00:00For the first time in memory, actual business results are starting to take front and center stage.
00:12You know, traditionally here it's a great celebration of creativity, which I think is fantastic.
00:18But we're moving beyond, you know, celebrating creativity and 30-second spots or experiential,
00:25and now starting to talk about it being used in technology and other business driving capacities to drive growth within the business.
00:33And I think that's, you know, a really refreshing angle.
00:36Everybody is focused on, you know, how they are driving their business forward because you can't hide from that today.
00:43You know, our responsibility in marketing is to be the voice of the consumer and driving those insights, you know, through into the organization and driving profitable growth.
00:52So it's been an incredibly exciting year for Bose.
00:55First and foremost, you know, we've had incredible increases in, you know, young consumers and females, you know, buying the Bose product.
01:07And that's been a wonderful win.
01:09But maybe the most exciting aspect of this is our new acquisitions with the Macintosh Group and Sonos Favre,
01:16two, you know, iconic, legendary, high-end audio brands.
01:21It's a very different approach when you're selling a premium product, you know, to mass consumers with Bose versus a luxury buyer.
01:32And while both of these brands have incredibly storied histories, they're known to the audiophile,
01:38and they're not really known to a luxury consumer.
01:42And if you look at the overall penetration rate of luxury consumption in other categories like leather goods, fashion, travel, automotive, home accessories,
01:55that's much higher for the luxury component of that market versus audio.
02:01And so we asked ourselves, is this inherently different category or is it maybe an opportunity for us to lean in and talk about the heritage, the backstory,
02:12change the experience and help elevate the entire category?
02:17So it's interesting.
02:19I think part of it is the biggest change has been for me having sort of a dual role as the overall CMO for all of the aspects of our business,
02:29from tech licensing to automotive to the premium business, which is the Bose brand, to the luxury business and spending my time there versus the time that I have dedicated specifically to running the luxury business.
02:41And so, you know, in managing that, we've put some people that are directly in charge of those business units that will run the day-to-day programs
02:52with a centralized experts that are discipline-based around things like creative and media, analytics, PR, corporate communications that will work across all of those.
03:07But it takes a little bit of getting used to when you move to a bit of a matrix model that has division presidents in there.
03:15That's been the biggest change.
03:16And we're still sort of dialing through the model to get that right.
