Transforming Marketing: A New Path for Business Growth in Philadelphia
In the bustling city of Philadelphia, business leaders are exploring innovative ways to optimize their marketing organizations. It’s an exciting time, as many companies face the challenge of making their marketing departments more digital, agile, and customer-centric. With today’s business landscape constantly evolving, there’s no one-size-fits-all solution. Each company has unique needs, and the path to success relies on understanding how marketing can effectively drive financial performance.
The Complex World of Marketing Design
As organizations work towards enhancing their marketing, they must take into account various factors such as the business model, growth strategy, and primary channels to market. According to academic research, ten design principles can guide this effort. For instance, understanding how marketing fits into the larger digital strategy and customer engagement tactics is crucial.
Professor Kimberly Whitler’s research sheds light on the misalignments that often arise within marketing leadership roles, particularly concerning the Chief Marketing Officer (CMO). In her findings, Whitler explains how the CMO’s responsibilities can often lead to conflicts, especially when they are limited to traditional roles like advertising and media, while strategic responsibility lies elsewhere in the organization. This disconnect can hinder the effectiveness of marketing strategies and create barriers to growth.
A Call for Change in Marketing Organizations
As Frank Findley, Executive Director of the Marketing Accountability Standards Board, points out, many companies are undervaluing and even deprioritizing marketing. This is often due to a lack of understanding about how the marketing function contributes to overall business value.
Creating a high-impact marketing organization not only requires alignment with the overall business strategy but also innovative thinking about how value is created through marketing. One inspiring example comes from Northwestern Mutual, where CMO Lynn Teo has implemented significant changes to elevate their marketing approach.
Lynn Teo’s Transformative Leadership
Within her first 18 months, Teo has transformed Northwestern Mutual’s marketing organization by focusing on value creation. According to Teo, this means aligning marketing strategies with the company’s unique B2B2C model. By doing so, Northwestern Mutual has seen tremendous results.
“Value creation is our north star,” states Teo, emphasizing the importance of aligning the marketing strategy to drive profitable growth. She explains that marketing encompasses generating awareness, building the brand, and supporting their financial advisors, all of which are interconnected to strengthen customer relationships.
The Power of Interdisciplinary Teams
A recent analysis by Slate Point Partners highlighted that up to 50% of future revenue growth can be traced back to teamwork across various business functions. Teo insists that to effectively reach customers and enhance the value delivered, it’s essential for marketing to closely collaborate with other departments.
This collaboration enables Northwestern Mutual to address customer needs more effectively while maintaining the integrity of the brand. Aligning brand and product marketing fosters deeper relationships with clients and helps financial advisors represent the brand to a broader audience.
Simplifying the Complex
Recognizing that transformation can often be daunting, Teo encourages her team to embrace the changes as an opportunity to unlock greater value. Part of this transformation includes a sophisticated yet flexible campaign process that encourages cross-functional collaboration, allowing different teams to work together seamlessly.
“We know our data isn’t perfect,” Teo acknowledges, adding that instead of waiting for flawless data to emerge, her team focuses on making incremental improvements that align with their ultimate goal of value creation.
Looking Ahead: The Future of Marketing
Northwestern Mutual is witnessing tangible results from their restructuring; increased lead volumes and enhanced client sales are just the beginning. This shift in marketing strategy not only empowers their financial advisors, who play a critical role in reaching clients, but also enhances the overall client experience.
Teo’s dedication to building a marketing organization that creates and demonstrates business impact serves as a model for companies everywhere. Marketers like her are pushing boundaries to redefine how businesses engage with customers in this fast-paced digital era.
This November, Teo will be sharing her insights and experiences at the Digital Marketing in Financial Services Summit in New York City. As marketers continue to adapt and innovate, the lessons learned from companies like Northwestern Mutual will undoubtedly inspire many as they embark on their own journeys of transformation.
