Living Financial Services Marketing calls for a new model Chief Marketing Officer (CMO), one who can focus on creating value for the individual consumer while connecting with that consumer at key moments in his or her life. The CMO will need to own and manage the Customer Trust Model where hyper-relevance, brand, reputation and other social elements combine to create trust between the customer and the bank or insurer. Success in this environment comes from being able to use internal and external data in real time. However, companies that cannot deliver on brand promise or transparency will lose customer trust and the customer’s business.
CMOs are struggling to understand what customers want. Financial services marketing structures that operate in organizational silos rely heavily on agency partners and are product—rather than customer—focused, which hampers efforts to deal with these issues.
CMOs need to be hyper-relevant.
To establish and maintain growth momentum, CMOs should take three key steps.
Build an intelligent living financial services marketing organization.
The digital ecosystem provides new types and sources of data that can significantly increase marketers’ ability to “know the customer” and respond with more relevant and timely messages:
- Organize key enterprise functions around an always-on experience platform of living channels, media and content.
- Crush the traditional functional silos that impede the delivery of meaningful and consistent experiences across the customer life cycle.
- Dynamically assess and reconfigure ecosystem plays.
- Establish centers of excellence to drive efficiencies and improve cycle times.
- Integrate marketing, advertising and channel technologies.
- Transform processes and operating models to enable the orchestration of key functional areas, including IT, global business services, brand marketing and partner ecosystems.
- Re-invent the partnership model across digital, media and creative agencies to work horizontally across silos and have one accountable partner for the end-to-end, connected customer experience.