Mostly metrics
Run the Numbers
Marketing as a Form of Capital Allocation With Carta's Head of Growth Angela Winegar

Marketing as a Form of Capital Allocation With Carta's Head of Growth Angela Winegar

In this episode, CJ is joined by Angela Winegar, Head of Growth Strategy at Carta and recovering venture capitalist. Having had an unconventional career path, Angela’s experience in the worlds of both marketing and investing gives her a unique perspective on growth. She and CJ discuss the parallels between marketing and investing and Angela explains how marketing is really a form of capital allocation. She sheds light on what the return on investment should be for media budgets and why CFOs should seek to better understand the differences in outcomes and timelines behind individual campaigns. She covers the differences between brand, demand gen, and growth, and the value of each. She also provides insight into marketing metrics and attribution models before sharing entertaining anecdotes from her unusual career.

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@cjgustafson222 (CJ)

@anggwin (Angela)


(00:00) Preview and Intro

(02:28) Sponsor - Maxio | Leapfin

(04:58) Angela’s Unconventional Career Path 

(10:29) Marketing as a Form of Capital Allocation

(14:59) Expected Returns From Marketers Versus Investors

(15:44) Sponsor - Mercury | NetSuite

(17:56) What the Return on Investment Should Be on Your Media Budget

(19:50) Brand Versus Demand Gen Versus Growth

(27:35) When to Do Marketing Internally Versus Outsource 

(30:56) Marketing Metrics and Attribution Models

(35:55) Where Marketing Ops Should Sit Within an Org

(39:55) Working for Obama and Working in Government Versus Startups

(42:29) Angela on Meeting Michael Dell

(43:43) The Efficient Market Hypothesis: Right or Wrong?

(46:12) Insight Into Churn at Carta 

(49:05) Carta’s ICP of Lawyers

Mostly metrics
Run the Numbers
Run the Numbers is a twice-weekly podcast about financial metrics and business models, designed for ambitious people operating tech startups. It's a collection of things host CJ Gustafson (CFO at Partstech and writer of Mostly Metrics) has learned and thought about in the trenches as a tech CFO.
This show is meant to serve as a playbook of sorts for the stuff CJ wishes he knew earlier in his career, both from experience and from copying people smarter than himself.
Topics frequently touch upon Startup SaaS Metrics, Annual Budgeting, Financial Forecasting, Headcount, Equity, Dilution, and Fundraising – and how all of these drive business performance and growth.