A New Era

in Marketing Accountability

Aligning the
CMO and CFO

Hunter Hastings
Managing Director
EMM Group, Inc.

July 2005
 Offshore competition. Increasing channel control. Declining pricing power.
There are a myriad of external challenges to growth in today’s competitive
environment. However, research shows that, in many companies, the largest
constraint on potential growth comes from the inside the corporation itself.
In a majority of organizations, the primary engine of growth in cash flow
and shareholder value is misunderstood, mismanaged, and misaligned with
other corporate power centers.
The engine of growth is marketing – defined in its fullest sense as the
identification and fulfillment of customer needs through innovation,
communications, and a superbly designed and executed customer
experience. It is severely misunderstood by corporate power centers
including corporate strategy, financial management, and most importantly
the CFO. This misalignment between the Chief Marketing Officer and the
Chief Financial Officer – the differences in their interests, priorities, and
focus – can undermine the growth potential of the enterprise.

To be successful in To be successful in driving sustainable top-line growth, organizations must

driving sustainable unify the interests of the marketing function and the financial management
top-line growth, of the company – they must align the CMO and the CFO. This alignment can
organizations must only come through systemization, measurement, and accountability – joining
align CMO and the interests of the two roles at the very highest level of purpose.
the CFO.
CEOs’ Perception of Marketing
Marketing has a singularly
important role to play in the 21st
century corporation. According to a Marketing Matters
CEO survey conducted in September “Effective marketing is the key
2004 by the Marketing Society, a
driver of future cash and
UK-based marketing organization,
Chief Executive Officers place shareholder value.”
Marketing capability at the very – CEO, Fast Moving Consumer Goods
Company
pinnacle of corporate processes –
the process of driving shareholder
value. In the eyes of CEOs, nothing “Marketing leads, operations works
is more important. They feel that out how, and finance assesses.”
Marketing should lead the company – CEO, Financial Services Company
and be the key driving force of
business success. Source: Marketing Society, CEO Survey,
September 2004
Yet, the very same survey revealed
that CEOs have decidedly negative
perceptions of the Marketing
department. Even though the importance of the capability is so
fundamental, CEOs largely view the Marketing department in a negative
light. In the Marketing Society survey, CEOs found the Marketing
department to be “undisciplined,” “not value-oriented,” “inconsistent,”
“self-important,” “uncommercial,” “not accountable,” and “expensive.”
In addition, the survey showed that CEOs are perturbed by the lack of
accountability shown by the Marketing department – in fact, some CEOs are
frustrated by getting the Marketing department to even accept
accountability at all. The survey showed that CEOs felt that Marketing is:
f A Departmental Function – In the past, Marketing has not
presented itself as an enterprise capability. Marketers have sought
to be individual stars or struggled to be perceived as heroic groups
practicing a secret art and devising creative ideas that produce
extraordinary results.
f A Cost Center – By focusing on budgets, media costs, and
advertising expenditures, Marketing has pigeon-holed itself as a

July 2005 A New Era in Marketing Accountability: Page 1

Aligning the CMO and CFO
 cost center in the eyes of the CEO and CFO. Unfortunately, cost
centers are made to be trimmed.
f Communications –
Marketing has allowed
itself to be viewed Marketing Frustrations
primarily as
communications – “Marketing is the only place left
advertising, public where the department heads just
relations, Web sites, expect to be given a budget
packaging, and trade without any real justification. That
shows. While Marketing just can’t happen any more.”
produces flashy and – CEO, Fast Moving Consumer Goods
persuasive ads, CEOs feel Company
that communications is
something ephemeral, “More akin to a recalcitrant child
inessential, and
than an adult.”
dispensable in the short
– CEO, Fast Moving Consumer Goods
term or when times are
Company
tough.
f Sales Support Rather Source: Marketing Society CEO Survey,
Than Primary Demand September 2004
Generation – In many
businesses, Marketing
has drifted towards a role as sales support. Salespeople control
revenue and hence have greater control over where and how
marketing resources are focused. In these cases, Marketing has lost
its primary role and acts as a service for another function that has
more influence on demand management.
f Assessed by Marginal Utility Measures Such As Return on
Marketing Investment – While the current trend is to make
Marketing, as a cost center, more accountable, Return on Marketing
Investment (ROMI) is as insubstantial as the role it is trying to
defend. ROMI is analysis applied at the margin to justify one cost
over another. Because it has a monthly, quarterly, or annual
horizon, rather than trying to truly analyze the entire Marketing
investment, ROMI is hurting the positioning of Marketing, not
enhancing it.
So what is the CFO to think of a departmental cost center devoted to
communications that is rapidly becoming the lackey of another department
and that measures itself, when it measures at all, by spending control
accounting methods?

