Harness The Power Of NPS, With Ex-State Street CMO Hannah Grove

You’ve probably heard of the Net Promoter Score, or NPS. But on this episode of the Generation Podcast, Hannah Grove - ex-State-Street CMO and now board member at abrdn - is going to show you how to harness it. She sat down with Max to discuss how Hannah transformed State Street as a marketeer, why NPS should be a CMO’s number 1 metric, and why it’s so hard to create great content in-house.

In the ever-evolving world of marketing, few figures are as accomplished and insightful as Hannah Grove. With a career spanning several decades, including her pivotal role as CMO at State Street, Hannah has been at the forefront of marketing innovation, leading transformative initiatives that set new benchmarks in the finance industry. Recently, she shared her perspectives on what makes an exceptional CMO, the importance of customer-centric strategies, and her journey from CMO to board member in a candid interview on The Generation podcast.

Here are the key takeaways from our conversation with Hannah Grove:

1. The Four Pillars of a Successful CMO

When asked about the qualities that separate exceptional CMOs from the rest, Hannah distilled her approach into four core areas:

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Be the Voice of the Client
‍A CMO must act as the conduit for client data, ensuring that the voice of the customer is heard throughout the organization. "You can’t be an effective CMO unless you’re truly listening to the clients and understanding their needs," she emphasized.
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Understand the Business Context
Marketing may involve creativity, but understanding the business landscape is paramount. Hannah stressed that it’s vital to “articulate the business context” to ensure marketing strategies are aligned with broader business goals.
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Nurture Great Talent
A self-professed advocate for talent development, Hannah said, “If I’ve had any success as a CMO, it’s because I hired people better than me and continually learned from them.”
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Focus on Metrics That Matter
Beyond impressions and engagement, she advocates for focusing on outcome-based metrics that dovetail with the company’s key performance indicators (KPIs). "Ultimately, what did the client do as a result of the marketing activity?"

2. The Importance of Clear and Relevant Metrics

In today’s data-driven marketing landscape, Grove emphasized the need for clear metrics that reflect tangible business outcomes. She noted that marketers often fall into the trap of focusing on outputs, like impressions or engagement, without aligning these efforts with actual business growth. "It’s not enough to talk about engagement—you need to focus on what action was taken and how it impacted revenue or client loyalty."

At State Street, she implemented a comprehensive marketing dashboard tracking the client journey across four stages: awareness, engagement, relationship, and advocacy. This allowed her team to align marketing efforts with revenue outcomes and to use data more effectively.

3. Cutting Through Complexity: Reframing the Client Conversation

One of Hannah’s standout achievements at State Street was reframing how the organization communicated with clients. Initially, the company’s messaging focused on its long history and vast assets, but Grove quickly realized this wasn’t resonating with clients. "Our message was, ‘We’re really old and we’re really big,’ but that doesn’t tell the client what’s in it for them."

She shifted the focus toward a more client-centric approach, simplifying the language and focusing on how State Street could solve clients’ problems. "It’s about creating better outcomes for the world’s investors and the people they serve," she explained.

4. Building Internal Buy-In Through Data and Small Wins

Convincing a large, established institution like State Street to change its approach wasn’t easy. Hannah spoke candidly about the challenges of getting internal teams, particularly sales, to embrace a new way of communicating. She focused on delivering small, meaningful wins that built credibility, such as implementing a centralized system for sales presentations that saved time and improved consistency.

Hannah noted, “Success breeds success. Once people start seeing results, they buy into the framework.” She emphasized the need for persistence, describing marketing leadership as "like a whack-a-mole game—you need to keep reinforcing the message or people will revert to old habits."

5. Harnessing the Power of NPS (Net Promoter Score)

Hannah is a staunch advocate of using Net Promoter Score (NPS) to measure client advocacy. "NPS is the gold standard for understanding how likely a client or colleague is to recommend your company," she said. At State Street, she tied NPS results directly to compensation, ensuring that teams took the feedback seriously and acted on it. "It’s not just about getting feedback; it’s about acting on that feedback to improve client relationships and business outcomes."

6. Lessons from Major Partnerships: TED Talks and Beyond

One of Hannah’s most memorable initiatives was the partnership with TED Talks, where she brought State Street employees to the stage to tell personal stories. This humanized the brand and created a deeper connection with both employees and clients. "The TED Talks weren’t about custody or asset management; they were about real human experiences," she recalled. The campaign went viral, with over 3.5 million views of TED Talks by State Street employees.

This partnership, along with others like the Fearless Girl campaign, was rooted in a deep understanding of what resonates with clients and the broader public. "It wasn’t about going viral for the sake of it—it was about driving meaningful change."

7. From CMO to Boardroom: A New Perspective

Hannah’s transition from CMO to board member gave her a fresh perspective on leadership. She emphasized the importance of being fluent in business, governance, and regulatory frameworks, particularly for CMOs aspiring to board positions. "As a board member, you’re no longer an operator—you’re there to provide oversight, ask good questions, and help shape strategy."

She also encouraged aspiring board members to start early by joining nonprofit boards and gaining experience in governance while still in their current roles.

Final Words of Wisdom

For those aspiring to follow in her footsteps, Hannah offered a piece of advice: don’t be afraid to fail. "I’ve learned more from my mistakes than my successes," she said. She also reminded CMOs to remain open to new ideas and to recognize that the best ideas may come from others. "The best leaders are the ones who continually learn from those around them."

This conversation with Hannah Grove serves as both a masterclass in marketing leadership and a guide for future CMOs looking to make their mark. Her ability to drive business outcomes, build strong internal partnerships, and create campaigns that resonate on a human level showcases what it takes to be an exceptional leader in today’s fast-changing marketing landscape. 

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