CFO and CMO of La-Z-Boy discuss collaborative brand building, data-driven marketing, and strategic decision-making. They highlight the importance of long-term strategy, balanced scorecards, and adapting to industry trends post-pandemic. Insights on stakeholder dynamics, resource allocation, and navigating market challenges for sustainable profitability.
The podcast discusses the challenge of bringing CFOs and CMOs together to showcase the dynamics of their relationships. The episode highlights the importance of common agreed-upon metrics and third-party data sources in bridging possible tensions between the roles. It emphasizes the need for a shared belief that brand development is crucial for business success, with a focus on seeing marketing as a strategic tool and not just executional support.
Implementing Commercial Analytics Programs
The importance of adopting commercial analytics programs is explored, indicating that integrating disparate data flows alone is insufficient for robust insights. The episode emphasizes the significance of leveraging advanced analytics methods and technology to extract commercial intelligence. It underscores the need for credibility and impartiality in data assessment for effective decision-making and successful change management.
Balancing Short and Long-Term Goals
The podcast delves into the significance of balancing short-term marketing demands with long-term business objectives. It underscores the CFO's role in aligning short-term budget cuts with sustained business growth, emphasizing the need to avoid unsustainable actions solely for immediate financial gains. The discussion highlights the importance of long-term strategic planning in sustaining profitability and fostering continuous innovation.
Driving Brand Success through Data
The episode showcases how Lazy Boy strategically leverages data-driven marketing initiatives to enhance brand performance and achieve long-term success. By utilizing commercial mixed modeling, the company gains valuable insights to optimize marketing strategies and allocate resources effectively. The conversation emphasizes the balance between data-driven decision-making and innovative experimentation to drive brand growth and maintain competitive edge.
We're joined by CFO Bob Lucian and CMO Christy Hoskins. This episode is a great example of what's possible when both speak each others language and genuinely believe in both the value of marketing and the necessity of responsible financial management. Thanks to Analytic Partners (The leader in commercial analytics) for sponsoring this series. More at www.analyticpartners.com/onstrategy
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