According to Mastercard’s CMO, Raja Rajamannar:
We have two types of marketers: the classical and the contemporary. The former are more grounded in consumer insights, creativity, the 4 Ps of marketing, etc. But, they are less comfortable in the digital and data space. The contemporary marketers, on the other hand, have a lot of expertise and agility in all things digital and are great at test and learn, experimentation, digital and social media, etc. But, they are not as strong on the foundational elements and principles of marketing. There is a generational gap between the two.
In my experience, marketing departments at financial institutions tend to be inhabited by what Raja calls classical marketers.
Meanwhile, startup founders are largely techies and operational domain experts. The few that manage to scrape some funding together (or god forbid, revenue!) tend to hire twenty-something year-old contemporary marketers. In the startup context I would characterise them more as growth hackers.
Wherever you are along the spectrum of classical marketer, contemporary marketer to growth hacker the aim is the same. The aim being as Drucker said: to know and understand the customer so well the product or service fits him and sells itself.
The problem, as Raja alludes to, is that there is a gap between so-called classical marketers on one side and so-called growth hackers on the other. Strategy and tactics. Process and agility. Creativity and analytics. Empathy and data insight. I could go on but you get the idea.
Yet, like Yin and Yang, both are required.
Regardless of whether you’re a global bank or a 2-person fintech, the challenge is to reconcile and combine both ends of the marketing spectrum.
2 Surprising Things About Gen Z
A huge new study by Kantar Millward Brown presents an instructive (and challenging) set of findings for marketers trying to reach younger audiences. The study spanned 39 countries and 23,907 interviews. Two surprising findings: 1) Gen Z are more averse to digital ads than their elders, 2) Gen Z are more positive than the other groups toward ads in traditional media vs. digital.
Signs You Need to Leave Your Startup
Sometimes we lose motivation. Sometimes it’s temporary but other times it could be a sign that all is not well. Al Doan reckons if you’re experiencing more than a few of these then it could be time to move on: 1) You don’t celebrate successes, 2) You are having your entire staff send you dailies, 3) You are the abusive manager, 4) Great people want to leave, 5) Your company has grown but you haven’t, 6) Your job title isn’t what you do, 7) You need people to know how busy you are.
Facebook Ads That Convert
For a Facebook ad to convert its design needs to be tailored to: 1) Desktop News Feed, 2) Desktop Right Column, 3) Mobile. KissMetrics offer some design tips for each format.
50 Questions to Answer Before Your 1st Investor Call
Here are 50 guiding questions to prompt founders to think critically and creatively before the first fundraising meeting or call. Great list by Denali Tietjen.
From Investor YES to Cash in Hand
A lot of fundraising rounds fall apart during closing. Most of these collapses can be avoided by correctly handling investor communication after they verbally commit to invest. Here are the steps to make sure every yes becomes a check by Ash Rust.
How to Handle Angel Investors
Here’s a great guide by Eliot Peper on how to find, raise funding from and handle Angel Investors.
5 Banking Trends for 2017
Chris Skinner’s take on banking in the year ahead: 0) CIOs will cease to be the most influential technology decision makers, giving way to the Chief Digital Officer and the Chief Marketing Officer. 1) The chatbot will change the way we all converse with institutions and will trigger a raft of initiatives to try and keep the customer at the heart of the business. 2) Artificial intelligence firms will move front and centre as a means to cutting costs, automating the routine and differentiating services especially in robo-advice. 3) Digital transformation programs will continue to fail at unprecedented rates despite increasing pressures to deliver. 4) PSD2 will mean that over the next 12 to 36 months digital banking API platforms will be launched by many banks for — financial management, payments, marketing, loyalty, analytics and customer communication management. 5) Blockchain will continue to fascinate with banks continuing to experiment and leverage blockchain accelerators to run proof of concepts or controlled pilot programs.
The Keys to Customer Retention for Banks
Jim Marous claims that financial institutions are realising that leveraging their advantages in consumer data and relationships via partnerships with 3rd parties (fintechs) and Open banking are the way to holding on customers and even acquiring more. A new survey by Temenos & Capgemini reveals banks top priorities & challenges. Top 3 priorities: 1) Digital channels, 2) Innovation, 3) IT Modernisation. Top 3 challenges: 1) Clinging onto ever more demanding customers, 2) Managing data more effectively, 3) Managing the impact of ever tougher regulations.
A Review of Deep Learning
An excellent round-up by Jan Bussieck of where we are with Deep Learning.
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