Marketing is the Of course, the reality of Marketing is 100 percent removed from these
critical process that perceptions. In truth, Marketing is the critical process that defines the
defines the modern modern corporation. When properly designed, managed, and implemented,
corporation. the Marketing process drives cash flow, profitability, and shareholder value.
It is the raison d’etre of most businesses, and marketers should be proud in
asserting their fundamental role in driving growth.

Demand Creation Vs. Cost Cutting: Relative Value of

Growth
In assessing the value of Marketing, it is instructive to compare Marketing,
the “demand side” of the business, to Manufacturing, the “supply side” of
the business. On the supply side, there has been an incredible productivity
revolution in the last quarter century. With the application of process,
measurement, and technology, a host of what were previously viewed as
“costs” have been transformed into the hero of the enterprise, the “supply

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Aligning the CMO and CFO
 chain.” The supply side of the enterprise is now the exemplar of
management science – CEOs talk with pride about lean global supply chains,
advances in logistics, inventory reduction, and increases in percentage of on-
time order fulfillment.
But just how valuable are these achievements? Are these supply side cost
reductions as valuable as margin enhancements provided by Marketing?
Calculation of the Relative Value of Growth provides the answers to these
questions.
To be sure, reducing costs is advantageous to a company. Given a constant
product price, reducing costs means increasing margin and boosting profits
for a company.
However, the real measure of a company is not only the profits it generates,
The real measure
but the value the market places on that stream of profits – the shareholder
of a company is
value of the company. Of course, it is reasonable to assume that increasing
not only the profits
it generates, but profits will cause the market to place a higher value on that stream of
the value the profits and to increase the value of the company for shareholders.
market places on The same is true for demand
that stream of growth: increasing demand will
profits – the generate more profits for a Relative Value of Growth
shareholder value company, causing the market to
of the company. place a higher value on that stream
of profits and to increase the value
of the company for shareholders.
To assess whether supply side cost
reductions are as valuable as margin
enhancements provided by Relative Value of Growth equals the
Marketing, one must compare the change in shareholder value caused
increase in shareholder value by an increase in growth divided by
caused by an increase in growth to the change in shareholder value
the increase in shareholder value caused by an increase in margin.
caused by a like increase in margin.
This, in a nutshell, is the Relative
1
Value of Growth (RVG). RVG is
calculated by dividing the change in shareholder value caused by a one
percent increase in growth by the change in shareholder value caused by a
one percent increase in margin.
For an illustration, consider Procter & Gamble, a well respected consumer
products company. Procter & Gamble’s RVG is 7.2. This means that if Procter
& Gamble were to wring out another point of margin by further improving
supply chain efficiencies, the market would assign an additional $7 billion in
market value. However, if P&G could demonstrate to the market that the
company can deliver an extra point of top line revenue growth, the market
would add more than $50 billion in market capitalization. In other words,
P&G would have to eke out 7.2 points of additional operating margin to
deliver the shareholder value of just one additional point of growth.
Thus, in terms of shareholder value, the value of growth from increased
The value of
demand generation is many times the value of growth from increased
growth from
margin – the shareholder value generated by increased demand is far
increased demand
greater than that gained from cost reductions in the supply chain. Realizing
generation is many
this fact is the first step in aligning the interests of the CMO, CFO, and all the
times that of
growth from C-suite officers.
increased margin.

