe while you're there to get even. Mawr Practical and proven Insights, visit www dot digital growth dot com to grab a preview of James Roberts bestselling book Banking on 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 framed around 12 key areas of focus that empower you to confidently generate 10 times more loans and deposits until next time, be well and do good.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (251)