Andrea Zaretsky, CMO of Morgan Stanley Wealth Management and E*TRADE: Can You Measure Customer Experience?
Mar 6, 2024
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Andrea Zaretsky, CMO of Morgan Stanley Wealth Management and E*TRADE, discusses the importance of measuring marketing effectiveness, working with non-native marketers, and the impact of customer experience on business results. She also reveals insights on the iconic E*TRADE baby ads and the three key strategies companies can implement to improve measurement.
Solid science and measurement in marketing is essential to showcase the power of marketing as a growth lever for companies. Upholding the importance of analytics, ensuring consistency in test and control methodologies, training marketers in analytical skills, and communicating results transparently play a crucial role in driving growth.
The Influence of the E-Trade Marketing Campaign
The revival of the E-Trade baby symbolized a key moment signaling the transition of E-Trade from Morgan Stanley. The decision to bring back the baby stemmed from consumer anticipation and the blend of humor during the pandemic, aligning with E-Trade's witty brand image. By capitalizing on consumer sentiment and leveraging humor, E-Trade aimed to encourage people to take charge of their financial decisions.
Marketing's Role in Financial Literacy and Customer Engagement
Marketing efforts extend beyond acquiring new customers to encompass building brand perception, trust, and financial literacy. Initiatives like Money Monday post-Super Bowl aimed to engage customers beyond the game, emphasizing financial preparedness. Collaborating with organizations to promote financial literacy and empowering advisors with AI tools signifies a holistic approach to customer engagement beyond traditional advertising strategies.
Optimizing Marketing Performance and Client Experience
Analyzing the impact of brand and performance metrics is crucial for success in marketing. Understanding key indicators like new account acquisition, client profiles, asset growth, and lifetime value helps in strategic decision-making. Utilizing tools like brand health trackers and brand lift studies enhances the measurement of marketing spend impact, especially at the top of the marketing funnel. Creating a seamless customer journey through advertising and digital marketing, focusing on onboarding, client value, and data-driven personalization, is essential to deepen client relationships over time.
Evolution of Marketing Strategy and Leadership Development
The podcast delves into the journey of becoming a CMO, emphasizing the importance of acquiring diverse marketing skills, including acquisition marketing, product management, digital marketing, and brand expertise. Adapting to changing marketing landscapes, such as the rise of social media and digital platforms, and gaining cross-industry experience, highlights the versatility and transferability of marketing skills. Additionally, discussions touch on the significance of continuous learning and professional development in keeping abreast of industry trends, leadership dynamics, and aligning marketing missions for departmental and company success.
Marketing is both an art and a science, but unless the science is sound, the rest of the company won't believe that you're driving results. So says Morgan Stanley Wealth Management CMO Andrea Zaretsky, who has devoted her entire marketing career — starting at American Express in 2003, with stops at Sephora and Toys-R-Us in between — to improving measurement.
"From the beginning, it's been really important for me to understand how to use analytics," Andrea says. "How to make sure that we're setting up the right test and control, how do we ensure that we're getting learnings and cascading them, and then how do we scale wins to truly drive growth for the company?"
Today on Building Better CMOs, Andrea talks with MMA Global CEO Greg Stuart about the three things companies can do to measure better, how to work with non-native marketers, and why the Super Bowl really matters. They also discuss the underrated importance of customer experience to business results and — most importantly — how E*TRADE makes those talking baby ads.
