When Marketing Met Finance
When Harry Met Sally is one of my all-time favorite movies. I’m a real sucker for romantic comedies. Plus, there’s something about Meg Ryan’s and Billy Crystal’s unlikely friendship – and ultimate romance – that’s ennobling. It’s a story of growth. Two opposite temperaments learning to understand, befriend, complement and enrich each others’ lives.
The same could be said for the C-suite’s odd couple – marketing and finance. As marketers face a semi-permanent squeeze on budgets, financial measurement has become a critical part of the CMO’s job. And savvy CMOS are eyeing a more integrated partnership with finance.
According to Avi Dan of Advertising Age:
Marketing was traditionally a siloed operation. This is changing. It’s moving from a hands-off
Department to a much more integrated function within companies, whether it’s under sales of customer service. Nowhere is this going to be more evident than in the growing closeness between marketing and finance. CMOS are aware that finance is important to their success. For example, when asked which additional skill they wish they had, the answer I hear most often is: ‘better understanding of finance.’ (The New Normal for CMOs)
As CMOs struggle to crack the code on web analytics – and identify new, more relevant ways to measure outcomes – the relationship between marketing and finance is evolving. For now, the common goal is ROI and efficiencies. But over time, the potential benefits of analytical marketing are enormous. And so are the opportunities for partnership, coordination, integration and growth.
Do you have examples of partnerships between Marketing and Finance in your organization?