When it comes to finance and marketing, the relationship between them can be a rocky one if people are working for the same goals. Marketers are usually creative types while finance people are only concerned with the cash flow statement. The key is to balance both the different groups in the organization & the collaboration between these different skill sets in the right conditions can work wonders with a successful financial business. They are the pillars on which the growth and profits of the company are dependent. To deliver a shared vision for success, marketing and finance both are forging close for improving efficiency and return on investment (ROI).
There are incredibly important reasons why finance and marketing departments need to boost their relationship:
1) Communication: Line of communication is the most promising sign of a successful company. A productive communication can lead to regular meetings for solving any problem or an issue. Teamwork always shows that they understand each other’s different skill sets & leading a company to its betterment.
2) It’s All About The Customers: Customers are a necessary part of any business or organization which in reality is viewed. Customer satisfaction is essential for a company’s betterment & growth as it is determined with the level of service they receive. For brand investment or in considering any decision in relation to the customer, marketers play a vital role in helping the finance team understand various aspects of marketing in a better way in order to take a long-term view.
3) Breaking Down The Barriers: To sort down a large number of targeted audience, a sales process system has to be followed for better prospects and clients. So the finance team and marketing team partnering together can easily call for a more flexible approach.
4) Staying On Budget: When it comes to budget, marketers and their colleagues in finance are on different pages. Both of them have a huge responsibility of managing the money for the business. When the going gets tough both of them have to put forth their combined visions and ideas for the company’s betterment by cutting down the costs and other larger expenses. Marketers have a responsibility to manage that money effectively. So tracking financial decisions is of utmost importance.
Aligning finance and marketing will definitely drive a successful business as they meet all the business decisions and challenges together as they are focused on one key objective. Their more concrete ideas can surely benefit the business of their organization, taking it to higher standards.
As per the assumptions, marketing and finance are diametrically opposed, brands are finding better ways for both the departments to work together and achieve their overall objectives of business growth and profitability. It not only helps in creating a collaborative business culture that simultaneously fosters creativity but also delivers concrete results. It is also necessary because of the overlap in their responsibilities and the changing business context.