Provenir’s Marketing Risks and Their Path Towards In-House Communication Distribution

The term “marketing risks” is not often heard in the financial technology industry, but Adi Bachar-Reske, Global Head of Marketing at Provenir, is making it commonplace. She has overturned the company’s communication strategies and is sharing her insights on this episode of Renegade Thinkers Unite.

In her conversation with Drew, Adi explains how Provenir went from using a third-party communication distribution company to handling all of their press releases and supporting content themselves. She also fully explains why Provenir seeks to help financial lenders make better, faster decisions.

Taking marketing risks is one way to ensure your company stands out from the competition, even though it takes courage as a CMO. Drew shares his top four qualities for entrepreneurs as well as why you should avoid too many micro-campaigns all on this episode.

You’ll enjoy Drew and Adi’s conversation, and it’ll leave you thinking, so be sure to listen.  Click here to listen!

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Provenir’s main focus within financial technology and why empowering people to make better, faster decisions is so important

Provenir strives to orchestrate a company’s decision making processes for customers. Adi first experienced this decision-making dilemma after wanting to lease her third car from the same company in four years. Even though the company knew her as a customer and was familiar with her positive financial history, the company still made her wait over 48 hours before they would approve another lease agreement. She believes that decision making needs to be faster, more automated, and that you should never make a customer wait while you decide on whether or not to take their business because it gives them time to go to your competitors. That’s what Provenir prevents. They empower lenders to make better decisions faster and enables them to provide their customers with an even better experience. Adi shares some great anecdotes with Drew about why automating decisions is so critical to a company’s success and you don’t want to miss them.

The path towards in-house communication strategies

Even though working with public relations organizations has been an industry standard for years, Adi and her team at Provenir recently decided to create and distribute their own in-house press releases. This decision came after a few of their self-published blog posts received large amounts of feedback and engagement. Journalists were attracted to the company and they connected with their audiences even without the third party assistance. While bringing communications in-house, Adi realized that there were a number of needs that now needed to be fulfilled by their team: create a CRM database, produce content to follow up each press release, measure the impact, etc. No one could do all of this work on their own, which is why Adi has teams across the world working on these communication and marketing strategies. She tells Drew that there are always trade-offs for bringing work in-house, but that it was definitely a successful marketing risk that Provenir took. To hear all about Adi’s challenges and successes with this venture, be sure to listen to this episode of Renegade Thinkers Unite.

Taking strategic marketing risks can provide greater benefits, and your company can learn from Adi’s successes at Provenir

There are four main qualities that Drew encourages every CMO to have: courage, artfulness, thoughtfulness, and scientificness. Of these, he believes that courage is the most essential and the one in shortest supply. Taking marketing risks can be difficult but it is necessary even in financial industries. If your team decides to go after a risky marketing venture rather than going with the standard methods and it’s successful, the payoffs will be far greater. You can learn from Provenir’s recent in-house communications successes and adapt their strategies to your company. Taking the initial steps is often the most challenging part, and requires every bit of courage that you have as a CMO. For inspiration, be sure to check out Adi’s story on this episode of Renegade Thinkers Unite.

What You’ll Learn

  • [2:07] Drew introduces his guest for this episode, Adi Bachar-Reske, Global Head of Marketing at Provenir
  • [3:33] Adi’s approach and philosophy for risk-taking in marketing
  • [10:17] Why Provenir decided to go with in-house communication strategies
  • [14:07] The content that Adi created and the mechanisms they used to direct customers
  • [17:00] Viewing new campaign strategies from an evaluation standpoint
  • [19:23] The full story behind how Adi brought Provenir’s marketing in-house
  • [21:10] Why you should avoid too many micro-campaigns that drive leads but don’t add up to a bigger story
  • [24:01] Provenir’s main goal as viewed through a car lease example
  • [30:00] Adi’s go-to inspirational resources for marketing risks and CMO advice
  • [32:42] Adi looks forward into the rest of 2018 and talks about the challenges she hopes to tackle

Connect With Adi:

Resources & People Mentioned

Connect with Drew

CMO Insights: The Undeniably Power of PR

An apology is in order. Probably not the only one that you’ll see from me on this blog but certainly one that is a long overdue.  This one goes out to the thousands of public relations professionals, particularly the ones who almost always find a way to plant the seed that becomes a story, who uncover the news when others just see a plain old brief, who instinctually know a potential buzz machine from the proverbial blind alley.  To these fine folk who helped drive the success of many of Renegade’s classic guerrilla marketing successes (BankCab anyone?), I officially apologize for omitting Public Relations as an Element in my book, The CMO’s Periodic Table: A Renegade’s Guide to Marketing.

