‘Big agencies with a lot of overhead are not going to work’: The CMO of Bank of America explains how ad agencies are going to have to change

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According to Bank of America chief marketing officer Meredith Verdone, everything the company does is rooted in its brand purpose of making financial lives better.
The brand has been at the forefront of brand safety, she said, appointing Terri Schriver to lead the charge full-time this summer.
The traditional agency operating model needs to change, according to Verdone, adding that customer privacy is the number one issue confronting marketers today.

With the chief marketing officer’s mandate going beyond brand-building to increasingly leading business transformation, their demands from their ad agencies are changing.

And agencies must reinvent themselves to meet these changing needs, says Bank of America’s chief marketing officer Meredith Verdone.

“We, like everyone, are very focused on getting streamlined and being nimble,” she told Business Insider in a recent interview. “And I don’t think the existing model, the traditional model is nimble enough to react to the pace and the speed that marketers need.”

Business Insider also caught up with Verdone, a year since she assumed her role, to chat about how the company’s brand purpose has evolved and how consumer and data and privacy are huge concerns for marketers. The conversation has been edited for clarity.

Tanya Dua: With Nike’s success, is brand purpose back in vogue? How would you crystallize your brand purpose?

Meredith Verdone: It is making financial lives better, one connection at a time, and we always use that filter. What’s interesting about Nike is, it is core to their brand purpose. It isn’t some bolt-on, where they had this great idea. They’ve been doing it for 30 years, so it was appropriate as a part of the 30 year campaign.

Everything we do, is aligned to our business and is rooted in our brand purpose. So when we do things, like our 30 year partnership with Special Olympics, it is because we value inclusion, we understand that population. We actually hire 400 people with intellectual disabilities and we recognize the economic mobility of that group.

That’s why we do it. We don’t do it because we think that’s really interesting, we do it because it’s a core business strategy for us. When people talk about cause marketing, if they’re doing it just to be relevant, that potentially has some pitfalls.

Dua: What are the biggest changes taking place in marketing today?

Verdone: When you look at how people view brands, it has evolved. Brands are not the center of consumers’ lives, but they need to help connect them to what is. We had a campaign recently where we were pretty much in the background, recognizing that our role is of a connector.

The other big shift is obviously technology, the mobile phone. People literally have all the power right in their hands. So we need to recognize that as a brand, what does that mean and what is our role? How can we make it easy and seamless?

Dua: You announced that you were appointing a brand safety officer earlier this year. Where does Bank of America stand in terms of brand safety …read more

Source:: Business Insider – Finance

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