1
Mass, Nathaniel J., “The Relative Value of Growth,” Harvard Business Review, April 2005.

July 2005 A New Era in Marketing Accountability: Page 3

Aligning the CMO and CFO
 Marketing Builds Brand Equity that Drives Revenue
Growth
Given that the value of growth is many times that of increased margin,
Marketing affects Marketing should strive to affect growth. But, how can Marketing do this?
growth by building Simply put, Marketing affects growth by building strong brands – brands
strong brand –
that drive superior cash flows and thereby create superior shareholder value.
brands that drive
superior cash flows The late Peter Doyle’s work at the University of Warwick has shown how this
and thereby create works. According to his research, marquee brands deliver excellent cash
superior flows in four ways: higher, faster, longer and less volatile.
shareholder value.
f Higher – Strong brands command higher prices
f Faster – Powerful brands have faster consumer uptake and faster
penetration through distribution channels
f Longer – Great brands last forever and deliver profits to the
companies that own them for a longer period of time
f Less Volatile – Robust brands have fewer fluctuations in demand
and provide steady revenue streams over time
By building brands, Marketing can improve one or more of these cash flow
dimensions, and when multiplied by a positive RVG, this brand building
activity can quickly generate significant shareholder value.
But how does brand building translate into strong cash flows? The answer
lies in the following:
f Marketing builds brands that customers love
f Customers are loyal to brands that they love
f Loyalty is the primary driver of high quality, profitable cash flows
The book “Up the Loyalty Ladder”
By building brands
by Murray Raphel and Neil Raphel
that help
customers climb
provides a metaphor for customer The Loyalty Ladder
behavior called the “loyalty
the loyalty ladder, 2
ladder.” According to the book,
Marketing delivers
high quality,
the goal of successful customer
relationship management is to
Adore
profitable cash
flows to the
move a customer up the ladder ×
from simply being aware that the
corporation.
brand exists, to placing the brand in Adopt
a set that it is acceptable to choose,
to adopting the brand as a favorite
×
in that set, to ultimately adoring Accept
the brand and the customer
experience it provides – and seeking
×
it out exclusively. The loyalty ladder Aware
is a representation of the
fundamental marketing tenet that
how customers feel drives what they do. It represents a customer’s vital
emotional connection that creates loyalty, and this emotional connection is
captured in the idea of brand equity – the perceptions and attitudes about a
brand that a customer develops over time.
So, given this metaphor for customer loyalty, Marketing builds brands that
help consumers move “up the loyalty ladder.” That is, Marketing builds
brand equity, and brand equity drives top line revenue growth, cash flow,
and shareholder value through the loyalty ladder effect.

2
Raphel, M. and Raphel, N., Up the Loyalty Ladder, Reed Business Information, Inc., 1995.

July 2005 A New Era in Marketing Accountability: Page 4

Aligning the CMO and CFO
 Measuring Brand Equity
Brand equity is The question then becomes, “How can Marketing drive brand equity?” The
driven by answer lies in three simple factors:
innovation,
communications, f Innovation
and brand f Communications
experience.
f Customer experience
Determining the ratio of investment that optimizes among these three
factors should be the essence of Marketing and Brand Management. The
st
brand manager or product manager of the 21 century will advise the
corporation on the level of investment for each of these three drivers of
brand equity, the measurement of the outcomes, and the consequent
calculation of return on investment.
As with any process, improvement requires measurement. So, too, with
Marketing and brand equity. Measuring brand equity and the drivers of
brand equity is the key to success.
f Innovation – Metrics must be customer focused. Is the customer
getting enough innovation relative to their needs? Is the customer
getting the quality of innovation they want? Does the customer see
the brand as more differentiated and relevant in the area of
innovation than the competition?
f Communications – In the past, Marketing has been guilty of
measuring inputs. Marketing has routinely measured variables like
reach, frequency, and awareness. None of these are leading
indicators of brand strength. Rather, communications metrics must
be performance-oriented. The leading indicator measurements that
are tied to improvements in brand financial performance are
differentiation, relevance, esteem, and brand knowledge. Do
customers understand the differentiating attributes and principles
that a brand stands for? Are these attributes presented in a manner
that is relevant to the customer? Do customers grasp the brand’s
essence and character?
f Brand Experience – The distinctiveness of brands today is not so
much dependent on benefits, but on preferred, sustainable,
consistent customer experiences. Does a brand only make promises
it can keep? Does a brand keep the promises it makes? Every time
a customer selects the brand, is the experience excellent?
One can think of these factors as an equity account – one can make deposits,
and those deposits will accumulate interest and make the asset stronger over
time. However, one can also make withdrawals and weaken the equity.

