I have a notoriously nefarious relationship with my CFO. He and I are constantly picking on each other like brother and sister. From fake spiders in his Wall Street Journal to stolen office possessions taken to conferences to some classic public humiliation, it’s a never-ending battle of wits. (In fact, if you are looking for some good pranks to play on yours - here was my list from earlier in the year. (WARNING: Stay away from this list during budget time.)
As much as I hate to admit it, while he is constantly picking on my marketing math, touchy feely presentations and crazy ideas, he has challenged me to become a better, more accountable steward of my members’ money.
And sometimes his passion for the bottom line can accompany my passion for our brand in a rare accord. So, here are some empowering lessons worth taking the time to learn from your favorite bean-counter:
The State of the Economy: There is no one in the credit union more glued to the pulse of the economy than a CFO. He can tell me the unemployment rate, the state of the housing market and somehow has a telepathic connection to Ben Bernanke himself. Best of all, he can help predict how the economy will affect the demand for our services.
Product Profitability: Not all products and services are created equal. So how can you bring in the income of one to provide the additional benefits of another? He can help decide where it makes sense to concentrate efforts to provide members with a healthy and efficient return on their money.
Key Metrics that Matter: While there is an alphabet soup of metrics to memorize, it’s important to know what  the credit union uses to truly measure its health. What keeps him up at night, and what role does marketing play in the big picture?
Historical Perspective: My CFO is a data junkie and has faithfully kept years of brass tacks that date back prior to his birth. It’s interesting to see how history has repeated itself over and over, and how product trends that support life cycle hunches can form the basis of a good argument for innovation. And it’s not only fascinating information, but it helps tell the credit union’s story.
Return on Investment: Though we may disagree on how to calculate it, he’s a great resource to know the true yield on products and to support the case that marketing can be a grand investment, not just a line item expense.
While you are in his office learning from him, it’s also a great opportunity to teach him the long term benefits of a strongly differentiated brand, an engaged staff, and a good marketing strategy. And while you are there you might as well steal his calculator for your next big prank.
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Kelley,
i couldn’t agree more. I have been sleeping with a CFO for years now, er I mean, dating? living with? Well, you get the idea. He’s my faux spouse and is a great resource for me. I have learned to really respect the numbers and if marketing wants to survive this recession – we need to be relevant and strategic, not just creative.
It’s budget time – and I know those CFOs are looking at marketing as a big black hole of expense. I was speaking to a group of marketers in New York last week and gave them this advice:
1. Remember Y2K preparation? The crisis that never happened? Well, that was a warning shot across the bow for marketing as we were labeled a “non-essential function” should the world decide to come to a screeching halt. Prove that this economic crisis needs marketing now more than ever.
2. Nobody cares that in February of next year you plan to promote IRAs. Now you have to say “Why” you are planning that and what you hope to get from it. Isn’t there already a demand for IRAs that time of year? Question everything.
3. Discover your CFO’s hot buttons – what are the numbers he/she laments over. In everything you do in 2010 show how you intend to support those financial goals. Not just spend money.
From my CFO to yours – Cheers!
Cheers, Denise! As always, great points. Thanks for taking the time to add to the list.
What a great time to “Question Everything”. It’s all too easy to scratch through the 9 and put a 10 on that marketing plan, rather than asking a few why’s and making sure that marketing truly becomes the essential growth engine that fuels the credit union.
And please give my best to your CFO-BO.
Amen my sisters.
I could not have more respect for our VP of Finance. I’m lucky in that he’s a real Renaissance guy and already came to our world understanding the value of marketing and having the patience to teach me some ROI calculations that work for both of us.
I’ve recently been focusing on developing consensus and making progress. It’s a very warm, fuzzy and rewarding way to collaborate. I’m a heckuva fighter. I’m a bold debater. So, this process was not innate to me. But if I come at someone and they feel attacked, no one wins. Our VP of Finance has never been my adversary, and as a result, he’s made me stronger and smarter.
When I temporarily lost my mind and left the cu world, I told my replacement that the best ally he could make was with our VP of Finance. I still believe that’s true.
Kudos for putting down these thoughts in writing and making them “real” Kelley!! Maybe we should plan some Marketing/CFO mixers. Snacks, drinks…all of which will inevitably lead to karoke…and a greater appreciation for what we all bring to the table. Besides, karoke always levels the playing field.
My dear Susan, thanks for the thoughtful comments lady.
I can personally vouch that you lucked out with an awesome CFO. Ben is such a great guy and always speaks so highly of you, of course.
That might be the best advice you can give – make the CFO your ally.
George (my CFO) has remarked several times that he wishes CFO’s had a group like we marketers do. So, I think your mixer idea is a great one! Snacks, drinks, karoke…and we’ll leave the dartboards at home (this time). ha!