
TLP439: Narrow Your Focus with Tony Martignetti
12/18/24 • 38 min
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TLP438: A missed opportunity isn’t measured on the balance sheet with Myles Corson
Myles Corson is the Global and America Strategy and Markets Leader for Financial Accounting and Advisory Services at EY. He also hosts the EY Better Finance Podcast, which focuses on various financial topics and trends affecting businesses today. Myles shares insights on the importance of “doing the math,” explaining how effective finance leaders filter valuable information from overwhelming data sources to drive consistent performance. Myles discusses how companies can adapt to disruptions like economic shifts, geopolitical instability, and advancing technology. He emphasizes that strong finance functions must balance short-term and long-term performance, especially when navigating Environmental, Social, and Governance (ESG) priorities alongside shareholder demands. He also covers how finance leaders can utilize AI and digital transformation tools in innovative ways, moving past traditional models to enhance efficiency and market adaptability. Myles reflects on what he’s learned from hosting the EY Better Finance podcast, noting the essential skills that set great CFOs apart, especially their ability to communicate complex ideas with clarity and build trusted relationships within the executive team. He concludes with a look at EY’s ongoing research, such as the DNA of the CFO report, and the significance of alignment between personal and functional transformations in fostering organizational resilience. Key Takeaways [03:51] Myles agrees with Jim on the importance of numbers, noting that CFOs face a data overload, making it difficult to separate critical information from noise. Successful CFOs, he adds, prioritize clarity and focus on key metrics to drive performance. [05:00] Myles addresses the issue of achieving a “single point of truth” in company data, particularly within finance. He sees AI as a tool for improving data consistency but underscores the CFO’s role in guiding organizations to focus on key KPIs for clear, actionable steps. [07:10] Myles agrees with Jan that establishing decision-making criteria based on company values and mission is crucial. He highlights that data strategy and governance are essential, with CFOs evolving from data stewards to data architects. [09:32] Myles describes how CFOs can balance traditional finance duties with strategic business partnerships. He emphasizes that finance transformation should focus on adding value, not just cutting costs. [11:14] Myles comments on the need for companies to adapt to disruptions with a clear strategic vision. He shares how agile, cross-functional leadership became a key factor during the pandemic and encourages CFOs to leverage this approach in the future. [15:55] Myles acknowledges the challenge of balancing ROI, DEI, and ESG initiatives, especially when there are competing priorities. He highlights that top CFOs deliver both short-term results and long-term investments, with a strong focus on culture and adaptability. [22:38] Myles compares the AI hype cycle to the early days of the internet, expressing his belief that AI’s real value lies in transforming processes rather than providing small improvements. He advises leaders to align AI applications with clear outcomes. [33:18] Myles emphasizes the importance of storytelling and communication skills among top CFOs, recounting a guest’s two essential questions for finance teams: "Do you trust us?" and "Do you value having us at the table?" [36:50] Myles concludes with insights from EY’s ongoing research on CFO transformation, stressing the need for alignment across personal, functional, and enterprise goals to achieve successful change. [40:18] And remember, "The theory that can absorb the greatest number of facts, and persist in doing so generation after generation, through all changes of opinion and detail, is the one that must rule all observation." - Adam Smith Quotable Quotes "The math has to be there; add up the math. If you sit there and just pay attention in meetings, how many times the math just doesn’t add up." "Successful CFOs have that clarity; they know what drives performance in their businesses, and they make sure the math stacks up." "The challenge isn’t the individual issues; it’s the compounding effect and the magnitude of impact." "Transformation is a tool, but it’s about outcomes. What are the outcomes we’re trying to drive toward?" "A missed opportunity isn’t measured on the balance sheet." "If you understand the outcomes and choose the right tools to deliver those outcomes, that’s when you’ll be successful." "Four out of five investors tell us they would trade some short-term performance for longer-term investment because they want confidence in sustained performance." "Too often, transformation is seen through the lens of cost reduction, but it’s really about focusing on what matters." "What we need is a moment of commitment as a leadership team—and you have to commit to what the outcomes are and stick to it." Resources Mentioned The Leadership Podcast | S...
