Where Does Marketing Fit in the Org Chart?

Ahh …. What to do with Marketing?!?!

Who should you answer to?  Who are your best friends?  What department are you closest aligned with?

As marketers, we’ve all been called “crazy.”  And you know what?  They’re right!  We’re absolutely, out of our mind, certifiable … in one very specific area … we all NEED split personalities.  We must think like a CEO, CFO, Retail Manager, Lender and Commercial & Investments gurus … and still be the Marketer with the great ideas.  We are the one department who needs to be comfortable in EVERYONE’S office and who should visit each office regularly.

CEO

Everything we do as Marketers needs to be aligned with the business objectives of the bank or credit union.  The very first question we should ask in planning is, “what will our institution consider success at the end of the year.”  Then, we need to track and report the progress against those objectives regularly. 

We also need to make sure that the brand we portray is in line with the direction that the Board and CEO have set for the institution.

FINANCE

We need to think like a CFO.  Based on ALCO decisions, what products do we need to be focusing on?  You should be meeting with your CFO during planning to agree on variables to include in ROI analysis.  Then, meeting regularly to discuss any changes in the financial situations of the institution or market.


As Marketers, you should be able to look at your Call Report and make some educated assumptions on direction and easily gain specific tracking data.

RETAIL/OPERATIONS

Marketing must be involved in branch-level training and processes.  How do your campaigns affect the branch delivery?  How can you work together with Operations to streamline processes and improve the customer experience?  What do the branches see that can give you ongoing insight into changes in market conditions, perceptions and needs?  Does the team need more effective tools to facilitate meaningful conversations and better discuss what we have to offer with customers?

Our branches are often Marketing’s greatest allies.  It’s not just our job to drive traffic to them; it’s our job to help maximize every interaction at them.  A close connection with the Operations people will help you to keep your finger on the pulse of the institution.

LENDING

Certainly it’s our job to increase loans with existing customers and drive new interest from potential customers.  But which loans and to what audience?  A close relationship with your Lending Manager will help you to understand who to target.  Who are you likely to approve or deny … and why? 

COMMERCIAL/BUSINESS DEVELOPMENT

Commercial is a personal sell.  The most successful Commercial and BD professionals leverage one-on-one relationships with businesses.  But communication and targeting are still involved.  Marketing can help Commercial in identifying the best companies to pursue, acquiring new business and growing existing business.  We can provide communication campaigns to specific industries or produce materials for one-on-one meetings.

INVESTMENTS

Like Commercial, Investments are a relationship-driven department.  And, like Commercial, the Investment folks should be partnering with Marketing for more efficient growth, segmentation, communication and measurement.

Between regular meetings with the CEO, CFO and the rest of the Senior Management Team and your continued visits to the branches to talk with front-line staff, the Marketing Manager should rarely be found at their desk.  We are literally the tie that binds all of the financial institution’s departments and initiatives. 

Where does Marketing fit in the org chart?  Smack-dab in the middle!  Driving growth everywhere and being included in most major decisions.

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MarketMatch is a full-service marketing firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate the greatest  MOMENTUM for your organization and demonstrate RESULTS with our written ROI Guarantee.

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How A Marketer's Life Imitates The High Hurdles

If there's one thing I've learned as an elite high hurdler in USA Track & Field's Masters Division, it's that the fastest or most agile opponent doesn't necessarily win the race.  To be truly successful the hurdler must master the five fundamental skills: speed, agility, flexibility, focus and endurance.  And in a race that is sometimes decided in hundreths of a second, failure in one of the five elements will leave you off the medal stand.

As a marketer, I always try to look at both myself and the company through these five filters in everything I do.  Because a subpar performance in any of these five areas can quickly derail even the best laid plans.

Speed:

In today's world, information flows at the speed of light.  Technology has changed our world forever.  Does the corporate culture and management structure at you institution allow for fast innovation as market or competitive situations arise?  Or is it the corporate equivalent of turning an oil tanker?  It used to be that the big ate the small.  Now the fast eat the slow.  As a marketer, it is incumbent upon you to look for ways to streamline processes that will allow for your institution to quickly react to market conditions whether it be to communicate with customers, introduce new products or to promote your standing in the marketplace.  Transform your institution from being innovative to one whose being is innovative!

