Marketing is in a state of flux. The transformation relates to every aspect—messaging, organizational structure, the role of the CMO, use of technology, analytics and the approach to working with employees. (Not just marketing employees. These days everybody is involved in marketing in some way.)
Are you transforming fast enough? Do you know where you are headed? The marketing function is changing so rapidly that in its latest report, "Financial Marketing in Transition: Are You on the Right Track?", created in association with the Financial Communications Society, Forbes Insights decided not to end the report with declarative conclusions. Marketing is a work in progress. It’s not the time to make declarations. It is time to ask directional questions, based on research and the input from financial marketers Forbes Insights spoke with.
If you can answer “yes” to the questions below without much hesitation, you are on the right track. If the answer skews to “no,” reconsider. You may be missing some current trends.
Are you having a dialogue with your customers?
It’s not a true dialogue if you talk too much or if it’s a one-sided conversation. Your message is most effective delivered the way your customer tends to communicate, using formats she likes and channels she uses. It’s still just a monologue if you are not heard, or if you do not listen in turn, whether via views, clicks or emails. Or best of all, purchases.
Can you influence non-marketing people in your company?
You are not an island, and it truly takes a village. As a marketer you are among the individuals most dependent on other departments to accomplish your goals. At this stage you may be the best example of a perennial managerial dilemma: having responsibility and expectations thrust upon you without enough authority (see next question). If your company has a rigid hierarchical structure and institutional siloes, you may be working for the wrong company. However, it’s more probable that you simply have to work hard building relationships across the organization to get things done.
Do you have a seat in the C-suite?
While the marketing function has evolved in importance, the organizational recognition lags behind the reality on the ground. Not enough marketing chiefs report directly to the CEO—not enough are heard in the C-suite. There are some bright spots, but more elevation of chief marketers is needed. With further development of data analytics technologies, there will come more proof of the CMO’s contributions to revenues and profitability growth. More organizational recognition should follow.
Are you measuring the right things?
The availability of data is overwhelming. While new technologies to analyze it are showing up almost every day, deciding what data to gather and how to make sense of it is a challenge. Big Data is still a Big Question. One way to evaluate whether the metrics you are using make sense is to see if they are predictive—will they result in new business or better retention rates? This is also an opportunity to align marketing KPIs with business KPIs.
Are your employees enthusiastic about your external messaging?
The marketing dialogue is no longer a message from the institution to the customer. It is now taking place from individual to individual, using multiple disparate channels. All marketing—and many non-marketing—employees need to participate in this digital word-of mouth brand evangelism. Your employees cannot—will not—do it if they themselves do not trust the message. Make sure that your internal messaging is aligned with your external messaging.