Brand equity Of course, the goal is to continually make deposits and avoid withdrawals.
increases when Deposits are brand experiences in line with customer expectations.
brand experiences Withdrawals are made every time a brand lets the customer down. The
are in line with CMO should measure the deposit and withdrawal activity and – by
customer monitoring the values of innovation, communications, and brand experience
expectations and – continually monitor the value of the brand equity asset.
decreases every Given that brand equity is an asset and Marketing drives appreciation or
time a brand lets reduction in value of that asset, CMOs and CFOs can become more aligned
the customer by measuring the effectiveness of Marketing through a Marketing balance
down. sheet. The Marketing balance sheet measures the brand as an asset, and, by
reporting the value of innovations, communications, and brand experience,
it represents the increasing or decreasing strength of the brand.

July 2005 A New Era in Marketing Accountability: Page 5

Aligning the CMO and CFO
 Assessing the Intangible Value of the Marketing
Of course, the brand asset depends on other intangible assets that
Marketing creates internally – channel relationships, Marketing process
quality, and the skills of the Marketing department.

The CMO must The CMO must take direct

take responsibility
for building the
brand asset as well
as for building
other intangible
Marketing assets –
the human,
intellectual,
relational, and
structural capital of
the Marketing
department.
responsibility for building these
assets as well. To measure progress Value of Marketing
in this task, the CMO must be aware Intangibles
that the value for an intangible
asset – including the Marketing Value = HC * IC * RC * SC
department – is calculated by
multiplying together the values of HC = Human Capital
the human, intellectual, relational, IC = Intellectual Capital
3
and structural capital involved. RC = Relational Capital
These values are defined as follows:
SC = Structural Capital
f Human Capital – The
value of the people in the
enterprise who think, build, operate, and interact to drive brand
equity
f Intellectual Capital – The value of the thoughts, ideas,
innovations, and methods that come from the Marketing team
f Relational Capital – The value of the interactions that connect
individuals inside and outside the enterprise, including channels,
vendors and other partners
f Structural Capital – The value of the infrastructure to support and
facilitate the people, their ideas, and their relationships
To keep the CMO and the CFO aligned, the CMO should continually report
to the CFO on the continued accumulation and strengthening of value for
these intangible assets.

Calculating the Overall Value of Marketing: Revenue

Growth
The final piece of asset building happens when the brand asset and the
value of internal Marketing assets are combined to create new sources of
top line revenue growth.
To illustrate the power of the
combination of this brand asset and
internal capital, consider an Value of a
equation from the financial Financial Asset Portfolio
management world proffered by
Richard Grinold and Ronald Kahn in
the groundbreaking work, “Active
4
Portfolio Management.” They
suggest that the information ratio
equals the value of skill times the IR = Information Ratio
square root of breadth times the S = Skill
transfer coefficient:
B = Breadth
f Information Ratio – The
TC = Transfer Coefficient
ability of an asset portfolio
to grow faster than its

3
Greene, David Perry, IBM, Considerations of Intangible Value, July 2004.
4
Grinold, Richard C. and Kahn, Ronald N., Active Portfolio Management, Irwin Library, 2000.

July 2005 A New Era in Marketing Accountability: Page 6

Aligning the CMO and CFO
 benchmark in a risk-controlled manner. For example, an
information ratio of two adds two points of growth for every one
point increase in risk, where risk is defined as a variance around the
expected norm.
f Skill – The ability of the asset manager to make good stock picks
and accurately predict their appreciation. The asset manager’s skill is
expressed in the forms of insights – signals he or she can identify
and translate into competitively advantaged market activity, at least
until the market arbitrages them away.
f Breadth – The breadth across which the insights can be applied. If
the insights apply only to FTSE 100 stocks, then the breadth across
which the insights apply – the scale of the economic impact – is
quite small. If the insights apply to all stocks in all global stock
markets, then the impact is larger. If the insights apply to all assets
– stocks, bonds, currency, derivatives, etc. – then the breadth is
maximized. The expression is presented as a square root because it
takes four times the breadth to achieve twice the opportunities for
growth.
f Transfer Co-Efficient – The ability to efficiently apply these
insights in a portfolio. A portfolio manager has to execute trades
efficiently, navigate constraints effectively, and move quickly before
competitors see his insight and steal it or counter it.
There are several important points about this equation:
f It represents a systematic and measurable way to look at an activity
(stock picking) that in the past was regarded as magic, the particular
inspiration of a special individual. Now, a pension fund sponsor
does not have to depend on the unpredictable results of expertise
that is lodged in one individual or team, rather it can build a system
to execute that process.
f There are now metrics to monitor to assess the performance of the
process. Are there enough insights? Is there one insight that is
sufficiently powerful and sustainable? Are insights being applied
across sufficient breadth to maximize their economic impact? Are
ideas efficiently getting into the portfolio to allow monetization of
the insights? Is the result an increase in return with an acceptable
level of risk?
Since Marketing should take
responsibility for brand building
and since brand building drives top Value of Brand Building
line revenue growth, Marketing
should adopt a variant of this
equation to measure brand building
– top line revenue growth equals
the value of insights times the
square root of breadth times the ΔR = Change in top line revenue
transfer coefficient:
I = Insights
Marketing should f Top Line Revenue B = Breadth
be measured on its Growth – By meeting the
functional and emotional
TC = Transfer Coefficient
ability to drive
revenue growth in needs of customers
excess of that of through brand building,
other companies in Marketing generates customer loyalty, which drives cash flows that
the industry. are higher, faster, longer, and less volatile. That is, Marketing
effectively controls the process that delivers top line revenue
growth. Of course, Marketing should be measured on its relative as

