Stakeholder collaboration plays a key role for financial services marketers. Constructive and cooperative interaction with other departments on marketing initiatives makes marketing more effective, directly impacting their effectiveness.
We asked bank and credit union marketers in our annual survey who they collaborate with in their financial institution. Among the six disciplines, lending and retail/branch administration led the way, each named by 87 percent of respondents. Finance came in a close third for 67 percent of marketers.
Collaboration with all three of these departments indicates mature marketing concepts, from strategic financial goals through frontline implementation. Acquiring and keeping new account holders requires a variety of input from all these disciplines as marketing initiatives are developed and rolled out.
With the growing challenge of government regulations, compliance is also becoming an important stakeholder. We’ll be including this discipline in next year’s survey to measure the degree of collaboration between marketing and this increasingly important area.
Developing and cultivating relationships across all these functions is a precursor of marketing — and financial institution — success. Collaboration makes it possible.
Caution: High Expectations Ahead
Who you work with can be as important as the work you do. So say financial services marketers as collaboration continues to grow in importance in our annual survey. In fact, collaboration between marketing and compliance has become so important we’ll be measuring its impact in next year’s survey. Want a recap of this year’s survey? Read the report.