Agility:

Changes in the financial marketplace are a daily occurrence--whether its interest rates, TARP news, deteriorating trust in banks, etc.  How agile are you and your institution to these changes?  As a marketer, do you wait for direction from your ALCO committee or are you part of the process?  Are you ready to go to market quickly when faced with a declining or rising interest rate environment?  Are you proactive or reactive?  Are you ready to deal with these hurdles before they happen?  If you assume and prepare for the worst-case scenarios you will be ahead of the curve--and the competition.  And as the old saying goes: "unless you're the lead dog on the dogsled team then the scenery never changes."

Flexibility:

For financial institutions, new deposit generation is king in terms of liquidity and funding loans.  And like in today's real estate market, deposits are a buyer's market.  Now, more than ever, you need to retain and grow your best customer relationships to ensure future profitability and institutional viability.  Do you have the flexibility to offer your best customers better value for their business loyalty in the form of discounted or relationship pricing based on their account balances and number of products?  Do you coddle and nurture your best customers to make them feel special?  Do your marketing plans have the flexibility to adapt to rapid market changes?  Are you creating those barriers to exit for customers so they won't abandon you for 25 bp?  Not being flexible in today's business climate is the equivalent to showing the customer the exit door.

Focus:

Keep your eyes on the prize!  With all the chaos in the financial marketplace, focus on the two most important elements to success: giving your customers a compelling reason to stay and your prospects a compelling reason why your institution is their best choice.  And that involves three critical factors: innovative products and services, outstanding customer service and instilling a high level of trust as a financial advisor in customers and prospects.  In short, treat people as you expect to be treated--with respect and trust, and reward them for their loyalty!

Endurance:

Today's financial battlefield will be a protracted event that requires the utmost endurance in order to survive and prosper.  There are no magic wands, silver bullets or quick fixes.  Even if you mastered the other four disciplines, the lack of endurance will cause you to stumble over the final hurdle.  Long-range strategic plans and yearly marketing plans will need to endure through all kinds of financial events--both known and unknown.  Nothing can be set in stone. As you eye the finish line, never lose sight of what lies between the starting blocks and your ultimate goal.  And with that, I'll leave you with this quote from the Chinese Taoist Philosopher, Lao Tzu, "If you do not change direction, you may end up where you are heading."

Cheers,

Nick Vaglio, CFMP

Smarter...Faster...Better

In the current global financial crisis, the average worker is being asked to produce more in the same amount of time at basically the same salary.

Today’s bank marketing professional faces a similar dilemma.  In an era of shrinking budgets and ever increasing responsibilities, we are being asked to produce more with greater results and to do it in less time with fewer dollars.

Now more than ever, bank marketing professionals must search for innovative ways to work smarter…faster…better!

Smarter...

• Acquire the market and industry intelligence and knowledge to enable you to become a “smarter” strategic partner to your customers
• Acquire new customers more efficiently and cost-effectively through better targeting and more innovative profiling of prospects
• Apply more clever and creative tactics in order to outsmart the competition.

Faster...

• It used to be that the big ate the small.  Now the fast eat the slow!
• In today’s connected world, customers expect products, services and information to be delivered in a fast, convenient and hassle-free way. 
• The ultimate profitable survivors in the highly competitive financial services industry will be those who react the fastest to market and competitive conditions with the right products and services to meet the exact needs of customers

Better...

• Your people, products and customer service must be better than the competition in the eyes of customers and prospects
• Companies that have earned the reputation of being better than their competition recognize that it is a daily process.  One bad day can begin to unravel a long-term positive effort.
• Bank marketers must get better at recognizing where profitable opportunities lie before everyone else does

While this may be easier said than done, we owe it to our customers and employers to work a little smarter, faster and better than the competition to deliver the results we all need to keep growing in a trying economy.

Cheers

Nick Vaglio, CFMP