TALKING

Shared goals can be used to work towards common outcomes , encouraging teamwork and removing the likelihood of departmental silos .

a proposed solution ; not only highlighting how it will contribute to the brand ’ s success or drive efficiency , but also proving it is practical , technically sound and can scale within the company ’ s existing ecosystem .

CFOs , for their part , can help by aligning on testing and experimenting with new tech .

Though a clear business case should be presented first , in many cases , the true impact of a new solution won ’ t be seen until it is used . encourage on-going collaboration . This shouldn ’ t be limited to quarterly planning meetings ; it should be an integral part of day-to-day operations .

Running regular workshops with both the marketing and finance teams is a good starting point for this . Both teams can use these sessions to openly discuss their visions , strategies and concerns , with scenario planning and forecasting to help determine the potential impact of various marketing strategies on the company ’ s finances .

Additionally , establishing congruent goals is another important element of bringing the two teams together to Drive overall business success . Shared goals can be used to work towards common outcomes , encouraging teamwork and removing the likelihood of departmental silos . They will also lead to more regular , open communication between finance and marketing , helping to further strengthen their relationship .

A united approach to marketing and finance

It is wise to undertake a proof of concept and / or a trial period depending on the tech , to help validate key assumptions and measurable impact prior to further commitments .

Business leaders from all departments , including the CMO , CFO and CTO , should work together and set goals for implementing pilot programs for new technology ; supporting additional funding by testing it on a smaller scale and providing concrete evidence of its impact and effectiveness .

Simply put , the solution to building and maintaining a healthy relationship between marketing and finance is communication . The CFO is far more likely to endorse budgets for a campaign or a new technology if they can see a tangible impact , so the focus needs to be on presenting results and business cases using metrics that showcase outcomes such as better website conversion rates , higher quality of leads generated , lower customer acquisition costs , improved customer retention , cost efficiencies and revenue growth .

Promoting a culture of collaboration

Ultimately , the best way to build and maintain a healthy relationship between marketing and finance is to

Doing this can result in a formidable alliance between both teams – one that is clear on goals , aligned on how to achieve them , and helps everyone involved to better understand the impact , success and opportunities . p

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