TALKING

While they may have traditionally been seen to operate in different spheres , they are both ultimately working towards the same goal – and that is growing the business .

Yet there is often still a divide between the two .

Marketing may feel like finance doesn ’ t understand the nuances in its strategies and the potential of its technology . Finance , on the other hand , might think that marketing is focussed on the wrong metrics – those that fail to demonstrate ROI and value creation – and therefore is not managing its budgets responsibly .

This creates a tension that is holding both parties back .

With the sophisticated tools marketers now have available to them , it has become far easier to depict the customer journey and accurately demonstrate the success of a campaign .

Greg Dos Santos , CFO , Incubeta Americas

To achieve success , we need to find a common ground and align our strategies .

Marketers have more tools than ever to help provide the insight their finance team needs for reporting , budgeting and forecasting

Finance can support marketing by further demonstrating the impact of their campaigns on business performance . It is all simply a matter of collaboration .

Speaking the CFO ’ s language

Communication is key to any relationship and the partnership between marketing and finance is no different .

Communication is key to any relationship and the partnership between marketing and finance is no different .

Much of the insights gained can be used to drive future strategies , however , to secure buy-in and budget from the CFO , there needs to be a focus on the key financial drivers , such as customer acquisition costs , customer loyalty , lifetime value and retention .

Getting the tech team involved

As the marketer ’ s toolbox continues to grow and they have access to increasingly detailed analytics , it is crucial that other departments are kept up to date with marketing activities and how these will impact the business .

There is some very exciting technology available to marketing teams at the moment and as the capabilities of AI continue to unravel , there will no doubt be more outstanding tech to come .

When sharing this information with finance , it needs to be conveyed in a way that aligns with the team ’ s objectives .

This means moving away from qualitative brand metrics and instead presenting quantifiable data that connects marketing activities to financial outcomes and shareholder value .

New technologies , however , come at a price and for finance teams to have confidence in such an investment , they need to see evidence of the benefits it will bring .

Any proposal for a new piece of technology also needs to be quantifiable , with a clear business case tying it to ROI .

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