Data Driven: Ignore the Org Chart
Put It to the Test
One financial institution came up with an approach for this type of internal integration. Recognizing the need for a coordinated marketing strategy, an internal process was designed to allow each marketing team input from the budget planning stage through the post-marketing campaign analysis. In order to alleviate internal conflict, a director was hired from outside the institution whose only job function was to manage the process, reporting directly to the marketing vice president.
The first step came during the annual budget process. Rather than each marketing department producing a bottom-up initial budget, the new marketing process director initiated weekly meetings with each marketing manager to produce a coordinated and integrated initial marketing budget.
The first week's assignment was to design a full-year contact strategy for print, supplemented by targeted e-mail campaigns and paid and organic search campaigns. Social marketing informational pieces would be placed to increase the response curve of the mailed pieces and search campaigns. Subsequent meetings produced an integrated creative, promotions and pricing plan.
In order to secure buy-in from each individual department, the bonus incentives for each marketing manager were switched from internal department success to overall institution marketing productivity.
The marketing process director was responsible for all integrated marketing forecasts and budget plan revisions as actual results from the integrated campaigns were analyzed. While the department marketing managers did not report to the marketing process director, this individual did have the authority to change any marketing team's contact, pricing or promotions strategy to fit the integrated marketing plan.
The results spoke for themselves: A year-over-year increase of 16 percent for new customers acquired and an 8 percent increase in the average order per new customer, coupled with a decrease in advertising spending of 6 percent.