CMOs are becoming more and more accepted as peers within the C-suite as “drivers of growth.” But according to this new McKinsey study, some industries are behind the curve, including financial services.
It’s interesting—and telling—to compare the soundbites from financial services marketers to those in other industries interviewed by McKinsey.
“They [the rest of the C-suite] never see marketing as a serious topic. They really need to work on trusting us.” — Insurance company CMO
“Marketing isn’t brought to the table as frequently with the C-suite as other parts of organization.” — Financial services CMO
“I speak the language of finance. It gives the CFO comfort that you know what you’re talking about and how you’re thinking about the payback/ROI.” — Online staffing platform CMO
“The beauty of our relationship [CIO/CMO] is that we have both signed up to take accountability for the digital transformation of marketing.” — Enterprise software CMO
For whatever reason, many financial services marketers still haven’t realized that customer ownership, collaboration, and accountability are essential to a high-functioning marketing department.