Welcome to another episode of the Sleeping Barber Podcast!
Join Marc and Vassilis as they dive into the fascinating world of marketing strategy and innovation with a special guest, Omar Roubi. Within a business, there appears to be a constant tension between marketing and accounting/finance departments. In this episode, Marc and Vassilis speak with Omar Roubi to explore that relationship and look for some common ground and language that can help marketers better understand their businesses.
Our Guest:
Omar Roubi https://www.linkedin.com/in/omar-roubi-cpa-texas/Host & Director, Education & Content at LumiQ | Accounting Instructor at University of Colorado Denver | Accounting Textbook Author with Top Hat
Enjoy the show!
Follow our updates here: https://www.linkedin.com/company/sleeping-barber/
Get in touch with our hosts:
Marc Binkley: https://www.linkedin.com/in/marcbinkley/
Vassilis Douros: https://www.linkedin.com/in/vassilisdouros/
Timestamps:
0:57 - Intro to Omar
1:47 - About LumiQ
4:50 - Target Canada - Why they Failed
6:22 - What is a capital budget & how does it affect the 4Ps
8:11 - The danger of putting strategy before execution of the 4Ps
10:33 - Big M marketing is different from advertising
12:35 - The value including marketers CMO in Capital budget planning
16:01 - Why No Amount of Budget could have created demand for Target Canada
20:09 - How to justify marketing budgets to accounting
21:45 - Predicting the future vs. Reporting on the past
25:50 - Marketing and accounting education
30:05 - Do we understand what return means?
32:30 - How accountants see brand
34:58 - Goodwill & Settting Expectations
39:22 - A process to improve budgeting
41:08 - Understanding the roles of Finance & Accounting
43:55 - Avoiding WAGs (Wild Ass Guesses)
48:12 - Justifiing ROI: Time is on your side
52:00 - Three tips for marketers to improve financial acumen
58:45 - Post Pod with V and Marc
