553: Why Marketing & Finance Should Be Friends w/ James Thomas

ABOUT THIS EPISODE

In this episode we talk to James Thomas, CMO at Allocadia.

Wouldn't it be nice to have several thought leaders in your industry know and Love Your brand? Start a podcast, invite your industries thought leaders to be guests on your show and start reaping the benefits of having a network full of industry influencers? Learn more at sweet fish Mediacom. You're listening to the B tob growth show podcast dedicated to helping be to be executives achieve explosive growth. What you're looking for techniques and strategies or tools and resources? You've come to the right place. I'm Jonathan Green and I'm James Carberry. Let's get it into the show. We are here at again, at the BDB Marketing Forum here in Boston. I'm here with James Thomas. He's the CMO at Allocadia. James, how you doing? I'm doing great today. Thanks for having me so so, James, you're about to do a talk a little bit later today about marketings interaction with finance, which is really interesting. I we haven't...

...talked to a lot about that on the show. Talk to us about you know, give us a little piece of what your talk is going to be about, why you think it's so valuable. So funny when you say that one of the sides we have is this a deer in the headlight. Look, that's what many marketers think about when they think about talking to file. That's and how they really want to avoid it. So our talk today is about to trust me, I'm a CMO and other things you CFO doesn't want to hear. And so the whole talk today is about how to actually speak the lung which of the the business, and why marketers need to be less afraid of finance and really embrace what finance is trying to do. So finance is really trying to make sure that the business is running efficiently, making sure that teams are spending a money effectively. Many markers think that CMOS are trying to pull budget from them. They're actually not. They're just trying to make sure that you're accountable for being a better marketer and making sure you're spending money well. And so what many markers do is they go talk to finance and they'll say, just give me my budget, I'll do whatever I want with it. And and some CMOS, are cfls, are okay with that,...

...but the really modern CFLS are really want you to be more efficient with your dollars challenge. Course, many marketers go talking about things that see if I just doesn't care about right to talk about leads and likes and shares and follows where and the finance person cares about dollars and sense, and so there's this whole disconnect between those two teams at any times, and so we think there's a better way to do it as a better way to communicate. I would imagine that kind of coming at it from a place of collaboration and trying to work with the CFO as opposed to, you know, kind of in a silo with your team putting together your plan. Is there a piece of that to it or I don't know what what is practically speaking? Like someone listening to this, they have now m have a conversation with the CFO, like what's it look like that? Yeah, I think it really is a collaboration, but I like to think about is more of a what you need and marketings a translation machine. So I we talked about like an enigma machine, like this idea that marketing or finance speaking like gl codes and they're thinking about,...

...like how much money did you spend on these vendors or as marketing wants to take that and translated to saying here's how much I spend to drive this corporate objective, to launch this new product, to open up a new region, to the series of campaigns that you're doing it. So we're really think we're both talking about the same dollars, but we're talking about it completely different ways, and so that's why people come to Lkat. They were really a translation tool to say here's what finance says you have, here's all the actuals that they think you spend, but in the language of the marketing you want to be saying you because marketings responsibility for sales. So your jobs to be in the middle of those two things and so, and especially be top marketing or really accountable to the sales team. You know what is sales trying to drive, what regions are they trying to open, what products we trying to launch? Have those conversations one same dollar tag, multiple different ways. If you can do that, then you can report back to finance what they care about, but you can also report the sales what they care about. So Marketing oftentimes avoids this winning conversation, which is a huge mistake. If you...

...can actually embrace it. Embrace with financing. Job Is lactive, absolutely and the line with what sales is doing. You can do a lot more effective. Marketer, James, this has been fantastic. If somebody listen to this, they want to stake anecy with you, guys. Are the want to learn more about Allokadia. What's the best way to do that? Yeah, we obviously website allo Katiacom so al OC ADIA will really act up on twitter and social media at Allocadia and connected with me personally only on twitter at Jay Thomas Underscore forty four. Love it. I'wesome. Thanks up. Thank you. To ensure that you never miss an episode of the B Tob Growth Show, subscribe to the show and Itunes or your favorite podcast player. This guarantees that every episode will get delivered directly to your device. If you or someone you know would be an incredible guest for the B tob growth show, email me at Jonathan at sweet fish Mediacom. Let us know. We love connecting with be to be executives and we love sharing their wisdom and perspective with our...

...audience. Thank you so much for listening. Until next time,.

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