Published on: 01 January 1970
Running the IRG program now for the fourth year, we have seen firsthand how much interest and attention CMOs pay to understanding how to have the right conversations with their CFOs. To finance marketing plans, CMOs need to collaborate with their CFO closely. But how?
A great source of inspiration on this topic is Cynthia Chu, IRG100 participant 2022, who is both Chief Financial and Growth Officer at Audible, a subsidiary of Amazon, and the market leader for premium audio storytelling, audiobooks, and podcasts. At IRG’s annual summit in Cannes, Cynthia shared some key reflections on where marketing and finance can meet.
Growth. The big uniting question for CMOs and CFOs is - how do we strategically find ways to grow? Cynthia views marketing as a tool and investment to reach new customers and to grow the business. Data is a critical factor linking both functions, especially for a membership-based service like Audible.
Pricing and Go-To-Market. The company had to create a differently priced and structured membership tier when launching Audible Plus. The genesis of the new membership was a pricing study, which led to a reassessment of the product line. In commissioning and translating such a study, marketing and finance join forces.
Balancing long and short-term. A big priority is delivering value to existing customers and retaining them. That is, first and foremost, as a recurring revenue business model. Next, the CFO and CMO need to consider the future and where to find the next generation of consumers. Focusing on generating long-term value for customers will ultimately bring downstream economic output for a company.
Inspired by Cynthia Chu, IRG100 participant 2022, CFO and Growth Officer at Audible