Andrea Brimmer, CMO of Ally: Great Privilege, Great Pressure
Aug 23, 2023
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Andrea Brimmer, CMO of Ally Financial, discusses the challenges of rebranding GMAC into Ally, a digital-only financial firm. They delve into the success of digital banking, gender equality in sports media coverage, data-driven marketing strategies, industry transitions, and shared dreams of starting a dog rescue. The conversation also covers innovative marketing tactics, the metaverse, and the importance of bravery in marketing.
Brand creative content drives higher product uptake and conversion rates over performance-oriented content.
Ally Financial maintains a 50-50 split between enterprise brand and product acquisition budgets for optimal campaign performance.
Data insights and multi-touch attribution inform media optimization decisions, enhancing brand interactions for improved conversion rates.
Deep dives
The Power of Brand Creative vs. Performance Creative
Brand creative content has a long-term impact, leading to higher product uptake and conversion rates compared to performance-oriented content. A balance between both types benefits campaigns by reducing cost per acquisition and increasing consumer favorability and conversion rates.
Ally Financial's Strategic Brand Investment
Ally Financial prioritizes brand investment as a strategic asset, maintaining a 50-50 split between enterprise brand budgets and product acquisition budgets. Their CEO supports brand investment, leading to significant shifts in media mix optimization and greater product acquisition through enhanced brand favorability.
Harnessing Data for Marketing Optimization
Data insights from the MMA study and multi-touch attribution drive media optimization decisions, revealing that a majority of product acquisitions stem from brand interactions. By identifying and targeting favorable audiences, campaigns can optimize resources efficiently for higher conversion rates and improved brand performance.
Unlocking Real-Time Insights and Future Growth
Ally Financial's data-driven approach not only improves current marketing strategies but also sets the stage for future growth. Sharing findings with industry peers helps elevate marketing practices and fosters a collaborative environment for driving positive change and industry innovation.
Challenges of Transitioning from Agency to Brand Side
Transitioning from the agency to the brand side poses significant challenges, as highlighted in the podcast episode. The speaker shared their experience moving from an agency, where there was a safety net of support, to the brand side, where they had to make decisions independently. This shift required adapting to a smaller team and setting up marketing operations from scratch. Overcoming these challenges involved learning new skills and facing the pressure of being responsible for major decisions and the marketing budget.
Embracing Continuous Learning and Adaptation in Marketing
Continuous learning and adaptation in marketing are vital for success, according to the insights shared in the podcast. The speaker emphasized the importance of actively learning about emerging technologies like AI and staying updated on industry trends. By dedicating a significant amount of time each week to learning, such as studying generative AI and engaging with industry experts, marketers can stay ahead of the curve. This approach enables marketers to leverage new technologies effectively, enhance efficiency, and drive innovation in their strategies.
As recently as the late 2000s, if you wanted to launch a new banking brand you needed brick-and-mortar branches. But GMAC, a spinoff of GM that was bought by private equity firm Cerberus, didn’t have the liquidity to build or buy a network like that. Joining the company as a brand executive and later becoming its CMO, Andrea Brimmer recalls how risky it felt to debut GMAC’s new identity, Ally Financial, as an online-only firm.
“It sounds funny to say that now, 15 years later when everybody's banking in the palm of their hand, but it was a huge challenge to convince people to send their money to the internet, and that was exactly what we had to do,” Brimmer says. “We really underestimated how big this franchise could really be … I think it's one of the best turnaround stories in American business history."
Today on Building Better CMOs, Andrea talks with MMA Global CEO Greg Stuart about the research Ally and the MMA have done together on "brand as performance marketing,” sharing data with marketing leaders at other companies, and what it takes to make the leap from account manager to marketing leader. They also talk about Ally’s commitment to investing equally in men’s and women’s sports, and why no responsible company can ignore generative AI.
