#CustomerCentricity / Why B2B fintech companies are hiring CMOs

While chief marketing officers (CMOs) have often taken prominent roles defining the brand voices of large financial companies and consumer fintechs, a new breed of CMOs is taking the reins at business-to-business (B2B) fintech companies…

Earlier this month, Brex, a card and financial product company that caters to startups, hired former Spotify marketing executive June Sauvaget as its first CMO… Meanwhile, last year, card issuing and processing startup Marqeta, a payments infrastructure company that supports gig economy companies like Uber, DoorDash, Instacart, fintechs like N26 and Brex, and established players like Visa and JPMorgan Chase, also hired a CMO…

[Brex, June Sauvaget CMO:] “… when you really want to have a future-proof business, you need to build a brand that has a lasting impact on the consumer’s mind… The consideration process is very similar to how a consumer thinks about their different decisions that they make every day,” she said. “Do I recognize the brand, do I have affinity for the brand? Did I hear it from someone I know?” … Brex is also looking to expand its customer base beyond startups to small- to medium-sized businesses, and a more consumer-style brand strategy is necessary to build a constituency among prospective consumers… While Brex has been known to disseminate its brand messages through billboards, podcasts, events and a co-working space, Sauvaget said the company is constantly evaluating the type of channel mix that suits its client needs.

Getting the story right… [Vidya Peters, CMO of Marqeta:] “It’s not so much about an in-your-face, aggressive approach; actually, I would say that doesn’t work at all… You cannot put this product on people, and you can only create the need for the product by pointing to why the old solutions don’t work anymore… The story that I really focused on building over the last year is that payments are becoming increasingly more digitized and embedded, and businesses have to figure out how they can pay their gig workers or employees and their vendors in a smarter and more secure way…”

https://finledger.com/2020/11/10/why-b2b-fintech-companies-are-hiring-cmos/