Building a High-Impact Marketing Organization: Insights from Lynn Teo
In the bustling city of Milwaukee, a significant transformation is taking place in the world of marketing. As companies strive to keep pace with rapid digital changes, it’s clear that marketing organizations need to become more agile, customer-focused, and—most importantly—aligned with business growth strategies. But how can this be achieved? Well, there’s no one-size-fits-all answer, but there’s a lot to learn from Lynn Teo, the Chief Marketing Officer of Northwestern Mutual.
Understanding the Challenge
The marketing landscape isn’t what it used to be. While marketers greatly contribute to driving growth and value for their organizations, many still face challenges that can make their roles seem daunting. Factors like complex performance measurements, a lack of clarity in responsibilities, and fragmented ownership of marketing resources can create friction and misalignment within the leadership team. Many times, CMOs find themselves struggling to fulfill their roles when the necessary resources and authority are scattered across various departments.
The Importance of Value Creation
What becomes essential in this landscape is a focus on value creation. According to Teo, the key to a successful marketing organization is knowing how to enhance the value for the company. When she took over as CMO, she made it her mission to align the marketing strategy not just with the marketing objectives but with the overall business goals. She firmly believes that “the goal of creating firm value should be the scorecard for success.” It’s like having a north star guiding your marketing team toward better outcomes.
Transforming Northwestern Mutual’s Marketing Structure
Over the first 18 months of her tenure, Teo focused on rebuilding her team and the marketing structure, connecting the dots between marketing and business needs. That alignment is crucial at a company like Northwestern Mutual, which operates under aB2B2C model. Here, marketing plays several roles that directly contribute to business growth. It builds brand identity, generates consumer awareness, and even assists financial advisors in doing their jobs better.
For Teo, the aim isn’t just about generating leads; it’s also about bolstering engagement and strengthening relationships. This meant designing an organization that plays to the strengths of marketing functions, enabling them to work collaboratively across teams. After all, the more the marketing function can do to address the unique needs of clients and advisors, the better outcomes the company will experience.
Creating a Collaborative Environment
One of the biggest goals for Teo was to create a culture of collaboration, ensuring that different teams within the marketing function could work together towards shared goals. This meant aligning brand marketing, product promotion, and client marketing teams, making sure they all understood each other’s roles and how to support one another.
An example of this is how Northwestern Mutual manages media platforms and marketing channels. Teo’s team undertook meticulous coordination, making sure that each advertising dollar spent was effectively moving a potential customer along the journey from awareness to conversion.
The Role of Data and Insights
Another critical aspect of Teo’s strategy has been learning to embrace imperfection, especially in the face of incomplete data. Rather than waiting for perfect information, her approach has been to use sufficient insights from past campaigns and emerging consumer behaviors to make informed marketing decisions. The focus here has been on measuring progress toward larger goals, even if the data isn’t perfect.
Results Speak Volumes
The results? Quite impressive! In 2024, Teo’s organization saw a staggering 40% increase in lead volumes, combined with an uptick in the number of financial plans delivered to clients. That demonstrates that aligning marketing not just with itself but with the broader company goals can yield substantial results.
A Future Focused on Continuous Improvement
Teo’s journey exemplifies the importance of transformation in marketing. As she continues to speak at various industry events, her experiences and the methodologies she’s developed serve as valuable learning opportunities for others in their marketing roles.
Ultimately, the secret sauce to building a high-impact marketing organization is about making connections and understanding how various efforts tie back to overarching business objectives. As the marketing world continues to evolve, businesses like Northwestern Mutual are shining examples of how to lead effectively and create meaningful value.
