As a digital marketing professional, I have witnessed the clashing between marketing and finance teams over many years. When I started out as a junior, I was completely on the anti-finance fence until I ended up being promoted to a marketing manager a few years later.
It was at this point I had a major Oprah Winfrey ‘aha’ moment. I realized how lucky I was to work with nearly every department in my organization and that finance had transformed from my mortal enemy to a firm favorite I no longer dreaded having meetings with.
I know this might shock many of you. In fact, I can almost hear a distant “How dare you!” echoing in the distance. However, by the time you have finished reading this post, I’m fairly confident you will be singing a different tune.
Bringing together your marketing, sales, finances teams to collaborate with common goals and aims is one of the most efficient strategies for enhancing efficiency and return on investment (ROI). According to Rita Martin, Internet marketing Consultant at Vancouver SEO, without this sort of teamwork, all sides are effectively working blind and this rather clearly results in problems.
So here are my reasons why digital marketing professionals should give finance more love and how you can get these two teams working together.
1. Open Communication Leads to Better Budgets
When the end of quarter rolls around and budgets start being drawn up for the next financial yet, you want finance on your side. Marketing and finance both need to spend more time together to understand each other’s objectives. This way, when the CEO asks “Are we spending too much money on marketing’s whoozits and whatzits galore?”, your finance team will have your back and be able to justify that expenditure. By ensuring there is this constant follow of communication between the two teams, digital marketing especially SEO can tap into that incredible amount of influence finance welds and use it to their advantage.
2. Ask Finance to Help Marketing Manage Their Funds
It is no secret that marketing spends money to make money. In fact, outside of payroll costs, marketing is usually one of the biggest expenses for a company. As a result, finance needs to keep a close eye on marketing to help keep the company afloat. While most marketers usually hate this restraint, marketers need to make an effort in managing their budgets efficiently and cut back on expenses where they can.
This is where finance can come in and help. They can teach the marketing team how to track and forecast costs in a methodical and accurate way. Plus, finance will appreciate the effort that marketing is making and might be more open to leniency when an over expense does occur.
3. Tap into Finance’s Analytical Skills
One of the best parts of the finance team that most marketers overlook is their analytical skills. In the digital marketing world, this skill is becoming more and more important when reporting on ROI from campaigns and making adjustments to improve results.
By tapping into this analytical resource, the marketing team can get another opinion about whether a campaign should be nipped in the bud or if there is still hope to save it.
A good marketer needs to be able to answer questions like “what will deliver the highest ROI?” and “What will improve the bottom line”. The finance team just happens to respond to these questions on a daily basis. They are a logical, analytical breed. It is in their DNA, use it to your advantage.
So while it may not seem obvious at first, digital marketing and finance have a lot more in common than it appears. These two teams are a match made in heaven, and by getting them to sit down and spend a bit of time with each other every week, they can both benefit from each other’s strengths which will only take your business from strength to strength.