Campaigns and their execution are fundamental in making marketing strategies come to life. But campaign execution is hard, and the approach to management varies greatly across organisations.
For financial services, regulatory compliance is an additional challenge, with the rapid move to remote working putting increased pressure on people and processes.
Seeking to establish the current state of play for campaign execution in the financial services sector, a recent survey* polled the opinions of CMOs and found that only 12% of respondents were confident in the consistency of campaign execution in their department – and just 4% satisfied with its efficiency.
Moreover, when delving deeper into the detail behind these shocking statistics, it soon becomes apparent that what’s happening at operational level with campaign delivery, does not necessarily align with organisational strategy.
So how does the CMO start to address this? We’ve taken insights from the survey research and applied expert industry knowledge to provide a roadmap for achieving the alignment needed to secure board confidence. One area that CMOs need to focus in on, is marketing process and workflow…
From campaign chaos to clear coordination
While 56% of CMOs reported that it is mandatory for documented campaign workflows in all marketing departments or large-scale campaigns, just 12% were satisfied that the teams possess the skills to accurately do this.
Having strategic campaign workflows and a review of marketing processes is important, yet this doesn’t seem to be happening at an operational level. This can be explained in part by the tools being used to manage campaign workflows, with the three most popular methods cited by CMOs as:
- 54.5% slide deck
- 50% spreadsheets
- 31.8% process mapping software
Not only are these manual processes difficult to manage and time intensive to administer, but how do they contribute to effective campaign reporting?
This is where the role of technology comes to the fore. Using the right technology, you can automate campaign workflows and monitor campaign progress – helping to achieve the campaign consistency and efficiency that is currently lacking.
As with any other area of marketing, investment in technology will not deliver a silver bullet. Instead, the people and processes must first be aligned with the technology, and then matched to the organisational and departmental requirements.
With any process, you should be looking for the highest degree of standardisation. The objective is not to create robots, but a target of 70% consistency across roles and departments is a critical success metric.
With marketing processes which look similar to the above, it is impossible to report effectively. It creates disconnected and siloed operations which ultimately leads to misalignment from global strategy. Crucially, it is also hugely inefficient – which goes some way to explaining why only 4% of CMOs are satisfied with campaign efficiency and 12% confident in campaign consistency.
Moving the team towards a more standardised way of working is not seeking to tell them what to do and how to do it. The objective is facilitation through the provisioning of the right tools and technology.
Addressing workflow and process will help to upskill in-house teams in the areas that will drive efficiency and effectiveness. Doing so will lead to increased visibility, consistency and control – ultimately empowering CMOs with a greater ability to drive organisational strategy through operational impact.
This topic is explored in greater detail in the following whitepaper:
To align organisational strategy with operational impact, download your copy now.
*Online survey of 25 CMOs, conducted in partnership with BluprintX and Financial Services Forum, July 2020