A survey shows that these two executives are becoming increasingly unaware of the others’ impact. And it’s only hindering progress for the company.
A survey of 600 CFOs and chief marketing officers (CMO) found that the two just aren’t communicating as well these days. In fact, more CMOs reported sharing marketing information with their CFOs than CFOs reported receiving it.
And the same study also says most CFOs believed that marketing could have a positive impact on profitability but 40% of them didn’t know if CMOs were even trying to do so.
What this suggests is a big disconnect between not only the CMO and the CFO, but between the Marketing and Finance departments in general.
Both sides can benefit
It should go without saying, but this is not a good thing. Marketing is concerned with boosting sales numbers and act as the direct connection between the consumer and the company. If Marketing is doing its job right, that means your job will get a little easier.
Harvard Business Review recently posted their suggestions on how CFOs and CMOs should work together toward building a better business relationship where both sides can benefit. Here are some key takeaways:
- Get to know them. A simple first step but a necessary one. If you’re familiar at best with the CMO, then the best bet is to get to know each other. Set up a day where the two of you can grab lunch and try to make a weekly thing of it. Make it clear that you’ve got a real interest in the Marketing side of operations and offer your help in any way.
- Give them the reports they need. When planning out strategies, Marketing will work better if they can factor in overlooked areas like advertising costs, commissions and sales support costs. Give them any pertinent data they need, but also take the time to get filled in on details of upcoming campaigns or projects, whether it’s the criteria for success or certain formulas.
- Provide a counter balance to risk. No one knows risk better than the CFO and they should be consulted whenever a marketing operation is in the works, especially if it’s an unconventional campaign. But also listen to the CMO when they factor in the risk of not taking following through. Collaboration in this area can provide positive results as both the CFO and CMO examine risk differently.
Do you have any tips for collaborating with the Marketing department? Let us know in the comments below.
