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MARKETING COLLABORATIONS
By our News Team | 2023
As tougher times bite, only 10% of CMOs believe their marketing investments will enable them to emerge better off than their competitors.
Economic headwinds have arrived, and chances are marketers aren’t prepared. Only 10% of marketing leaders strongly believe their marketing investments, whose reins are often tightly held by the finance department, position them to emerge from economic turmoil ahead of the competition.
This is according to a new Chief Marketing Officer (CMO) Council report, produced in collaboration with KPMG.
Photo by Ono Kosuki from Pexels
The report, titled ‘Marketing & Finance: Fuelling Innovation or Falling Behind?’ examines the marketing and finance relationship, and how marketing leaders can achieve a higher level of confidence in their investments.
Different metrics and goals
It says challenges to better collaboration between the marketing and finance departments include differences in metrics and goals, priorities and incentives, and risk-assessment strategies.
The researchers believe that what’s needed are stronger connections between budgeting, marketing planning, execution and performance. Achieving this will give greater visibility across marketing and finance teams.
Among the findings:
“If marketing and finance wish to successfully navigate economic headwinds, they’ll need to redefine their working relationship and align on financially responsible growth strategies that prioritise smart, realisable [and] innovative investments,” says Donovan Neale-May, Executive Director of the CMO Council.
Unlocking innovation
Unlocking innovation in marketing strategy requires alignment and collaboration between marketing, finance and other C-suite peers. To strengthen the CMO-CFO partnership, CMOs should:
“A strong relationship between marketing and finance has become even more crucial in the current socio-economic environment to ensure an organisation’s effective targeting, clear ROI, and transparent budgeting,” says Jason Galloway, Customer Advisory Lead and Marketing Consulting Practice Lead at KPMG.
“A clear view into the marketing plans and a deeper understanding of current performance, allows for better overall buy-in from the finance team that ultimately has the final say on budget. Smarter and timely marketing investments can lead to greater profitability and allow organisations to stay ahead of the competition.”
You can find out more about the report here.
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