If you’re of a particular vintage (or just enjoy old-time comedy), you know about Rodney Dangerfield. His act revolved around getting no respect, which is sometimes the case when it comes to marketing within the financial services sector.
While there are always people who understand the marketing function, some of your colleagues may be a little fuzzy about what the marketing function does, while others may question the effectiveness of a company’s marketing efforts.
Build the perceptions you want. Among the many things marketing professionals do well, one of the most important is our ability to champion a certain point of view and influence others to do likewise. Here are five ways you can increase your marketing department’s profile and earn the respect your team deserves:
1. Hit the road with wholesalers or get on calls with your inside sales team
When possible, you should also try to attend portfolio manager presentations or roadshow events. Visibility can lead to credibility, especially if you take the insights that you’ve gathered and apply them to your marketing efforts. The better you understand the needs and challenges of other departments (and the themes/messaging being used), the more effective your marketing materials will be.
2. Consider writing an internal blog that explains key marketing concepts, preferably using real-life company examples
Also, if there’s an opportunity at an event like a town hall meeting to showcase the essential role of marketing, go for it! This will help position your department as subject matter experts when it comes to marketing (and its value to your firm).
3. Make sure your team is knowledgeable about investing and your company’s products
It makes your team more credible if they “speak the language.” Team members could enroll in related industry courses to augment their industry knowledge.
4. If you’re part of the leadership team, have a strong presence at the cross-functional executive table
Be sure you are brought in on product launches and other initiatives as early as possible, be clear on how marketing is crucial to your company’s success, as well as standing firm regarding your share of the budget and resources for important initiatives.
5. Convey the benefits of marketing to other business lines
For instance, good marketing helps your sales team tell focused, compelling stories. It can also help your product team better articulate the strengths of the products they support. Similarly, your marketing team can help portfolio managers build more engaging presentations that effectively highlight their unique investment discipline. Use metrics wherever applicable to support your case.
The bottom line is that you want other departments to recognize and appreciate the value of marketing.