CFO THOUGHT LEADER 696: Ascending the Funnel | Darrell Cox, CFO, Vena Solutions
When marketing campaigns get old, they’re like polyester leisure suits that seem to fit okay but look awful, explains finance chief Darrell Cox of Vena Solutions, who credits finance with helping Vena to empty its closet.
Or, to put it another way, Cox credits finance with helping Vena to fail faster.
“The earlier you know that you should stop investing, the more successful you will be at failing efficiently and having your experiments be effective,” comments Cox, who says that such experiments are frequently conducted in collaboration with the sales team, as finance seeks to lengthen its lines of sight into the sales funnel.
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“The further up you get in the funnel, in terms of being able to analyze where your sales leads are coming from and what your conversion rate is going to be, the more successful you can be when it comes to failing fast and knowing where you should be spending,” observes Cox.
Still, certain finance teams are better prepared than others to ascend the funnel. According to Cox, finance teams need to understand that they are not climbing the funnel in order to make business decisions but instead to influence them.
“How do you influence and lead others without friction? You put yourself in their position and begin by assisting them,” explains Cox, who notes that the most effective finance people begin by understanding the roles of others.
Says Cox: “If you can make their job easier and make them more successful, they will start coming to you.” –Jack Sweeney
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