When it comes to numbers, marketers often have more questions than answers:
What are we spending where? What’s left in the budget? Which of our efforts are impacting sales and revenue, and to what extent?
The burgeoning complexity of marketing has made the need for financial expertise in the marketing suite clear. Increasingly specialized finance professionals are helping marketing organizations gain spending visibility, manage costs and budgets and most importantly, prove value.
Marketing finance is an important skill set needed in today’s Big Marketing environment. As the pressure to deliver more marketing faster … to leverage more channels … all while consistently demonstrating ROI … this relatively new know-how is in big demand. Those with marketing finance expertise are critical to answering the important financial questions in a large, dynamic and multi-dimensional marketing organization.
Here’s what characterizes a marketing finance professional:
- These experts get finance, but they also understand the very different world marketing occupies. They apply their abilities to budget, track, measure and report within a fluid discipline that doesn’t make it easy.
- Marketing finance people also understand the importance of integrating marketing’s financials within the enterprise financial model—a necessary course of action for marketing success.
- And they’re the go-to resource for all things numbers oriented, facilitating cost information throughout the marketing system and into the organization’s financial accounting system in a way that mirrors other functional areas of the enterprise.
Marketing organizations that need to know where they stand—from a budget and ROI standpoint—need marketing finance. Access to skills you can only get from marketing finance is the way to eliminate knee-jerk decision-making, guesswork and the chaotic state that can characterize marketing. It takes a firm foundation of financial information related to all things marketing for CMOs to accomplish goals efficiently and effectively.
The marketing finance role is the backbone to marketing decision making … and is key to effective management in our emerging Big Marketing business world.
Join the Big Marketing conversation: Should marketing finance skills be embedded in the marketing organization, or should they reside in corporate finance?