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TLP440: The New Rules of Persuasion in Business and Life with Leslie Zane
Leslie Zane, Founder and CEO of Triggers® Brand Consulting, and author of "The Power of Instinct: The New Rules of Persuasion in Business and Life." Leslie explains that our instinctive, unconscious mind makes up about 95% of our daily choices, and marketers who focus on this instead of logical appeals see the strongest brand results. Leslie unpacks the concept of growth triggers, small but powerful cues that embed positive associations with a brand and override past negative perceptions. She also reveals why emotional marketing has limited long-term impact and urges brands to adopt strategies that leverage familiarity and instinct to grow lasting loyalty. Leslie touches on the Age of Instinct, a term she uses to describe today’s emphasis on behavioral science and AI in decision-making. With marketing now focused more on the unconscious mind, Leslie believes that the future of branding is driven by the brain’s associative power. She breaks down the difference between “uniqueness” and “distinctiveness” in marketing, advocating for strategies that balance fresh ideas with a sense of the familiar. Leslie’s insights challenge traditional marketing rules and provide a roadmap for leaders looking to grow authentically by aligning with the natural ways the human brain makes decisions. Key Takeaways [03:24] Leslie explains that Kahneman’s research emphasizes the unconscious mind’s major role in decision-making, responsible for about 95% of our choices. However, the marketing industry mistakenly interpreted this as needing emotional appeals, which don’t lead to long-lasting brand loyalty. Leslie stresses that emotional connection is an outcome, not an input, for effective persuasion. [07:59] Leslie shares that in the 90s, her work on instinctive decision-making was met with resistance, as behavioral science was not yet widely recognized in the business world. She felt isolated as she advocated for a focus on instinctive mind, a concept that took 30 years to gain mainstream acceptance. [16:31] Leslie describes the brand connectome as the network of associations tied to a brand that resides in the unconscious mind. Brands grow stronger as they develop positive, distinctive, and familiar connections over time, ultimately leading to instinctive consumer choices. [20:04] Leslie says “growth triggers” act like a brand’s “miracle grow.” These are sensory cues, like McDonald’s “fresh cracked egg” imagery, that add positive associations to a brand quickly, reversing negative perceptions and strengthening consumer loyalty. [25:09] Leslie notes that persuasion within a company requires treating ideas like brands. To achieve internal buy-in, she suggests building familiarity over time rather than introducing fully formed ideas. Involve key influencers in early stages, allowing people to “co-create” the idea, which increases acceptance and support. Leslie emphasizes that frequent exposure to an idea builds comfort and familiarity, making it more likely to be embraced. [28:31] Leslie discusses how the current era of AI and behavioral science emphasizes the unconscious mind’s influence in business. As AI advances, it enables marketers to connect with consumers on an instinctive level, signaling a shift toward the Age of Instinct in decision-making. [32:40] Leslie highlights that while behavioral science and AI are powerful tools for persuasion, they raise ethical concerns. She stresses the importance of ethical marketing practices, as companies may manipulate consumers without their awareness. Leslie warns that as AI technology progresses, it is essential for the industry to remain vigilant, ensuring human control and prioritizing consumer well-being to prevent overstepping ethical boundaries. [39:18] And remember, “Your mind knows only some things. Your inner voice, your instinct, knows everything. If you listen to what you know instinctively, it will always lead you down the right path.” - Henry Winkler Quotable Quotes "Emotional connection should be the outcome, not the input." "The instinctive mind calls the shots in branding and decision-making – that’s where marketers need to focus." "Familiarity beats uniqueness – a brand’s strength lies in building familiar, positive associations." "Instinct is the most powerful force for changing human behavior – leverage it to make your brand unforgettable." "Growth triggers act like 'miracle grow' for brands, adding positive associations that change consumer perception." "The brand connectome is a mental network – the larger and more positive it is, the stronger the brand loyalty." "Marketing to the conscious mind won’t drive long-term loyalty. Our unconscious choices hold the power." "Distinctiveness, not uniqueness, makes a brand memorable – give consumers something fresh that still feels familiar." "Stop trying to persuade people; instead, align with the mind’s natural instincts and your brand will grow." "We’re in the Age of Instinct, where behavioral science and AI unlock new ...
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