CMO Perspectives: Mandy Idol Of Indigo Collective Group On Where to Assign Your Marketing Budget and Why
An Interview With Kieran Powell
Data-Driven Insights: Leverage data-driven insights to guide budget decisions. Regularly monitor and analyze the performance of each marketing channel. Use tools and analytics to gain a deeper understanding of customer behavior, preferences, and the overall impact of your campaigns. Data-driven insights provide a solid foundation for optimizing budget allocation.
In an age where marketing landscapes are rapidly evolving and consumer behaviors are constantly shifting, Chief Marketing Officers (CMOs) play a pivotal role in steering their organizations’ marketing strategies towards success. With a plethora of channels, platforms, and techniques at their disposal, the decision on where to allocate the marketing budget is more critical than ever. We’re seeking to explore questions like: What factors influence their decisions? How do they balance between digital and traditional marketing channels? What role does data play in their decision-making process? And importantly, why they choose to invest in certain areas over others? As part of this series, we had the pleasure of interviewing Mandy Idol.
Mandy Idol is a seasoned marketing leader with over a decade of experience driving marketing campaigns within fintech, financial services, and consulting industries. As the former Embedded Banking Marketing Leader at KeyBank, she played a pivotal role in the successful launch of the Embedded Banking practice. Prior to this, she served as the Head of Marketing at XUP Payments, a fintech company, where she was responsible for the strategic direction, vision, and contributed to the remarkable growth and performance of the XUP brand. Prior to her role at XUP Payments, Mandy spent 5 years at KPMG, leading marketing efforts across local and national accounts. During her tenure, she significantly contributed to the growth and brand recognition of the artificial intelligence practice.
Recently, Mandy ventured into entrepreneurship with the launch of her marketing agency, Indigo Collective Group (ICG). Serving as a Fractional CMO for various startup companies, she brings a wealth of diverse perspectives on thought processes, marketing strategies, and budget allocation across different industries. In her capacity as the Co-Founder and Chief Marketing Officer of Indigo Collective Group, Mandy embodies an entrepreneurial spirit and is dedicated to building successful ventures.
Beyond her professional achievements, Mandy has been recognized as a nominee for Top Digital Women to Watch, Digital Woman of the Year, and ISG Women in Digital Rock Star Leader. She proudly holds the prestigious title of Top 50 Fearless Customer-Lead Marketers of 2023 and 10 Most Influential Women Leaders of 2021.
Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
I started my professional journey in sales, a foundation I now consider vital to my agency’s current success. This phase of my career exposed me to the intricacies of cold calling, client relationship management, and the art of closing deals — essential skills for my current role as a founder and agency owner. While navigating this path, I quickly realized my passion for the creative aspects of marketing, prompting a transition to KPMG as an Account-Based Marketing Manager supporting local market accounts. After gaining valuable experience, I transitioned to a national role, focusing on a new area within the digital transformation spectrum — Artificial Intelligence. During my tenure with this team, I dedicated several years to executing numerous marketing campaigns aimed at enhancing brand recognition in the market.
A connection on LinkedIn led me to an emerging startup called XUP Payments, propelling me to embark on the journey of launching a new company, brand, and marketing initiatives from the ground up. This exciting adventure marked a transition from managing a substantial marketing budget to virtually none, teaching me to adapt and identify cost-effective marketing and PR strategies. Today, I believe one of my standout qualities lies in my versatility — I can navigate both large and limited budgets with equal effectiveness.
XUP Payments was acquired by KeyBank within a year and a half, and I had the opportunity to lead the marketing initiatives for a new practice at the bank known as Embedded Banking. In this role, my team and I achieved remarkable success, contributing over $2 million in attributed marketing revenue, influencing $5 million in deal revenue, and generating more than 150 new client opportunities. Our efforts led to increased market awareness with half a million social media impressions, 50K+ engagements, 20 media features, and 5 speaking sessions over a 12-month period.
And that brings me to my current role. In July 2023, I embarked on a new venture, co-founding my own marketing agency, Indigo Collective Group (ICG). As the Co-Founder and Chief Marketing Officer, I have the privilege of serving as a Fractional CMO for various startup companies. In this capacity, I bring each client a tailored marketing strategy, expert campaign management, and a collaborative approach that ensures their unique needs and goals are met with precision and creativity.
It has been said that our mistakes can be our greatest teachers. Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
During a conference in the spring, I inadvertently managed to change the title of one of our senior executive leaders to my own title as the Head of Marketing. When he went to pick up his badge, he was thoroughly confused about being called the Head of Marketing. This incident taught me a valuable lesson about the importance of double-checking information when inputting details for conference badges. Needless to say, we all learned that day that sometimes you just have to laugh off mistakes and keep moving forward. The experience emphasized the need for meticulous attention to detail, and it taught us the value of maintaining a good sense of humor in the face of unexpected situations.
Are you working on any exciting new projects now? How do you think that will help people?
As a fractional CMO, I have the privilege of working on a multitude of exciting projects with various clients, from new product launches to implementing innovative campaigns. This dynamic role ensures that each day is unique, engaging, and filled with opportunities to contribute my expertise across different industries. It not only adds excitement to my professional journey but also allows me to bring diverse perspectives to the table, creating impactful strategies for each client.
