Denver: Crafting a Marketing organization for Growth
Ever find yourself wondering what the best way to shape a marketing organization is? Great news: You’re not alone! In the bustling city of Denver, companies are gearing up to tackle the complexities of organizing marketing teams to drive revenue, amidst the rise of technology and customer power. With the marketing landscape constantly evolving, organizations are grappling with questions like, “How do we build a team that’s agile, customer-centric, and ultimately accountable for driving revenue?”
Understanding the Challenge
The reality is, structuring a marketing organization is as unique as snowflakes, and there isn’t a one-size-fits-all answer. Several factors must be considered, such as supporting the overall business model, aligning with the growth strategy, and recognizing primary channels to market. In today’s digital age, the challenge is to keep pace with the need for organizations to become more digitally savvy while ensuring every marketing effort contributes to bottom-line growth.
According to research from Professor Kimberly Whitler, many companies set misleading expectations for their Chief Marketing Officers (CMOs). It’s common to see CMOs tasked with leading growth yet only holding responsibility for advertising and media. That disconnect can lead to misalignment within teams and can stifle growth potential.
Adding Value to Marketing Functions
Frank Findley, Executive Director of the Marketing Accountability Standards Board (MASB), believes that the marketing function often gets sidelined due to a lack of understanding about its value. This is reflected in some companies deprioritizing their marketing efforts, which can seriously hinder revenue generation. But what if marketing could drive significant value?
For marketers navigating these waters, the focus should be straightforward: create value for your business. The idea isn’t just theoretical; it’s about genuinely recognizing how marketing can boost profits and enhance firm value. The ultimate sign of success? Utilizing effective strategies to grow revenue and deepen customer engagement.
A Case Study: Northwestern Mutual
Enter Lynn Teo, CMO of Northwestern Mutual. Through her proactive approach, she has made remarkable strides in reshaping her marketing team over 18 months. Teo has crafted a modern marketing organization that not only supports the company’s traditional values but also taps into new capabilities and channels to attract clients.
Teo emphasizes that structural transformation begins with the idea of value creation leading the charge. In her words, “Value creation has to be the guidepost for the organization.” By recognizing that marketing’s role is crucial in generating both brand awareness and customer demand, she’s ensured that the marketing strategies align closely with Northwestern Mutual’s dual business model: “We manufacture our offerings and deliver them through our exclusive financial advisors,” she explains.
Teamwork Makes Dream Work
The unique structure Teo has cultivated allows for tighter integration across different marketing functions, resembling a well-orchestrated team. Research shows that about half of future revenue growth stems from interdisciplinary competencies, where collaboration builds a stronger customer experience. In her strategic redesign, Teo showcases how teamwork can be leveraged to improve customer lifetime value and enhance returns on growth initiatives.
Some key highlights from her organization’s design include:
- Cross-Functional Collaboration: Departments such as brand marketing, client marketing, and product teams work together harmoniously, enhancing overall engagement and ensuring marketing campaigns resonate effectively with both advisors and clients.
- Campaign Coordination: Teo’s team implements a centralized campaign process that maintains efficiency and accountability across various media channels, ensuring that marketing endeavors flow seamlessly into actual customer interaction.
- Insights-Driven Approach: By managing insights and creative under one roof, the messaging crafted addresses diverse consumer behaviors, making the company’s outreach highly effective.
Embracing Transformation
Tackling transformation can seem daunting to many. However, Teo highlights how embracing change can be liberating. “Transformation means taking a fresh look at the business through a different lens.” Her experience at Northwestern Mutual reveals the power of adaptability within marketing; she focuses on aligning teams to maximize value creation while addressing the specific needs of consumers.
Teo’s successful structural organization has yielded impressive results. In 2024, her marketing strategies led to a 40% increase in lead volume, alongside boosts in plans delivered and client sales. Her dedication to developing an organization that delivers more value is not just a temporary gig; it’s an ongoing commitment to unlocking the full potential of marketing.
The Future is Bright
As Lynn Teo plans to share her insights at an upcoming digital marketing summit in New York City, it’s clear that her success story may serve as an inspiring blueprint for others. From Denver to New York, businesses everywhere will find value in creating marketing organizations designed to thrive and evolve amid constant change.
In the end, the question remains: what’s the best way to structure and organize marketing? The answer lies in creating strategies that resonate with both the business’s goals and the needs of the market. And with leaders like Lynn Teo at the helm, the future of marketing looks promising.
