CFOs: Get involved with your Brand

How do most CFOs view their relationship with the Marketing department?  They see it as cats and dogs.  Or oil and water.  They see Marketing as a cost centre to be controlled or simply tolerated.  But they’re not seeing the full picture.

Brand-savvy CFOs realize that by getting involved with the Brand — and with the Marketing department that typically administers it — they can make a vital impact on the top line, the bottom line and ultimately‚ shareholder value. 

For example:  the strongest Brands‚ because they understand that a Brand is what people think of you‚ keep their messaging consistent in order to retain mindshare.  Most of their competitors‚ on the other hand‚ take the distracting and expensive route of constantly running new marketing and ad campaigns.

That’s right:  strong Brands view Branding through the prism of finance:

• By running “Roll up the Rim” each and every year‚ Tim Hortons has simultaneously saved millions of dollars and become entrenched in the Canadian consciousness.  Because of brilliant Brand discipline‚ they will not take a serious revenue hit from their current PR troubles.
  
  
• Staples made shopping “Easy” by ditching a big-box strategy.  Fewer products positively affected cash flow and profitability.  Profit has skyrocketed 1000% and their stock price more than tripled‚ from $8 to $25‚ between 2001 and 2007.
  
  
• By sticking with the Maytag Man for 45 years‚ Maytag has saved enormous expense on cooking up new campaigns.  Their recent dive in quality has been ignored by the same media that splashed the new Maytag Man on every front page. 

What does the Brand Coach coach?

The CFO must begin by convincing the CEO‚ as the only person with the power to make sure everyone lives the Brand‚ to take on the role of CBO:  Chief Brand Officer.  But even a great CBO cannot be everywhere.  He must appoint a number of Brand champions.  The CFO, as an exec with an enterprise-wide perspective‚ is ideally suited to play a champion role‚ along with the leadership of the Marketing department and others. 

CFOs:  get involved with your Brand!