Question

Topic: Strategy

Marketing Department Structure - Financial Service

Posted by Anonymous on 7/8/2008 at 11:04 PM ET 250 Points
I'm in the process of building out my marketing team. I work for a financial services company that has 7 current locations with the expectation to have 28 by the end of 3 more years. The areas that I currently manage are as follows: typical marketing (PR, advertising, sponsorships, programs, direct mail), internal communications, research, new service development and interior design. Today this is a two-man show but I'm in desperate need for several new hires to help the company grow. I can't hire until I have a better understanding of the responsibilities of each individual. I will be implementing a local marketing coordinator in each state so right now I'm just focusing on the corporate department. Any suggestions are appreciated.
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RESPONSES

  • Posted by Frank Hurtte on 7/9/2008 at 11:05 AM Accepted
    First - outsource the interior design. This is something that can be hired out for very little money. And, you can get someone with a wider degree of expertise.

    Now the marketing. I suggest you carefully list out all of the things that you are doing now. In much more detail than in this post. A spread sheet would work very well with a columns titled: responsibilities, time spent and measures of success. After listing what you are already doing, list what you feel needs to be done in the future. Again, use time required and measures of success.

    Each of these responsibilites can be moved as new people are added. And you will already have a plan for measuring that person's effectiveness.
  • Posted by melissa c on 7/9/2008 at 12:58 PM Accepted
    I worked for a financial institution for 4 years. We started as 8 employees and grew to almost 15 (I managed 5 of them). We divided our department into three segments:

    Research: research, promotion analysis, initiation of direct marketing campaigns

    Creative: internal communications, graphic design, copywriting, branch look and feel, media buying, website, corporate intranet

    Community Services: business development, events, branch strategy in regards to community involvement and new business, workshops/seminars, charity

    In the beginning, many of the duties were rolled into one person. For example, we used to have a marketing coordinator who did design and writing. Then as we grew, it was split into a designer and a writer (wrote wrote copy, internal communication, etc).

    I hope this helps!
  • Posted by Tracey on 7/9/2008 at 3:02 PM Member
    I agree w/ Frank on outsourcing design, and I would also recommend outsourcing PR.
  • Posted on 7/9/2008 at 3:17 PM Author
    Thank you for all your comments. Frank - great suggestion on writing everything down - I'm in the process of doing this and it is very time consuming but well worth it. Melissa thank you for your insight on how you divided your marketing up.

    We work with high net worth individuals and our source of new clients is typically referrals so events and PR (bylined articles, white papers etc) are more important to us than advertising or direct mail. I am considering of maintaining the outside PR firm to help with the pitches and unearthing speaking opportunities etc. for right now.

    In regard to interior design, thank you for that comment as well. I am really just looking for someone who can manage the space design, interior design and construction (possibly actual location of sites). I will maintain my outside consultants for design and architecture.
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