Jamie Moldafsky views herself as a customer champion, and it’s not just because she’s occupied the CMO chair at one of America’s largest banks for nearly a decade. It’s partially because of the chances she’s taken in her career, but more so her desire to impact her customers every day. On this episode of Marketing Trends, the Wells Fargo Chief Marketing Officer sits down to discuss her passion for marketing, how Wells Fargo is working to treat their 70 million customers as individuals, and how listening to and empathizing with your customers during times of crisis could pay big dividends down the road.
– Customer centricity is at the forefront right now. The ability to build a relationship and serve customers at every point of their journey is more important now than ever.
– At the beginning of a crisis, you have to focus on where you want to be when you emerge, and then let your company’s values and products guide you.
– The challenge is how to get products that people need, want and love, but also build a brand that people love and want to associate with.
“I loved seeing great marketing and great advertising, but I loved it for what it felt to me and how it moved me to do things and to feel things.”
“For any marketer right now, how you leverage the omnichannel world requires navigation. And that’s been at the heart of my role at Wells Fargo, is how to bring together that customer centricity and that end-to-end experience across the company.”
“When I came into this role, part of what I did feel is that I’m the custodian of our history, but also of our future and that [Wells Fargo] is a brand that even if we modernize it and evolve it — which we have to — and even if we especially focused on a more relevant, meaningful digital-first experience, that the values of who we are and the proven ability to weather over time is really incredibly powerful.”
“Being able to demonstrate that you can persevere during all different kinds of environments is innovation. You reinvent yourself to the situation you’re in and at Wells Fargo, we’ve done that for 160 years.”
“Anything we do, we have to think about how do 70 million people do it?”
“As a marketer, I think sometimes we tend to think about the messaging side of what we say, but I think more than ever the role of a marketer and a CMO is about how we show up and that includes actions, and offerings, and accommodations.”
“We have to think in terms of all the different options where customers engage with us, but then we need to have a personal connection with each customer across channels. Ideally, we’d be in a one-to-one marketing space at all times. We need to tailor our markets to each individual wherever they are.”
“One of the most powerful things we’ve ever done is wish people a happy birthday at the ATM. And I had people say to me, ‘I love my ATM, my ATM wished me a happy birthday today!’ And what they’re telling you is, ‘Wow, you in a very inhumane way made me feel like a recognized person today.’”
“Every company is going to have a crisis, and there are certain tenets to remember as you go through it. You can come out either significantly strengthened or significantly weakened. It’s a moment of truth. We have to come out of this crisis thinking about being there for the customers.”
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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