July 2005 A New Era in Marketing Accountability: Page 7

Aligning the CMO and CFO
 well as its absolute performance. Just as a stock picker aims to beat
a benchmark, the FTSE 100 index for example, Marketing should be
measured in comparison to a benchmark as well. Marketing should
aim to beat the index of industry peers – the average revenue
growth of all competitors in a particular industry, for example.
f Insights – Marketing
should deliver insights
about customers’ needs to Case Study: Olay
the enterprise, and insight
is a function of how high Olay’s beginnings were as Oil of Olay, a
on the customer’s hierarchy pink beauty fluid. Originally owned by
of needs the brand has a company that Procter & Gamble
ascended. Does the brand acquired, the brand was focused on a
deliver on what sociologists narrow segment of the population and
call a “terminal value,” had limited top line revenue growth.
including “sense of From its humble beginnings, P&G
accomplishment,” “sense elevated the brand through insight
of freedom,” or “feeling of about the need that the brand could
harmony”? Brands like meet. Through its insights, P&G
Nike, Starbucks, and IBM provided a sense of confidence for
that can deliver these women in their skin health and elevated
terminal values have fairly its effect on their sense of femininity to
unlimited scale. a new and much higher level. In
addition, with its global insights, P&G
f Breadth – Breadth expanded the number of consumers
measures how broadly that could realize the benefit,
insights can be applied – encompassing all age groups and
across how many needs, countries.
how many customers, how
much geography. What is P&G also expanded the breadth of the
the dollar size of the business space in which Olay could
component categories? participate. It grew the brand to
include restorative creams, skin
What are their growth
treatments, cleansing products, and
rates and margins? To how
even vitamins.
many consumers is the
brand relevant? By increasing insights and breadth, P&G
grew the Olay brand to a global force in
f Transfer Coefficient – skin care, added to top line revenues,
The transfer coefficient and increased shareholder value.
measures efficient and
effective execution in the
face of constraints. How
much does the customer love a brand? How much loyalty does a
customer exhibit? How much innovation does a brand deliver to
the customer? What is the quality of that innovation? How fast
does the innovation reach the market? What is the quality of the
brand experience relative to the brand promise?
Given this equation for the value of brand building, it is obvious that a
A brand with high- brand with high-level insights and significant breadth can deliver a sense of
level insights and self-realization across numerous product categories all over the globe. Of
significant breadth course, not all brands have that scale, but when continually measured, all
can deliver a sense brands can certainly improve.
of self-realization
across numerous
product categories
all over the globe.

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Aligning the CMO and CFO
 Summary
To continue to succeed, corporations need to align the interests of the CFO
and CMO through the thread of accountability, and the most important
measure of accountability is top line revenue growth.
In most corporations, the relative value of growth is many times that of
margin. So, investing in increasing growth will provide more benefit than
investing in increasing cost savings.
Growth in top line revenues results from moving customers up the loyalty
ladder to a point of attitudinal and behavioral loyalty, and companies can
accomplish this by brand building. Brand building is driven by innovation,
communication, and the brand experience, and Marketing is the process
owner each of these three drivers. This makes Marketing important to the
CFO because Marketing is the key driver of the most important element of
the enterprise – growth in both revenues and shareholder value.

