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MARKETING COLLABORATIONS

Few CMOs think their marketing investments position them properly

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.

Marketing Collaborations

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:

  • Only 10% of marketers strongly believe their marketing investments position them to emerge from economic turmoil ahead of the competition.

 

  • Nearly 4 in 5 CMO-CFO partnerships lack willingness willing to collaborate on investments, goals and metrics.
  •  
  • Among CMO-CFO partnerships that are indifferent or hesitant to collaborate, only 27% are satisfied with their ability to innovate.

 

“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:

 

  • Show how investment in their marketing strategy will drive value for all functions of the business.

 

  • Integrate customer data across marketing, sales and finance, and leverage customer data as a common language.

 

  • Identify and prioritise steps to improve four core capabilities: innovation, agility, collaboration and performance.

 

“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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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.