From an Indigo Collective Group (ICG) perspective, we are thrilled about several exciting campaigns currently in the works. These endeavors aim not only to showcase our creativity and strategic expertise but also to make a meaningful impact on our clients’ success. In addition, we are looking forward to expanding our team this year, fostering collaboration, and bringing fresh perspectives to our projects.
Thank you for that. Let’s now shift to the central focus of our discussion. Can you share an experience where a unique or unconventional budget allocation led to unexpected success in your marketing campaign?
One noteworthy experience occurred in the early months of the launch of the Embedded Banking practice at KeyBank. Unexpectedly, budgets were temporarily held for a few months, challenging our team to think creatively and adapt. Instead of allocating funds externally for conferences, promotional videos, and paid partnership opportunities, we decided to leverage the diverse skill sets within our team.
During that quarter with minimal budget, our team harnessed the power of internal talents and successfully launched 8 new pieces of content and an insights hub, bolstered by strategic social campaigns from both the business and our leaders’ pages. This not only positioned our team as thought leaders in the industry but also drove significant traffic, demonstrating the success that can stem from unconventional budget allocations. We continued these initiatives and proceeded to add an additional 11 pieces of content into the hub in the subsequent quarter.
How do you balance investing in emerging marketing trends versus traditional, proven strategies in your budget decisions? Can you give us an example?
Ensuring a well-rounded marketing approach involves a delicate balance between allocating budget to emerging trends and traditional, proven strategies. The strategy must be tailored to the target audience, focusing on channels that effectively reach them. Our budget decisions often favor a combination of emerging trends and traditional methods, creating a comprehensive marketing mix. However, guided by our target audience and meticulous ROI tracking, we maintain flexibility in budget adjustments. If a new emerging trend proves more effective than a traditional strategy, we reallocate funds to prioritize the most impactful approach.
In what ways has data-driven decision-making influenced your approach to allocating marketing budgets, and can you provide an example of this in action?
Data-driven decision-making plays a pivotal role in shaping our approach to allocating marketing budgets. By leveraging data insights, we gain a comprehensive understanding of what strategies yield the best results and resonate most with our target audience. For instance, through detailed analytics, we identified at one client that a significant portion of our audience engages more with video content than written articles. This revelation prompted us to reallocate budget towards video production and distribution by hiring a video-as-a-service agency, resulting in increased engagement, longer session durations, and ultimately a more favorable ROI. Data-driven decision-making ensures our resources are strategically invested where they can make the most significant impact.
How do you evaluate the ROI of different marketing channels and decide where to invest more or cut back?
Evaluating the ROI of various marketing channels is a meticulous process that involves assessing key performance indicators and making informed decisions. We employ a comprehensive approach to measure the effectiveness of each channel. For instance, we analyze metrics, conversion rates, and customer acquisition costs specific to each channel. If a particular channel consistently demonstrates a high ROI, we may choose to invest more resources and effort into optimizing and expanding its reach. Conversely, if a channel underperforms or fails to meet our predefined benchmarks, we may consider reallocating resources or cutting back on investments. This data-driven evaluation ensures that our marketing budget is strategically allocated to channels that deliver the best return on investment.
Based on your experience and success, what are the “5 Things To Keep in Mind When Deciding Where to Assign Your Marketing Budget, and Why?”
1 . Audience Alignment: Align your marketing budget with your target audience. Understand where your audience is most active and tailor your investments to those channels. Whether it’s social media, media publications, or industry-specific events and conferences, focusing on audience alignment ensures that your efforts resonate with the right people.
Example: During the launch of Embedded Banking at KeyBank, our strategic focus was on the Money2020 conference, a targeted event for our audience. We reserved a portion of our budget to execute a substantial launch during this conference, resulting in a highly successful awareness and branding campaign. Notably, it was acknowledged as one of the best events the bank had organized. The intentional alignment with our target audience ensured that the event generated a substantial number of leads for our sales team, capitalizing on the anticipated attendance of our key demographic.
2 . Data-Driven Insights: Leverage data-driven insights to guide budget decisions. Regularly monitor and analyze the performance of each marketing channel. Use tools and analytics to gain a deeper understanding of customer behavior, preferences, and the overall impact of your campaigns. Data-driven insights provide a solid foundation for optimizing budget allocation.
Example: At both KeyBank and XUP Payments, the team and I collaborated on quarterly metrics reports to share with leadership and team members. These reports offered an in-depth perspective on all marketing efforts, guiding our budgeting decisions and allowing us to assess the need for strategy adjustments. The iterative process involved reviewing the report, evaluating the budget, and making necessary adjustments based on the obtained results. This approach ensured a data-driven and responsive approach to our marketing initiatives.
3 . Adaptability: Be adaptable and responsive to changing trends and consumer behavior. Consumer preferences and market dynamics evolve, and your marketing budget should reflect this flexibility. Stay informed about emerging trends, technological advancements, and shifts in your industry to ensure your budget remains aligned with current market conditions.
