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Any B2B financial marketer will tell you that it is pretty hard to convince executive management that marketing is the ‘distinguishing, unique function’ of the bank! Try as we may, all may not be lost. Now may be your chance to change the perception of marketing. Why now? Because, buyers’ new behaviors, digitally disruptive business models, and an extremely fast-paced technology evolution are transforming the business landscape to such a great extent that an obsession with winning, serving, and retaining customers now puts B2B marketers in the position to address Drucker’s vision as they assume more and more of the sales/marketing funnel. 

This CFG Marketing Insights captures the conversations between your peers and external experts at CFGs 2018 Spring Roundtables in New York. The lessons learned at this meeting can be summed up by the new behaviors required of marketers now: be customer-obsessed, be data-obsessed, be innovative, and be compliant. Take the time to click on the links to the stories behind the headlines here. Trust us; you'll be a transformative marketer in no time! But, first, a little dose of reality.

“The businesses we support believe and see marketing as one thing. But, we are part of a broader organization that believes in being forward-thinking, digital and leans into new technologies and innovations,” said Christine Maloblocki, Capital One Head of Commercial Bank Marketing. 

Read how the heads of commercial marketing at Capital One and J.P. Morgan Chase (facilitated by Grad Conn, CMO, sprinklr) view Marketing today

Be Customer-Obsessed
 
12% of B2B firms are “customer obsessed”
– Forrester’s Q3 2016 Customer-Obsessed Operating Model Online Survey
 
So, really, how can Marketing influence a cultural transformation in the company? Marketers are shifting from lead generators to architects of engagement across the customer. To engage today’s independent buyers, marketing must go deeper into the traditional sales funnel — moving beyond top-of-the-funnel attracting to educating, inspiring, convincing, and building a ‘customer-obsession’ internally. Transformational organizations are those that make the customer the center of their being, shared Lori Wizdo, Principal Analyst, Forrester Research, Inc.

In 2017, Forrester examined the 7 ‘customer-obsession’ factors that correlate with marketing practice against the behaviors of marketers in a survey of B2B industries, including B2B financial. How do you think you fared? CLOSE, is the answer. We scored highest on culture, structures & talent, strategy, and process with measurement, data/analytics and technology lagging all B2B industries.
Click here to read the criteria and how we scored against the broader B2B industry sectors

Be Data-Obsessed

55% of CMOs implement solutions to grow customer relationships
– Signal Marketing Group

A new 2018 study from the Chief Marketing Officer (CMO) Council and Deloitte, surveying close to 200 chief marketers worldwide, revealed that many CMOs are still focused on the traditional storytelling aspect of their position and are less comfortable with aspects associated with driving growth, including acting as revenue science practitioners and customer experience architects. Only 20 percent of respondents view themselves as a market explorer that identifies and maps new routes to revenue. Troubling, but not surprising, is that just 7 percent say they are the data guru that understands the voice and expectations of the customer. When our own CFG members were asked about their involvement in experience and data, we found similar patterns. Marketers of the future are going to have to be fully engaged in experience strategy in a meaningful, data-driven way.
 
Click here to read more from this conversation on data
Be Innovative
(with content)

 
9% of marketers have developed a completely systematic approach to producing, managing, and distributing content
– ’17 Content Marketing Institute
 
As marketers gain greater influence over the data and analytical structures critical to knowing how to build content and target their communications to customer behaviors, they must also be cognizant of how buyers’ consumption habits are changing. Beyond the shifts in popularity of various media types, today’s buyers are becoming more selective in what content they choose to engage with — and demand more credible, trustworthy information presented in relevant ways. We turned to content marketing specialists within the B2B financial marketing space to learn some of the best practices in B2B financial. You’ll be happy to read that we are following the recommendations that we heard about from Demand Gen’s study respondents!
Click here to read stories of bank's own innovative marketing

Be compliant

Oh, and did we mention legal and compliance relationships? Well, we asked a marketing expert in the healthcare world. Like financial services, pharma operates under strict, but sometimes lacking, FDA guidance; it’s an industry of risk and uncertainty; the age of ‘approvers’ is, shall we say, more advanced; issues abound in data protection and privacy; and, ROI is soft. What LiveWorld calls a digital acceleration and governance process has guided the pharmaceutical industry to enhanced relationship-building via social media. The model provides a foundation on which to build not only a social strategy, but to build solid relationships with your internal legal and compliance partners. Here’s a few ideas on how to get you from ‘No’ to ‘How’ with your internal partners!
 
Click here to read about LiveWorld's model
              

Copyright © 2018 Corporate Financial Group, Inc., All rights reserved.


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