Lara Balazs, Chief Marketing Officer at Intuit, On Why The Bottom Of The Marketing Funnel Is Not Where You Start
In a recent podcast episode, industry leader Lara Balazs, Chief Marketing Officer at Intuit, she took us on an inspirational journey through her exhilarating career path. With her wealth of experience at iconic brands like GAP, Nike, Visa, and Amazon, Lara shared invaluable insights into the dynamic world of branding, leadership, and overcoming adversity.
In the early part of her career, Lara highlighted the importance of taking the initiative and creating opportunities when none exist. As an example, she recalled creating a program to drive traffic to a tourist location during a recession. Lara emphasized that brand building is more crucial now than ever before, particularly in a rapidly evolving landscape where shifting consumer trends are the norm.
Leaving Visa after 11 years, Lara joined Amazon as the head of Prime Marketing globally. Her move to Amazon and later into her current role as CMO at Into It marked significant transitions in her career. Lara gave us an insight into her strategy during the first hundred days in her new role, discussing how two major acquisitions transformed Into It from a product-based company to a platform business.
She also shared her approach to dividing her time between various responsibilities such as marketing and communications, strategic partnerships, corporate responsibility, and the B2B software P&L. This unique approach offers a fascinating peek into the life of a marketing executive.
On her journey as a high-ranking female executive, Lara candidly shared the hurdles she had to navigate. She emphasized the importance of being brave, taking risks, and remaining focused on one's roles. She also talked about the significant progress women have made in the business sector and the importance of empathetic leadership.
On the future of marketing, Lara shared her insights into the potential impact of generative AI and blockchain. She stressed the importance of staying ahead of the curve, experimenting with new technologies, and maintaining customer trust and safety in an increasingly digital world.
In conclusion, Lara’s thrilling career story and her creative approach to tackling challenges serve as a masterclass in marketing, leadership, and resilience. Her advice to be brave, take risks, and remain focused on their roles is not just applicable to marketing executives but to everyone aiming to make strides in their respective fields.
This podcast episode provides an enlightening conversation that leaves listeners inspired and ready to seize their initiative when opportunities seem elusive. Whether you are a seasoned executive or a budding entrepreneur, Lara Balaz’s insights and experiences are sure to provide valuable lessons.
10 Things Learned Through My Conversation With Lara Balazs
1. Embrace the Power of Branding: Lara stressed the importance of brand building in today's rapidly evolving market. Brands must keep up with shifting consumer trends and be ready to adapt their strategies.
2. Initiative is Key: Lara shared how she launched a program to drive traffic to a tourist location during a recession. This initiative set the stage for her career, underscoring the importance of seizing opportunities, even when they seem elusive.
3. Be Ready to Jungle Gym: Lara’s career journey wasn’t linear. She emphasized the importance of gaining diverse experiences and not being afraid to step down to move up.
4. The Importance of Mentorship: Lara highlighted the power of mentorship and networking. Not only does she advocate for having mentors but also stresses the importance of being a mentor to others.
5. Don't Get Distracted by Promotions: Instead of focusing on climbing the corporate ladder, Lara advises concentrating on the job at hand. Doing excellent work will naturally lead to advancement.
6. Authentic and Empathetic Leadership: As a high-ranking female executive, Lara believes in leading with authenticity and empathy. She noted that women tend to lead this way, which has become increasingly important in today's business landscape.
7. Balance is Essential: Balancing time between marketing, strategic partnerships, corporate responsibility, and B2B software P&L is crucial. It offers a peek into the life of a marketing executive and how they manage their roles.
8. Be Ready for Technological Shifts: From her experiences at Visa and Amazon, Lara underscored the importance of being ready for tech-driven changes, such as the transition from plastic cards to digital payments.
9. Have a Foot in the Future: Lara advises keeping an eye on innovative technologies like generative AI and blockchain. Even if these technologies are not mainstream yet, it's important to be prepared for when they take off.
10. Resilience and Grit are Fundamental: Lastly, Lara highlighted the importance of resilience and grit. In her words, "there are days that are not going to be great, and then there are days that are going to be wonderful". The key is to keep going and to stay focused on why you love your job.
Lara's career story is a testament to the power of perseverance, risk-taking, and initiative. Her insights provide valuable lessons for anyone looking to thrive in their career and navigate the dynamic world of marketing and leadership.
Key takeaways:
05:04 – 07:31 – The Enduring Relevance of Brand Power — In the current economic climate, many companies are emphasizing a bottom-funnel approach and questioning brand power. However, the answer remains clear: Brands still matter. Undoubtedly, performance marketing and bottom-funnel strategies are crucial. However, they serve as an endpoint in the marketing journey. In contrast, brand building plays a pivotal role in establishing long-term success.
07:32 – 10:36 – The Importance of Authenticity in Business Communication — Balazs reminds us that business professionals are just human beings. There is no need to assume a different persona when dealing with customers. Authenticity is key, and that is precisely why your business voice plays a vital role in shaping your brand’s positioning and identity. Consistency is also essential, regardless of whether you are b-to-b or b-to-c.
10:56 – 12:31 – The Mutual Benefits of Reverse Mentoring and Networking — Effective mentorship and networking play pivotal roles in advancing one’s career. Receiving advice from individuals, whether they are long-term employees or a part of a younger generation, allows for a unique and mutually beneficial exchange.
25:57 – 27:42 – Embracing Women in Leadership — Balazs is a passionate champion of women in leadership roles. In the early stages of her career, she found herself as one of the few women at the table. Today, Intuit’s C-suite is comprised of a remarkable 50% women. She noted a transformation toward authentic and empathetic leadership—a change women have played a significant role in leading.
