Revolutionizing Marketing: A Fresh Approach from Northwestern Mutual
In the bustling city of Milwaukee, Wisconsin, a marketing revolution is underway at Northwestern Mutual. With the world shifting to a more digital-based economy, the question on many business leaders’ minds is how to structure marketing in a way that not only keeps up but also drives revenue growth. That’s exactly what Chief Marketing Officer, Lynn Teo, has been tackling since she stepped into her role.
A Unique Marketing Strategy
In today’s fast-paced business landscape, marketing teams are aiming to be digital, agile, customer-centric, and most importantly, accountable. Teo understands that there is no one-size-fits-all approach, as every marketing organization is as unique as a snowflake. Research supports this notion, indicating that several design considerations must be taken into account. Marketing has to seamlessly tie into the business model and growth strategy while leveraging various channels to effectively engage customers.
Formula for Success
Teo wrapped her head around how to align marketing effectively with Northwestern Mutual’s business goals. “Our marketing strategy has to mirror our business strategy to truly create value,” she states. There’s a lot of pressure as studies show a significant chunk of future revenue growth relies on collaborative teamwork between various functions. In fact, a meta-analysis of multiple studies bolstered the idea that adapting through teamwork is crucial for enhancing customer lifetime value. The data clearly supports the fact that teamwork can drive greater value and leads to improved growth outcomes.
Facing the Challenges
Leading this transformation isn’t without its challenges. Teo acknowledges that many industries suffer from a fragmented view of the marketing function, leading some organizations to deprioritize it altogether. This lack of clarity often results in misalignment and internal conflict, making it difficult for CMOs to fulfill their roles. However, Teo believes that these challenges are surmountable. “Transformation is intimidating, but it also presents an incredible opportunity,” she says with a sense of optimism.
Building a Cohesive Team
Under her stewardship, Northwestern Mutual has begun to build a marketing organization designed to maximize growth. One of her successful strategies has been emphasizing collaboration across teams to create a cohesive go-to-market approach. Teo has merged various functions including brand marketing, product marketing, and client marketing to ensure they work hand in hand. “We need to create deeper relationships with our clients and understand what drives their decisions,” she emphasizes.
Innovative Techniques
With a clear vision in mind, Teo’s team rolled out a comprehensive strategy that connects all aspects of marketing. From media diversification to in-depth consumer insights, the aim is to push forward with data-driven initiatives. For example, Teo highlights that they manage paid, earned, and owned media cohesively to drive targeted campaigns. This isn’t just about creating awareness; it’s about ensuring consumers journey through the various touchpoints toward engaging with advisors—all crucial elements for success.
Staying Relevant
Teo puts a significant emphasis on incorporating feedback from advisors, who play a vital role in the overall marketing strategy. Over 90% of client interactions take place through these advisors. By sharing campaign concepts and gathering valuable insights, they’ve been able to adjust marketing efforts in real-time, ensuring that they resonate with the audience. “The advisors are the flag bearers of our brand,” Teo proudly states.
Embracing Imperfection
One key takeaway from Teo’s approach is the importance of embracing imperfection. Much like every other aspect of marketing, data isn’t always perfect. Rather than waiting for every detail to be in place, she advises using strong insights and historical data to move campaigns forward. Setting achievable KPIs that demonstrate incremental progress is essential in this landscape—allowing teams to test, learn, and adapt without delay.
Path Forward
As a result of these innovations, Teo’s team experienced a notable increase in lead volumes and client sales, proving that a well-structured marketing organization can indeed drive substantial growth. The transformation effort has not only enhanced Northwestern Mutual’s brand visibility but also positioned them uniquely in the market, proving that when marketing aligns with organizational goals, everyone wins.
As moved as we are by this transformation, it’s clear that the cornerstone of effective marketing rests on its ability to create value. Teo’s journey reflects a broader need for marketing organizations to evolve and adapt, laying the groundwork for success in the changing landscape of business.
