For Colin and his team, marketing’s primary role is one of driving shareholder value. To fulfill that role, they needed to focus on growing demand for FIS products and services. Growth through acquisition, however, had resulted in many diverse business units operating independently — a structure FIS referred to as managed entrepreneurship.
The challenge was that individual FIS business units were defining their own marketing strategies and the company was not going to market with a common voice.
The marketing team realized that that the previous approach of “treating any marketing interaction as a lead” and then promoting individual products would not provide a sustainable growth engine. Marketing needed to implement a modern, digital-first strategy of engaging prospects in individualized conversations based on their unique business needs, and then building fit-for-purpose solutions tailored to customer requirements.
The marketing team needed to go back to square one and develop a common culture, vocabulary, and mindset. The effort also involved identifying the skillsets required for FIS marketing associates and empowering those associates with tools for effective modern-day marketing.
“The way that people research products and make purchase decisions is very different today than it was in the past,” says Day. “Today, they do much of their research online — before their initial contact with us. We’re finding that 40% of the buying decision is made before our reps engage directly with a prospect. We needed to drive engagement through digital connections. So, we reinvented our strategy, taking into account the best ways to reach people early in the buying cycle, identify where they are in the decision-making process, qualify them, and get their information into the hands of our sales reps.”