Last week, Salesforce released its State of Marketing Report and we wanted to dive deep into some of the insights it held. To do that, we called our friend Jamie Moldafsky, the CMO of Wells Fargo, who joined us to break down some of the key points of the report and how the findings may have shifted due to the COVID-19 pandemic that has affected industries around the world. Jamie talked about budget, innovation, engaging with customers and how all of those areas have been impacted in these extraordinary times.
If you would like to access the full State of Marketing Report visit salesforce.com/stateofmarketing or text ‘marketing’ to 38767 (US Only)
– Budgets may be held flat, but the areas that are seeing more money revolve around listening to the customer and communicating effectively
– Creating a cohesive journey is more important than ever as more and more people are spending the majority of their time on devices
– Even though personalized, one-to-one communication is the goal, customers still want to feel part of a larger community
– Data is integral in understanding where your customers are in terms of state of mind and needs
“We had a very strong Q1, so our businesses were very strong. We had very aggressive marketing plans and budget against continuing to support our customers and deepen relationships and acquisition much as you would expect. So what changed abruptly, in mid-March is that there was a lot of our marketing that we put an immediate halt to, and we really bucketed into a couple of areas. One was ‘this is just completely not relevant anymore.’ Another was, ‘it’s relevant but the context has changed, therefore some of the creative needs to change or some of the messaging needs to change.’ The third was we created an entirely new set of communications that needed to be executed.”
“What we’ve seen is the need to communicate isn’t necessarily lessened, but it has changed in terms of the content.”
“Engaging with customers in real-time is probably the single most important thing that we can do right now. And it really is because… there’s a huge demand for content that’s relevant and not just content for content’s sake, but for people being able to seek out and engage in what they need when they need it.”
“Creating this cohesive customer journey goes hand in hand with engaging, but we’re really seeing that because people are on so many devices right now at the same time, that’s more important than ever.”
“We’ve actually created a just in the last couple of weeks, a return-to-market playbook for marketers because what we’ve recognized is that as we enter markets and we are engaging with customers about products or solutions or other types of conversations, that the level of awareness of their situation, be it individual collective in a state or in a region is so critical. And so we’ve had to create a playbook that will help the marketers think a lot about tone and a lot about context.”
“I’d say my general philosophy of marketing is always to know your customer in terms of what their need is, what their state of mind is, and be sure that whatever we’re engaging with them on meets that need, whether it’s a known or unknown need for the customer. And I think data right now has to be leveraged because otherwise, it’s so easy to be off the mark.”
“The need for data is going to be significantly greater, and the ability to leverage that data is going to be even more of a competitive advantage than it always has been, and probably more of a necessity to operate in business today.”
As Wells Fargo’s Chief Marketing Officer, Jamie Moldafsky leads the development and implementation of enterprise marketing strategies for the Wells Fargo brand, considered one of the world’s 25 most valuable. Her responsibilities include advertising; direct, experiential and diverse segments marketing; the integrated marketing calendar; market research; social media; brand reputation efforts; management of the company’s meeting and events; and leadership of the company’s 11 history museums. She also is a key partner to the company’s lines of business, influencing their strategies for the promotion, distribution, and pricing of their products and services. Moldafsky, a marketing veteran with more than 20 years of experience and executive general management experience, most recently was executive vice president of Home Equity Acquisition and Customer Management. Before joining Wells Fargo, Moldafsky was general manager for Whirlpool Corp.’s Kitchen Aid brand, responsible for the brand’s profitability. She also was senior vice president for Retail Marketing at Charles Schwab, the national brokerage company, and held leadership marketing roles at American Express. Moldafsky holds an MBA from the Wharton School at the University of Pennsylvania and a bachelor’s degree from the University of Michigan. She is chair of the marketing committee of the Boys and Girls Clubs of San Francisco and a board member of The Ad Council.
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