bank marketing buy in from upper mgmt
DESCRIPTION
Marketing and upper management speak different languages, often resulting in neither getting what they want. Marketing typically focuses on brand awareness, generating quality leads for sales and retaining current clients. This is inarguably a bank marketer's job. So why is it that senior managers are so reluctant to embrace programs designed to accomplish these goals? Surveys of chief executive officers (CEOs) and chief financial officers (CFOs) indicate that Marketing presentations tend not to address the one thing senior executives care most about — quantifiable return on investment (ROI). About the publisher: FPS develops, manages and distributes custom business content on behalf of banks and other financial services marketers. Specializations include conference presentations, e-newsletters, white papers, case studies, and bylined article writing and placement services.TRANSCRIPT
How to Get Buy-In from Upper
Management for Your Bank’s
Content Marketing Plan
Custom content development
experts in business bank marketing
Marketing and upper management
speak different languages
Marketing ‘speak’
Marketing typically focuses on brand awareness,
generating quality leads for sales and retaining current
clients.
What upper management
wants to hear
CEOs and CFOs are, for the most part, want only to
hear about the ROI of a content marketing plan.
What CEOs see as a disconnect between
marketing and bottom line profits
80% of CEOs feel that marketers are disconnected from
the financial realities of their organization.
What earns a CEO’s trust
To earn their trust, Marketing execs need to pay more
attention to key sales metrics and provide a
measurable correlation between Marketing spend and
the resulting gross profit.
CEOs also question Marketing’s
understand of KPIs
75% of CEOs believe marketers don't understand the
true meaning of "results," "ROI" and "performance."
What your bank’s CFOs needs from
Marketing
CFOs are looking to their Marketing team to provide a
cost/benefit analysis for each marketing initiative.
How to bridge the gap
Industry experts suggest that Marketing execs include
the CFO in the process of developing Marketing
initiatives early on.
The results of collaboration
This tends to increase the CFO's buy-in to content
marketing plans.
The results of collaboration
It also helps Marketing to employ in its plans the
language of ROI and other financial terms relevant to
CEOs and other senior executives.
Involve your relationship managers
Helps CFOs more easily comprehend how the
Marketing plan can both increase sales and enable a
Sales team to sell more efficiently.
Top 5 ways to turn upper
management in to marketing
advocates
1) Collaborate with Finance in the initial planning
stages.
Top 5 ways to make your CFO your
marketing advocate
2) Map Finance and Marketing speak.
Top 5 ways to make your CFO your
marketing advocate
3) Create a (or find your) Finance liaison.
Top 5 ways to make your CFO your
marketing advocate
4) Leverage the data expertise and data culture of
Finance.
Top 5 ways to make your CFO your
marketing advocate
5) Think and communicate value like the CFO: revenue
and profits.
Sources referenced in the presentation
The 2012 Global Marketing Effectiveness Program, based on
interviews with more than 1,200 large corporate CEOs
worldwide, conducted by research firm the Fornaise Marketing
Group and published by Voytech.com, July 2012.
"5 Steps to Align the Offices of the CMO and CFO," CMO Council
2011 State of Marketing report.
Marketing Effectively to the CFO, CFO Research Services
For the full article, go to
http://fpsc.com/MarketScope_email/January_2013.htm
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Vince DiPaolo, FPS President and Founder
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Ventsi Petrova, Director of Operations
847.501.4120 ext. 2 [email protected]
www.fpsc.com
About the publisher
FPS develops, manages and distributes custom business content on behalf
of banks and other financial services marketers. Specializations include
conference presentations, e-newsletters, white papers, case studies, and
bylined article writing and placement services.