When Marketing With such important responsibilities, the CMO is accountable not only for
provides insights, the outcome – revenue growth fostered by building a brand that moves
expands breadth, customers up the loyalty ladder – but also for the internal and external
and delivers an capital that can leveraged in the form of a brand asset. The internal capital
efficient is the human, intellectual, structural, and relational capital that creates
mechanism to turn intangible value inside a company. The external capital is the opportunity to
those insights into grow that is created when Marketing can apply a major insight across a
products, get them large breadth of consumers, need states, and geographies.
to market quickly
To improve, Marketing needs to be measured. A company can measure
as innovations,
Marketing effectiveness by assessing revenue growth above a benchmark of
accompany them
industry peers. CMOs can ensure a positive result by providing insights,
by great
expanding breadth, and delivering an efficient mechanism to turn those
communications,
and provide a insights into products, get them to market quickly as innovations,
superb brand accompany them by great communications, and provide a superb brand
experience to experience to customers.
customers, it will If the CMO takes responsibility for all of these components of brand building
be important to the from the top down, he will be accountable for all that matters in the
CFO because enterprise. Tactical measures like ROMI will be of little interest since they
Marketing will be st
are small minded and incremental. The 21 century CMO sails for the horizon
the key driver of with large perspectives and a long time line.
the most important
element of the If the CMO puts the processes, measurements, and technologies in place to
enterprise – create powerful market-based assets for the balance sheet that generate
growth in both high quality cash flows for the company and value growth for the
revenues and shareholder, he will be perfectly aligned with the CFO and the corporation
shareholder value. will have better expectations of success.

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Aligning the CMO and CFO
 About EMM Group, Inc.
EMM Group helps its clients grow by creating world class marketing
organizations that are expert at building brands. EMM Group helps clients
increase share, boost margins, and rapidly introduce new products, all while
instilling a marketing culture that increases clients’ marketing ROI. EMM
Group is the creator of, and world leader in, enterprise marketing
management, the marketing transformation that deploys marketing best
practice intellectual property (IP) across the entire marketing value creation
chain so that it is available to the right people in the right process at the
right time. EMM Group makes this Best Practice IP available to clients 24 x 7
through a collaborative IT architecture on a global scale.
The mission of EMM Group is to embed the discipline of enterprise
marketing management at leading companies in every business sector
around the world. EMM Group emerged from Emmperative, an enterprise
marketing system funded by Procter & Gamble. EMM Group has reviewed
marketing best practices from P&G and other leading companies, creating a
best practice library of unparalleled breadth, sophistication, and proven
practicality. EMM Group consultants all have decades of client experience in
senior marketing positions. In addition, EMM Group has world class subject
matter experts in consumer financial services, telecommunications,
technology, retailing, entertainment, durables, and health care.
EMM Group is the only company in the world that can:
f Offer a systematic benchmarking of current marketing best
practices against the very best emerging enterprise marketing
management standards
f Identify and leverage existing best practices and use global
marketing best practices where gaps exist
f Create an integrated best practice marketing value creation stream aligned
around metrics geared to measure marketing effectiveness and ROI
f Design and construct customized marketing knowledge centers for
FORTUNE 500 companies
f Provide advanced technology design and systems integration to
enable clients to integrate knowledge centers into their existing
technology infrastructure
f Offer world-class training and change management capabilities
specific to enterprise marketing management

About the Author

Hunter Hastings, Managing Partner, EMM Group, Inc.
Mr. Hastings has marketing, consulting and entrepreneurialism in his blood.
With many years of brand management experience at Procter & Gamble and
Stroh Brewery, he was a co-founder of the Ryan Partnership, heading the
marketing strategy consulting unit and helping to build the company into a
$100 million organization. His clients included MasterCard, Mercedes-Benz,
Michelin, DEC, Kraft and PepisCo.
Mr. Hastings is an expert at managing Marketing to improve effectiveness
and efficiency across brands, business units, and geographies as well as to
increase top line revenues. He has leveraged his experience to deliver results
for clients ranging from Hewlett Packard and AT&T to Brown-Forman,
Unilever, Kimberly-Clark, and Michelin.
© Copyright 2005 EMM Group, Inc. All rights reserved. The EMM Group name and logo are trademarks of EMM Group, Inc. All
other names are used for informational purposes only and may be trademarks or registered trademarks or their respective owners.

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Aligning the CMO and CFO