Marketing and finance are two of the most powerful sectors in a business. With marketing on the creative side attracting and retaining customers to their brand and with finance responsible for the cash flow, the two parts are strategic to the maintenance and development of an organization.
“If you’re interested in business performance you’re interested in marketing effectiveness. My belief is that the expertise and credibility and influence of marketers can be matched also by finance – and the combination can be transformational.” Fran Cassidy, Marketing Consultant.
Between marketing and finance, it is vital that both sectors have a strong effectiveness in their, culture especially language and communication. The relationship between the two sectors can be difficult, even when both teams are inside the same company and working for the same goals. However, the cooperation between these two different parts of the organization is very important to the success of the business.
Marketing costs are constantly changing and usually going up. This next year, it is predicted that marketers will be spending billions to keep up with the latest trends in technology. Even a small business needs a marketing budget for a proper campaign on their product or service, so how can the finance department and the marketing team work together to make sure that money is spent well?
“Marketing people are just as essential to a company as the financial people,” says. The two types, while using different skill sets, can work together as a successful team under the right conditions. This collaboration is something we look for before we fund a new company because it can really make a difference in terms of a business’s financial success.” Douglas Haddad, CEO of Advance Funds Network, a business loan facilitating company.
According to most experts, the only way marketers can really have a productive conversation with finance is by using common language. “If you can’t talk financial literacy you are irrelevant, you’re not influential,” Fran Cassidy advises, “That terminology needs to be agreed within an organization.”
However, the finance sector will also need to understand the language of customer decision-making as well in order to transform marketing. The finance professionals have other super powers that a marketer needs. They think analytically and they think logically. But most importantly they think about strategic business issues like “does this investment make financial sense?” This is why having a strong finance team is needed in order to make marketing budgets work for the advantage of a business.
“To enhance alignment in finance-led organizations, marketing must become more revenue and profitability-focused, operationally efficient and customer experience-centric.”
Good marketers have to think about what makes sense for the business, and the finance team has the DNA to make that work. As financial services begins to invest more into its digital foundation, digital leaders, especially in marketing, are ahead of the pack. By working together, finance has the power to help marketing’s transformation and give their teams the extra boost they need to succeed.
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Jenny Schecher is a Client Services Director & Social Media Manager at The Millennium Alliance. Jenny is an avid contributor to our blog, Digital Diary, as well as all social media platforms. When she is not writing about digital transformation and technology, she is working with her team to make visions come to life at our events. (and eating all of NYC's best food.) Follow her on Instagram: @jennyschecs or find her on LinkedIn!
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