Podcast Summary: Episode 444 - Marketing Trends, Gender Diversity, and Leadership in Finance with Sue Hermann, CMO at BOK Financial

Introduction

In Episode 444 of Marketing Today with Alan Hart, host Alan Hart engages in an insightful conversation with Sue Hermann, the Senior Vice President and Chief Marketing Officer at BOK Financial. Released on November 6, 2024, this episode delves into Sue's journey to becoming a CMO, the current marketing landscape in the banking sector, gender diversity in finance, balancing career with parenthood, and essential leadership qualities in fostering effective team environments.

1. Sue Hermann’s Career Path

Sue Hermann's path to becoming the CMO at BOK Financial was anything but conventional. Growing up in St. Louis, Sue initially aspired to be a coroner, inspired by the television show Quincy. However, disinterest in aspects like blood and fear of seasickness led her to pivot towards a different career.

“Instead of coroner school or if they have that, I switched to my site to the renowned University of Missouri journalism school, which led me to a career in PR.” [03:52]

Her expertise in public relations and corporate communications over the years positioned her uniquely to take on the CMO role, especially after her previous company was acquired. Despite initial hesitations and feelings of imposter syndrome, Sue embraced the opportunity with encouragement reminiscent of Sheryl Sandberg’s Lean In philosophy.

“Like a lot of women, I wasn't sure if I was ready. It was a big step up... lean in already, woman. And so I said, yes.” [05:21]

2. The Current State of Marketing in Banking

Sue discusses the lingering effects of the 2008 financial crisis on the banking industry's marketing efforts. Trust remains a significant hurdle, but BOK Financial has taken proactive steps to rebuild and enhance public confidence.

“Our CEO was very passionate about the industry... we pivot and lean really hard into content and developing our own publishing platform so that we could focus on delivering insight and advice rather than talking about product.” [08:08]

By shifting focus from product-centric messaging to providing valuable insights and advice, BOK Financial aims to strengthen relationships with clients and position itself as a trusted advisor.

3. Gender Diversity in Finance

Addressing gender diversity, Sue reflects on the progress made since the 1990s when restrictive dress codes were the norm. Today, women constitute about 60% of employees in financial services, though representation in leadership roles remains disproportionate.

“It's estimated that women will control approximately 2/3 of the household wealth in the US by 2030. But only half of women compared to 2/3 of men feel confident managing their investments.” [12:57]

She emphasizes the importance of women in strategic roles to effectively serve the evolving needs of a diverse client base, especially in the context of the upcoming wealth transfer.

“If we don't figure out how to serve the needs of both partners, of both spouses... we will lose that business when that transition occurs.” [13:00]

4. Balancing Career and Parenthood

Sue candidly shares her struggles with balancing a high-powered career and motherhood. Early in her career, she often prioritized work over family commitments, leading to feelings of guilt. Over time, this experience fostered empathy and a more holistic approach to leadership.

“Work is incredibly personal and so work-life balance really is a work-life blend for me and I try to make it in my interactions with my teams.” [19:41]

By connecting with her team on a personal level and encouraging discussions about family and hobbies, Sue believes in creating an environment where employees feel valued beyond their professional roles.

5. Leadership Insights

Leadership, for Sue, revolves around human connection and gratitude. She highlights the impact of her CEO's handwritten notes, which foster a culture of appreciation and recognition within the company.

“Expressing gratitude in that very human and concrete way is so meaningful to your team.” [22:20]

Additionally, Sue underscores the importance of openly acknowledging personal commitments, such as family appointments, to normalize work-life integration and reduce stigma around taking necessary personal time.

“We intentionally create space for humanness.” [22:42]

6. Personal Stories and Experiences

Sue opens up about a pivotal moment when her father passed away unexpectedly in her 30s. This experience instilled in her the importance of cherishing every moment and living authentically.

“Tomorrow isn't guaranteed. So you got to make the most out of every day.” [27:01]

Her advice to her younger self is straightforward: “Be more brave. Stop talking yourself out of whatever it is and just go for it.” [27:52]

7. Future Trends and AI in Marketing

Looking ahead, Sue identifies Artificial Intelligence (AI) as a double-edged sword in marketing. While AI offers tools for personalization and efficiency, it also poses risks related to authenticity and human connection.

“How can we use it to make our work better and to better deliver marketing and our product in a more personalized and relevant way to our audiences. But also how to make sure that the ugly side isn't creating more disbelief or disconnectedness in our society as a whole.” [28:09]

She advocates for maintaining human creativity and oversight to ensure that AI serves as an enhancer rather than a replacer of human ingenuity.

“The copy I've seen written by AI, it still sounds like your intern wrote it.” [29:33]

8. Understanding Gen Z and Future Opportunities

Sue emphasizes the importance of understanding Generation Z, who are digital natives shaped by the COVID-19 pandemic. Their expectations for personalization and relevance challenge companies to innovate continuously.

“Gen Z... expect it. And I think it's going to be harder than we think right now.” [29:58]

She stresses that meeting the unique needs of Gen Z is crucial for capturing the substantial wealth transfer anticipated in the coming decade.

9. Largest Opportunities and Threats for Marketers

Concluding the discussion, Sue identifies the overwhelming noise in the marketplace as the biggest threat to effective marketing. The saturation of content makes it challenging to create meaningful connections and demonstrate value to audiences.

“There's not a lot of time or space to create engagement with your audiences... we need to figure out how do we tune that down so people can have that opportunity to focus and connect and make those decisions.” [31:29]

On the flip side, this challenges marketers to innovate and find ways to stand out by delivering genuine value and fostering trust.

Conclusion

Episode 444 of Marketing Today with Alan Hart offers a comprehensive exploration of Sue Hermann's leadership journey, the nuances of marketing in the financial sector, and the imperative of gender diversity and empathy in the workplace. Sue's insights into balancing personal and professional life, leveraging AI responsibly, and understanding emerging generations provide valuable takeaways for marketers aiming to navigate the complex and evolving landscape of today's market.

Notable Quotes with Timestamps:

• “I switched to my site to the renowned University of Missouri journalism school, which led me to a career in PR.” — Sue Herman [03:52]

• “Like a lot of women, I wasn't sure if I was ready. It was a big step up... lean in already, woman. And so I said, yes.” — Sue Herman [05:21]

• “Our CEO was very passionate about the industry... we pivot and lean really hard into content and developing our own publishing platform so that we could focus on delivering insight and advice rather than talking about product.” — Sue Herman [08:08]

• “If we don't figure out how to serve the needs of both partners, of both spouses... we will lose that business when that transition occurs.” — Sue Herman [13:00]

• “Work is incredibly personal and so work-life balance really is a work-life blend for me and I try to make it in my interactions with my teams.” — Sue Herman [19:41]

• “Expressing gratitude in that very human and concrete way is so meaningful to your team.” — Sue Herman [22:20]

• “Tomorrow isn't guaranteed. So you got to make the most out of every day.” — Sue Herman [27:01]

• “How can we use it to make our work better and to better deliver marketing and our product in a more personalized and relevant way to our audiences. But also how to make sure that the ugly side isn't creating more disbelief or disconnectedness in our society as a whole.” — Sue Herman [28:09]

• “The copy I've seen written by AI, it still sounds like your intern wrote it.” — Sue Herman [29:33]

• “There's not a lot of time or space to create engagement with your audiences... we need to figure out how do we tune that down so people can have that opportunity to focus and connect and make those decisions.” — Sue Herman [31:29]

This episode serves as an invaluable resource for marketers and business leaders seeking to understand the intersection of marketing strategies, diversity, leadership, and the evolving financial landscape.