Closing a sale requires broad-based buy-in from the CHRO, CTO/CIO, CFO, and CEO. Sometimes, this also includes investors and the board. Vendors need to know what each wants/needs. Whether the CFO is the first or last hurdle, it’s arguably the most critical one to clear. Once the CFO affixes his/her sign of approval, you’ve essentially made your argument for all other stakeholders. So why not cut to the chase and start with the CFO? Of course, the question becomes: What is the most effective way of engaging, persuading, and getting their buy-in?
Today’s CFO is more a strategist than just a numbers cruncher. They’re looking for insights, not just information. Their “portfolio” has expanded to encompass strategy, operations, and even elements of corporate branding. To communicate effectively with CFOs, marketers need to align their messaging to the CFO’s expanded role – bearing in mind that it’s not just about stating data points, but data points that tell a story.
Why Storytelling Matters: It’s not just about the numbers, it’s about the story they tell.
While the CEO role has changed, all CEOs have the same set of essential questions and criteria:
- What’s the ROI?
- How does it improve operational efficiency?
- How seamlessly can it be integrated?
- Is it secure?
- If it’s a financial product/service, does it deliver real-time data analysis; Does the knowledge base keep updated with regulations, market conditions, and best practices?
- Does the product/service align with the company’s long-term strategic goals?
- How does it mitigate potential challenges or threats?
- How does it promote future growth, open new markets, diversify revenue streams?
- Do the benefits of change justify the investment – do they outweigh the costs of maintaining the status quo?
These are all critical issues within the modern CFO’s purview. But how these are addressed and presented can make all the difference. We know from numerous studies that contextualizing facts within a cogent narrative framework will make these facts more vivid and memorable. Evolutionary psychology has shown us that the human mind is inherently wired to comprehend and empathize with stories. By weaving facts into relatable narratives, the story becomes an emotional conduit, bridging the gap between data and the “beating heart” of an audience – even, dare we say, the “cold beating heart” of a CFO.
There are several bottom-line reasons for weaving data within the context of a story:
- Emotional Engagement: While CFOs are analytical and numbers-driven, they respond to emotional engagement. A well-crafted story can evoke emotions, making the message more memorable and relatable.
- Contextual Understanding: Stories provide context and real-world scenarios that help CFOs see how a product or service can fit into their company’s operations. Contextualization aids in understanding how the offering can impact the financial metrics they care about.
- Simplification of Complex Concepts: Many products and services, especially those involving technology or intricate processes, can be complex to understand – the typical CFO understands numbers, but not all are technically savvy, certainly not at the level of the CIO/CTO. A story can simplify these concepts, making them more digestible and relatable to the CFO, ultimately aiding their decision-making process.
- Illustration of Value: A story can effectively illustrate how the product or service adds value to the company. It demonstrates how it can directly affect ROI, cost reduction, efficiency improvement, or other financial metrics that the CFO is concerned about.
- Concrete Examples: Stories provide concrete examples of how other companies or individuals have benefited from the product or service. This social proof and real-life evidence can boost the CFO’s confidence in the offering’s potential impact.
- Memorability: Stories are more memorable than dry facts and figures. When the CFO recalls the story, they will also recall the associated product or service, making it easier to keep it in consideration.
- Persuasion and Influence: Stories have the power to persuade and influence decisions. When a CFO is emotionally invested in a story that demonstrates the positive impact of a product or service, they are more likely to advocate for its adoption within the organization.
The Bottom Line: Storytelling is the formula for marketing and sales success.
The shortest path to a sale is through the CFO. Understanding what today’s CFO needs and making sure your marketing messages align with those needs – both tactical and strategic – is, of course, critical. Equally critical is that your data-based marketing messages are framed within a compelling narrative. Storytelling offers a structure to data, transforming it from mere information to a narrative that takes the CFO on a personal journey. The conventions of narrative structure begin with a conflict – or, in the CFO’s case, a challenge or set of challenges- the intensification of the conflicts/challenges, the turning point, and the resolution. Stories that “place” the CFO at the center of this narrative frame will ensure that your marketing messages break through the noise, get attention, are remembered…and, most importantly, make the CFO your ally as the “conversation” continues with each stakeholder in the decision chain.