The Transformation Journey: Building a Robust Product Marketing Function
When I joined Capital One in 2018, the product marketing function was virtually non-existent. The initial challenge was unifying a diverse team of talented individuals, each possessing unique skill sets but lacking a cohesive strategy. Today, we have over 200 product marketers fully integrated across major business lines—from credit cards to banking, to B2B software offerings. This remarkable growth reflects a shift in how product marketing is viewed: no longer just an afterthought, it’s now recognized as a critical strategic partner integral to product management and business success.
Defining Product Marketing: A Necessity For Growth
A significant hurdle in establishing a strong product marketing presence was defining what product marketing encompasses. Generic definitions didn’t resonate across our varied business sectors. We ultimately determined that product marketing is a function that fully understands our customers and markets, using this knowledge to inform product strategy, market execution, and propel business growth. It's the essential bridge connecting product teams, sales, marketing, and customers directly.
The Value Product Marketing Brings to the Table
Having a clear definition is crucial, but showing tangible value is paramount. Our focus concentrated on three core areas allowing product marketing to showcase its worth:
- Customer Insights and Market Intelligence: Product marketers serve as the vital voice of the customer, providing insights that help shape product development.
- Go-to-Market Strategy: We spearhead the process of launching products, ensuring effective positioning and messaging to drive adoption and engagement.
- Sales Enablement: Particularly in our B2B segments, product marketers facilitate critical connections between product teams and external sales forces, guaranteeing they are well-equipped with the tools and training needed to succeed.
Starting Small for Big Impact
In building a new function, there's always temptation to leap in with grand plans and extensive hiring. Our approach was much more prudent. We began with a small yet highly skilled team of four experienced marketers tasked with delivering impactful projects to establish credibility and demonstrate value across the organization.
The Future of Product Marketing in Financial Services
As we continue to evolve, the role of AI in product marketing becomes increasingly relevant. Capital One has already started integrating AI solutions into various facets of our business, enhancing our capacity for data-driven decision-making and improving customer engagement. AI enhances everything from fraud detection to targeted marketing campaigns—ultimately impacting our product marketing strategy.
In conclusion, while our journey to building a formidable product marketing function was fraught with challenges, it underscored a foundational lesson: understanding is fundamental. Whether you’re starting from scratch or scaling an existing team, clarity in purpose, demonstrating value through insights and execution, and embracing innovation are keys to success.
Add Row
Add
Write A Comment