Marketing and the CFO
How To Bring Marketing And Finance Together For Better Business Strategy and Results
There's a natural tension between marketing and finance, between the CMO and the CFO. I know; as the CMO at several companies I experienced this firsthand.
I've also experienced the energy and business benefit when the two are fully coorperating through mutual understanding and trust.
The Expanding Role of the CFO
In "Is Your Content Ready for the CFO?" posted on the Content Marketing Institute website, author Tom Pisello notes that as more CFOs expand their role beyond finance in the wake of the recession, they "are much more involved in the buying decision process." In a survey by Accenture that Tom cites, 33% of finance chiefs said that they had assumed additional responsibilities in marketing/sales in the previous 18 months.
The Hidden Opportunity in Marketing/Finance Cooperation
This should come as no surprise and the savvy marketer will embrace it. Going further, it points to a hidden opportunity for companies whose finance and marketing executives could benefit from closer cooperation.
A 4-step Process
Resolving the marketing/finance tension and creating a complementary relationship will yield significant business benefits. I believe this can be accomplished in a 4-step process as follows:
- Define mutually supporting roles
- Define a common approach
- Identify ways to incorporate finance/accounting into marketing
- Starting the process
Learn how by viewing "Marketing and the CFO: How Financial and Accounting Professionals Can Add Value to Marketing Services." If you like Tom's points, you'll also like this practical approach to making it happen.
HOW WELL DO MARKETING AND FINANCE WORK TOGETHER AT YOUR COMPANY? WHAT SUGGESTIONS FOR GREATER COOPERATION DO YOU HAVE? Share your thoughts, below.
Mission: To help small and mid-size businesses sell more by re-thinking their business and marketing strategies.