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Finance's Support Of Marketing's Effectiveness

I'm looking for organizations or articles focusing on Finance's strategic support of the Marketing function.  By "strategic support," I mean well beyond traditional financial analysis.  How can we:

  • Build stronger rapport with the marketing folks
  • Provide marketing pros with a necessary foundation of finance / value creation concepts
  • Facilitate better decisions and experiments for marketing initiatives
  • Embed follow-up techniques into initiatives to track results and make smarter decisions in the future 

I'm interested success stories and resources in both business and not-for-profit sectors.  Who is doing a really great job in enhancing the effectiveness of Marketing?

Answers

Ernie Humphrey CTP
Title: CEO & COO
Company: Treasury Careers
LinkedIn Profile
(CEO & COO, Treasury Careers) |

David, I was just involved in a CFO Roundtable that focused on how CFOs are collaborating with Marketing Leaders at their companies to define and optimize Marketing ROI (MROI). Here is a link to my blog about the event take-aways (https://thecfoalliance.org/blog/the-essential-cfo-building-trust-to-define-and-optimize-marketing-roi--2).
A great resource for you could be Shashi Matta, Clinical Assistant Professor of Marketing, The Ohio State University. I hope this helps.

Robert Honeyman
Title: CFO
Company: Advanced Predictive Analytics
(CFO, Advanced Predictive Analytics) |

This is a little different from what you're asking but I think it plays, nonetheless. In my mind, there are several critical things that you can do to serve the company's marketing effort.

1. Develop and maintain interpersonal relationships with the various actors in the Marketing department.

2. Provide budgeting support.

3. Customize the reporting system to allow deeper analysis of specific events and campaigns.

4. Understand the industry metrics. How much do others in the industry spend on various different forms of marketing? Is your company in line with that spending level?

5. Develop an ROI model that allows you to glean some level of understanding vis-a-vis the impact of any individual campaign.

6. Provide regular analytic reviews both at a budget level (here's what you're spending looks like) and at a program level (here's the full cost of each event/show/campaign) and here's the impact on revenue/orders/order backlog.

Remember the old saw that 1/2 of all marketing dollars are a total waste but don't think that you are any better than the Marketing people at predicting which dollars will be better spent.

Sarah Jackson
Title: Associate Editor
Company: Proformative
(Associate Editor, Proformative) |

Hi David,

Great topic! Proformative has this article on this exact subject: "How To Improve The CFO - CMO Relationship." that you might want to read.

Proformative also has this free white paper from the vast Proformative Library Of White Papers titled "5 Ways to Improve the Sales/Finance Relationship"

Enjoy!

Best... Sarah

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