May 2018

From CFG's 2018 Spring Roundtables

Members of the Corporate Financial Group (CFG) gathered in NY in April 2018 to talk about and learn how to adapt to the influences on marketing today. Members shared their views and practices with one another and industry influencers Grad Conn, former CMO, Microsoft, Lori Wizdo, Forrester, Andrew Gaffney, Demand Gen Report, Lisa Loftis, SAS Best Practices, B2B marketer, Sandy Penning, and Jason Liebowitz from LiveWorld . This edition of Highlights shares with all CFG members highlights of those conversations. Coming soon will be CFG’s Marketing Insights, our deeper dive into each of the topics with links to research, book recommendations and other resources. Please share these Highlights with colleagues and business partners because we believe that broadening your internal reach serves to strengthen your credibility and stature, and that of all B2B financial marketers. And, that’s what CFG is all about! 

Marketing Transformation: What's happening to marketing?

Historically, marketers in B2B companies have had less strategic influence than their compatriots in sales and product (e.g., engineering and manufacturing) roles. But in 2018, forces that have been roiling for the past several years will coalesce to spark a B2B marketing renaissance, wrote Lori Wizdo in Forrester’s Predictions for 2018. Think about the influences on marketing right now, all aimed at changing your marketing remit – customer experience, marketing automation, GDPR, ABM, Big Data, agile marketing, predictive marketing, artificial intelligence, augmented & virtual reality! Are you ready to learn and build? Do you have the energy to tackle all of this, and more? Well, get ready ‘cause here it comes!

Waking Up to a New Dawn in Marketing
Here’s the rub: every company is structured 1980s-style. For decades, we’ve been building out complex processes and robust silos. But now we’re waking up to a new dawn in business – and we’re all realizing that we need to operate in a non-siloed way. Every company out there is undergoing digital transformation right now. But real transformation can’t just be a new piece of software. It has to be mindset transformation, organizational transformation, and technology transformation. These thoughts from Grad Conn, then CMO, Microsoft, now CMO, sprinklr. 

Changing a mindset is tough.
The businesses we support believe and see marketing as one thing. We are part of a broader company that believes in being forward-leaning, digital and leans into new technologies and innovations, said Christine Maloblocki, Capital One Head of Commercial Bank Marketing. So, as marketers, we need to balance transformation with performance. That means we must transform our back-end operations and structure while trying to communicate a new direction to an audience that is stuck in their old ways. I believe that we’ll see a digital transformation take hold when our customers become the next generation.
Changing YOU (and your team) is even tougher!
I had to educate myself and continue to learn about new trends and technology (continue to do so), shared Erica Wiczer Head of Commercial Banking Marketing, JPMorgan Chase. Then I had figure out how to organize a team to support the business and determine what skills I needed on the team.  Extreme efficiency, technical fluency and ability to educate and persuade business partners (sales, finance, technology) drove my thinking, all the while coming up with creative ideas and delivering on them.
Can Marketing really influence a cultural transformation in the company?
Yes, by starting a movement to become ‘customer-obsessed'! Organizations that are going to be successful are those that make the customer the center of their being, shared Lori Wizdo, Principal Analyst, Forrester Research, Inc. 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. 
Customer experience is Marketing's next battleground.
Gartner posits that customer experience is the highest priority for CEOs. It’s the next key battleground, especially in banking. But, banking (ironically) lacks the analytical culture that fuels customer experience initiatives. By embracing all that is Marketing – from strategy to data and analytics, research, and operations – marketing can own the analytics to drive content, predict buyer intent, nurture leads, optimize relationships, all in real time. By combining such things as customer touch points and content/conversation decisions and lead nurturing with real business and performance analytics, RMs, salespeople and executive management gain better insight into the customer, make better decisions, have greater engagement with customers, and increase sales revenue. 
Your Customers are Speaking: Give me more data and insight-driven content!
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. These observations are from Demand Gen Report’s 2018 Content Preferences Survey. When asked what recommendations buyers would give to improve the quality of the content created and offered by B2B vendors, perhaps the most telling discoveries for us were these: use more data and research to support content (75%); provide more benchmarking data (63%); add more insight from industry thought leaders/analysts (62%).  
Tap into the customer's voice to engage new business.
We turned to content marketing specialists within the B2B financial marketing space to learn what they are doing to align marketing directly to business generation. Here’s a sampling of some of our own practices:

Educate. Everyone in the organization must understand not only what content is and isn’t, but how it drives action among client bases. Marketing roadshows across corporate bank are very effective at showing RMs and salespeople how marketing can “sell” them in the marketplace.

Collaborate. Think like the people key to your success. Get your RMs involved to ensure content relevance. Work with your marketing intelligence teams to tap the voice of the customer for content generation. Make compliance your friend to mitigate potential risks. Partner with Six Sigma experts to take down your time to market with content.

Align your systems to record, track and attribute engagement. One bank proved that half of all new Commercial pipeline and ¾ of won revenue from that pipeline came from clients and prospects who engaged with some marketing activity.

What’s in the future for content? More video animation. Mini-documentaries. Experiential on mobile. Don’t abandon print!
We hope you enjoyed this edition of CFG Highlights. Be sure to keep an eye on your inboxes for a new edition of CFG Marketing Insights which will provide you with a more detailed view of the discussions that took place at the 2018 CFG Spring Roundtables. Meanwhile, all speaker decks are now available on the CFG website.

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