By connecting specific features (content recommendations and experimentation) to customer journeys that were already proven to have business value, they were able to align their goals with the senior management’s view of worthwhile investment opportunities. Another important difference that drove better results was considering the likely objections of the senior management team before presenting the request.
Knowing the number of regulations to comply with, the marketing team decided not to automate product recommendations, but did proceed with content recommendations. It’s a subtle, but important distinction: financial services firms must be exceptionally careful when it comes to understanding client suitability and product selection. In fact, this aspect of the client relationship is so important to the bank that the team created an internal rule. It was determined that actual product recommendations must be delivered by client advisors and done only after a larger analysis of the client’s portfolio.
Anticipating these objections became much easier by engaging with compliance, audit and legal stakeholders to ensure that marketing was aware of the subtle differences and rules to be considered. It also ensured that these critical teams—any of whom could throw a roadblock into the request—were onboard before the request even reached the senior management team. In effect, it gave the marketing team the ability to have more people at the table who were already on their side.