Revamping Marketing Structures: A Blueprint for Growth
In the bustling city of New York, marketing professionals are unlocking new ways to drive revenue growth amidst a rapidly changing landscape. As businesses grapple with becoming more digital, agile, and customer-centric, the challenge lies in organizing marketing in a way that maximizes value and ensures alignment with business goals.
Understanding the Unique Marketing Landscape
It’s becoming increasingly clear that there isn’t a one-size-fits-all approach to structuring marketing organizations. Just like a snowflake, every marketing setup is unique, responding to the specific needs of its business model and growth strategy. As more firms prioritize the integration of marketing into their overall performance—often under the watchful eye of a Chief Marketing Officer (CMO)—the conversation has shifted towards how best to build an organization that not only serves current customers but also reaches out to potential ones.
According to academic research, there are ten design principles that marketing organizations should consider. These include the necessity for marketing to support the overall business model, facilitate customer engagement, and adapt to the changing media landscape. However, making sure that the CMO has the authority and resources needed to make impactful decisions remains a significant hurdle.
Misalignment in Roles: A Key Setback
One of the core issues experts have noted is the misalignment that often occurs when defining the scope of the CMO’s role. For instance, if marketing is expected to spearhead growth but is limited to managing advertising and communication, it can lead to frustration and inefficiency. Professor Kimberly Whitler highlights that this misalignment stems from a lack of knowledge amongst leaders about the necessary collaborative efforts required across different departments. “When expectations don’t match responsibilities, it can complicate the job of a CMO,” she explains.
Finding Common Ground: Innovative Solutions for Marketing
Frank Findley, Executive Director of the Marketing Accountability Standards Board, stresses that challenges in the marketing industry stem from a common misunderstanding of marketing’s value proposition, which can lead to reduced funding and support. To change this narrative, organizations need to assess how marketing can truly drive growth and enhance overall business value.
One inspiring example comes from Lynn Teo, the CMO of Northwestern Mutual. Over the first 18 months of her tenure, Teo implemented transformative changes to the marketing structure. With an emphasis on creating value, she showcased how a modern marketing organization could tap into new capabilities while serving both the company’s long-standing brand identity and the evolving consumer landscape.
A B2B2C Approach: Driving Demand Strategically
Teo’s marketing organization focuses on the unique B2B2C business model of Northwestern Mutual, ensuring that marketing aligns with the business’s core operational strategies. For her, success hinges on building the brand, generating demand, and fostering a meaningful relationship between advisors and clients.
“Our advisors are critical to our growth,” she says. By integrating advisor-focused strategies, her team creates a symbiotic relationship that enhances market presence while supporting clients’ financial decisions through effective outreach.
The Role of Interdisciplinary Collaboration
Research backs up Teo’s emphasis on teamwork; a meta-analysis discovered that a significant amount of future revenue growth comes from interdisciplinary competencies that connect various functions across a business. By fostering collaboration among marketing departments—such as client marketing, social media, and field enablement—Teo’s organization can drive more impactful outcomes.
Measuring Success in Modern Marketing
Moreover, Teo encourages a focus on measuring success based on client interactions and effective use of data. “It’s critical to learn from our past campaigns and the behaviors of the audiences we serve,” she stated. Rather than be paralyzed by the complexity and imperfection of data, she emphasizes a pragmatic approach that focuses on making incremental improvements.
Embracing Transformation for Lasting Impact
Transformation in organizations can often feel daunting. However, for Teo, it presents a golden opportunity to re-evaluate how business functions can better serve clients and drive value. “Transformation means taking a fresh perspective on the business,” she reflects. By linking structures directly with value creation, Teo has positioned her marketing team to thrive in an ever-evolving marketplace.
The Road Ahead: A Bright Future for Marketing
The changes being implemented in marketing organizations—especially highlighted by Lynn Teo’s experience—can lead to substantial impacts on revenue, performance, and customer engagement. As organizations continue to evaluate their marketing needs, the focus on team collaboration, understanding customer value, and creating aligned structures will undoubtedly be the key to long-term success in today’s competitive environment.
There is a lot to learn from these developments, and who knows? The next marketing breakthrough could be just around the corner as leaders continue to find fresh ways to make their organizations thrive!