Please note that this was not a conscious omission but rather a statistical anomaly.  In retrospect, it seems impossible that PR wouldn’t become front and center in one of the over 150 interviews with senior marketers I conducted prior to finishing the book.  To make amends, not that any of you are all that upset or not used to receding from the marketing spotlight, I am thrilled to present part 1 of my interview with Caralene Robinson, CMO at Vh1. A recipient of last year’s CMO Award for Creativity, Caralene was kind enough to share her thoughts on the importance of PR and how that aspect of marketing is so critical to the success of VH1 programming.

Drew: Last year you won The CMO Club’s creativity award. Can you talk about a program you’ve done at VH1 that you’re particularly proud of?

The sheer volume of projects times rate of change demands constant innovation. So there are many programs I quite proud of. For example, the launch of our original scripted movie, Crazy Sexy Cool: The TLC Story. TLC was cultural phenomenon that came to life in the most authentic way. It was an incredible multifaceted campaign. The film and the campaign were used as momentum to launch a new TLC album. Epic Records saw the opportunity, decided to release an album simultaneously, and this collaboration amplified the impact. In general marketing has changed so much. When I first started, there was no such thing as social media and print was the big thing. The dynamics of the marketing mix have completely changed. I am particularly proud of campaigns where we effectively partner with Press, which I see as a critical part of the marketing mix. I have a great consumer marketing team that constantly looks for activations designed to get people talking in a very unbiased way.

Drew: Is there another example you’d like to share?

Dating Naked is a great example. For Season 1, we released a viral video that generated more than 2 million views. What we spent on that is nominal compared to the views. So creating adjacent content that captures the pop culture zeitgeist and gets people talking is huge. For Season 2, we created an outdoor board in Hollywood that was essentially peel-off stickers. Consumers could walk up and peel for prizes, eventually revealing the two nude leads of the show. I like the stuff that gets people talking.

Drew: My book The CMO’s Periodic Table covers 64 elements of marketing but there is one element that I know I haven’t really covered very well, and that’s PR. Could you talk a little bit more about the role that PR plays in your business, and how you make sure that your marketing is buzz-worthy and press-worthy?

Since the beginning of my career I’ve always considered Press part of the marketing mix. We can’t survive without our amazing Press team, which reports directly to our President, Chris McCarthy. Press is equally as important as paid media, social and on-air. So there is never an instance where we’re not walking hands-in-hand with the press team, regardless of where it lives in the organization. Extending the overall strategy via press not only on the consumer side, but also the trade side as well is crucial.

When you’re evaluating a potential marketing campaign, do you compare them based on how much press one might get over the other?

Well, I think we all do that. We look at a number of factors and prioritize launches. In terms of press, some shows are stickier than others. But that’s why our press team is really good at what they do. They figure out the starting point and ask the right questions – what do I have to work with? They look at everything–the actual concept of the show, the talent, our marketing plans, etc. Then they figure out how to create excitement.

Drew: It’s got to be easier to get press for VH1 than it would be for Coke. Are there some lessons that you think that someone outside the entertainment space could draw from your experience at the VH1 in terms of getting press coverage?

I’ve had projects where it’s easy to get press, and I’ve had projects where it’s difficult to get press. It really depends. I’ve marketed carbonated beverages, dish liquid, and cell phones. I’ve gone from selling tangible products to intangible content. It varies on a project-by-project basis. In terms of press as a crucial part of the overall marketing mix, I think it’s important to customize pitches to verticals. Our VH1 press team is extremely good at this. What you pitch to a Fast Company is different than what you might pitch to Billboard, and different than what you might pitch to The Wendy Williams Show. And I don’t always feel like the brand needs to lead the story. It could be a pitch to the New York Times about adult millennials, for example. And if we’re just referenced in the article, that works for me too. Because that means we’re perceived as being culturally connected or culturally cognizant.