Example: In the KeyBank position, following the competitive research, we faced the necessity to be adaptable and responsive to consumer behavior. This initiative targeted a non-traditional bank customer audience, requiring us to tailor our marketing and sales strategy to meet their specific needs. Although not without its challenges, over time, we successfully developed new messaging, branding, and campaigns that effectively drove interest and awareness among this unique customer base. This adaptability extended to our budget, serving as a driving force in determining the allocation of spend to innovative campaigns and new tactics that aligned with the evolving strategy.
4 . Prioritize Testing and Innovation: Set aside a portion of your budget specifically for testing and trialing new marketing efforts that may not have been explored in the past. This allows for experimentation and innovation, helping you discover untapped opportunities and refine your strategy based on real-time results. Embrace a culture of continuous improvement and allocate resources to initiatives that show potential for growth and success.
Example: One distinctive aspect of my role at KeyBank, particularly with our specific target audience, involved the experimentation with new channels and campaigns. We forged a strategic partnership with TechCrunch to host a webinar series, enabling us to tap into a tech-focused audience that closely aligned with our target demographic for the newly launched practice. This collaboration not only granted us access to TechCrunch’s extensive audience but also proved to be a highly successful venture, significantly expanding our reach and enhancing overall awareness.
5 . Competitor Analysis: Gain a comprehensive understanding of your competitors’ marketing strategies by conducting thorough research and analysis. Allocate budget to areas where you can differentiate yourself in the market. By staying vigilant in monitoring competitor activities, you can strategically invest in marketing channels and tactics that give your brand a competitive edge. This informed allocation ensures that your budget is directed toward initiatives that stand out and resonate with your target audience, contributing to your overall market presence and success.
Example: In each of my marketing positions, we have conducted thorough competitive analysis reports, monitoring and evaluating ongoing efforts. Leveraging these reports has been instrumental in guiding our strategies to engage our audience in new and distinctive ways. This proactive approach allows us to identify opportunities, refine our messaging, and stay ahead of industry trends. Additionally, we employ website tracking tools and monitor social media activities to gain insights into competitors’ content production, event participation, and other marketing efforts, providing a comprehensive understanding of the competitive landscape. This multifaceted approach ensures that our marketing efforts are not only competitive but also innovative and impactful.
Could you discuss a challenging budget decision you faced, how you navigated it, and the impact it had on your overall marketing strategy?
In the early stages of launching the Embedded Banking practice, we encountered delays in budget approvals from a marketing perspective. Rather than committing to full event sponsorships in the spring, we strategically identified opportunities to leverage our leaders’ expertise by securing speaking sessions on panels at key industry events. This decision not only allowed us to navigate budget constraints effectively but also resulted in securing five valuable speaking sessions. The impact on our overall marketing strategy was two-fold. First, it underscored the significance of adaptability when confronted with unexpected challenges. Second, it brought to light the value of leveraging leadership as thought leaders with expertise in specific topics. By adeptly implementing this strategy, we not only mitigated the effects of the budget constraint but also unveiled a more sustainable and cost-effective approach to engaging our target audience. This experience served as a reinforcement of the importance of flexibility and resourcefulness in shaping effective marketing strategies.
You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger.
Empowering Future Leaders Through Mentorship: I would initiate a movement centered around mentorship and leadership development, particularly for individuals right out of school. Recognizing the transformative impact of mentorship, the movement would encourage experienced professionals to actively engage with and guide recent graduates. By sharing knowledge, providing support, and fostering meaningful connections, we can empower the next generation, helping them navigate the early stages of their careers with confidence and success. This movement aims to create a culture of mentorship, where seasoned professionals generously contribute to the growth and development of emerging talent, ultimately building stronger and more resilient communities in the professional landscape.
I’ve personally witnessed the profound impact of mentorship in shaping careers and fostering professional growth. A recent experience underscores the importance of such connections. When a young individual reached out to our agency straight out of college, expressing interest in joining our team, I embraced the opportunity to provide mentorship. Guiding her through the job search process, I not only recommended her to contacts in my network but also offered insights and support. This engagement led to a successful outcome, as I eventually had the privilege of hiring her to work alongside me. This story reflects the tangible benefits of mentorship, reinforcing the belief that investing in the development of young professionals can yield rewarding results for both individuals and the broader professional community.
How can our readers further follow your work online?
You can follow me on LinkedIn at https://www.linkedin.com/in/mandyidol/ or you can follow my business page (ICG) at https://www.linkedin.com/company/indigo-collective-group or visit our website at https://www.indigocollective.group/.
This was very inspiring. Thank you so much for joining us!
About The Interviewer: Kieran Powell is the EVP of Channel V Media a New York City Public Relations agency with a global network of agency partners in over 30 countries. Kieran has advised more than 150 companies in the Technology, B2B, Retail and Financial sectors. Prior to taking over business operations at Channel V Media, Kieran held roles at Merrill Lynch, PwC and Ernst & Young. Get in touch with Kieran to discuss how marketing and public relations can be leveraged to achieve concrete business goals.
CMO Perspectives: Mandy Idol Of Indigo Collective Group On Where to Assign Your Marketing Budget… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.