CFO Talk: 13 Insights CFOs Should Know About Marketing & Sales - with Jerry Vieira
In this episode of CFO Talk Jerry Vieira challenges finance leaders to let go of conventional wisdom and embrace a mindset shift. From his rich background as an engineer, MBA, business leader and musician, Jerry crafts a discussion filled with wit and wisdom, offering CFOs the tools they need to decode the complexities of marketing and sales strategies. Jerry will guide us through the pivotal role of perceived quality, the essentials of a strong market strategy, and the often-overlooked power of the intermarket network.
Here is a breakdown of this CFO Talk chapter by chapter:
1. Introduction of Jerry Vieira [00:00:03]
Jerry’s Background and Experience Unique Skill Set: Engineering, MBA, and Music His Role as a Mentor and Advisor
2. Overview of the Podcast Episode [00:01:04]
The Goal: 13 Insights CFOs Should Know About Marketing & Sales Jerry’s Statement on Mindset Change
3. Introduction to Marketing and Sales Fundamentals [00:01:30]
Mindset and Preconceived Notions Superpower of Understanding Truth in Marketing Obligation to Act on Insights
4. Empirical Findings on Market Strategy and Profitability [00:03:11]
General Electric’s Study on Market Strategy Strategic Planning Institute’s Role RPQL: Relative Perceived Quality Leadership
5. Marketing and Sales Engine [00:09:42]
Importance of Strategy Before Sales Components: New Business Development, Testing, Alignment The Role of Company Culture
6. 13 Insights and Myths (Focus on Initial Insights) [00:12:25]
Focus on Lucrative Target Markets Customer Centric Value Quotient Meaningful Differentiation
7. Adoption of Innovations [00:25:09]
Case Studies: Iowa Seed Corn, New Math, Boiling Water in Andes Importance of Intra-Market Network
8. Universal Customer Decision Process [00:31:03] Steps from Problem Recognition to Purchase Comparison to Sales Process
9. Sales Qualification Criteria [00:35:56]
Importance of Compelling Need Leveraging Opportunities
10. Importance of Repetitive Sales Training [00:39:18]
Coaching and Ongoing Training Avoiding Single Training Sessions
11. Misconceptions and Hiring Practices [00:40:54]
No Inferior Offerings, Just Misunderstood Decisions Issues with Hiring for Contact Lists
12. Real Case Studies and Diagnostic Tools [00:43:50] Importance of Analytics in Diagnosing Market Performance Illustration with Growth Curves and IPO Success
13. Call to Action for CFOs [00:46:54]
Courage to Question and Challenge Conventional Wisdom Personal Story: Motivation to Study Market Strategy
Some Episode Quotes:
On Challenge the Status Quo in Marketing: “I want to challenge you with this to have the courage to question and speak up. Don’t be trapped by conventional wisdom because I can tell you in my experience, very few marketing and sales teams are familiar in school in these two things.”
On Intramarketing vs Mass marketing “And the conclusion from all of that research is that the intermarket network, how people communicate is 13 times more impactful, 13 times more impactful than mass communication.”
On Evaluating Advertising Investments: “What it means is that if a marketing person comes in and wants to increase the budget for advertising by $6,000,000, you’re going to ask the question is, is it going to get the value quotient communicated through the intramarket network? Or are you just going to blast it out there and hope that it catches somebody.”
On The Power of Compelling Need in Sales: “The first one is compelling need. And the reason that’s number one is because if 30 to 50% of a salesperson’s pipeline is lost to no decision, it means that there was no compelling need, that the customer never had a compelling drive to get that buying piston or that decision piston moving from left to right. So that’s the most important need.”
On Mastering the Customer Perspective: “Is that your belief or is that the customer’s belief? Have you validated with the customer that they believe that our value quotient and differentiation and competitive advantage and compelling need are all there?”
On the Hidden Costs of Business Strategies: “And for every benefit, there’s an associated cost. There’s an economic cost, an emotional cost, a political cost, a physical cost, and a social cost.”
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