In many companies, the finance and marketing teams only meet when they have a pending problem. This results in frustrating discussions that hurt interpersonal relationships within the organization and at the same time its performance.
In this post, you’ll get to know one of the causes of this conflict and get tips about how these two areas can work together in a unified fashion. Continue reading and find out!
The Main Divergence between Finance and Marketing
The results of digital campaign strategies are measured by metrics that evaluate the number of clicks on adds, opened email rates, and estimates of brand engagement, among other things.
However, not all of these performance indicators are specific about the sales flow. In this way, the lack of certainty in terms of the relationship between the actions performed and revenues is a reason for discontent from the financial area’s perspective.
The good news is that digital marketing metrics have evolved and we now have more sophisticated indicators such as the Return on Marketing Investment (ROI), Net Promoter Score (NPS) and Lifetime Value (LTV). This is a strong reason for these teams to join forces to optimize company’s results.
Take a look at these 3 tips to bring you success in this endeavor:
Align Yourselves with the Company’s Objectives
The finance and marketing teams have very different objectives. Finance has a steadier rhythm and short-term objectives. Marketing is more dynamic, requires monitoring, and involves constant changes and long-term objectives. After all, increasing a brand’s recognition is not something that you achieve overnight.
Despite these differences, it’s possible to align yourselves with the company’s objectives so that both departments perceive what is necessary to work together to arrive at the same goal. In order for this partnership to work, it’s important to stimulate communication through weekly meetings.
Encourage the Access to Information
Digital marketing strategies, for example, take place over the course of a client’s purchase, which has various steps and specific actions for each one. The finance department doesn’t need to be a specialist in this area.
However, it’s fundamental that the team understands this process. This way it will be able to justify the need to invest or not invest in client retention, for example. This will help improve the relationship between the two departments.
Maintain the Focus on the Client
The client is the main character in this story. Make your employees understand that if there are misunderstandings, conflicts or differences between them, productivity will fall, and as a consequence, so will the quality of the services that you offer. The one most harmed by this is the client, who doesn’t necessarily have to put up with this turbulence.
On the other hand, when there’s a good organizational mood, the client is positively affected and there’s a greater chance that this client will return to make more purchases.
Can you see that even though it appears difficult, it’s possible to make the finance and marketing teams allies? Everything has its place. While one has a vision oriented towards the future, the other dedicates a large part of its time to cash flow. Together, these two forces can provide your company with countless benefits.
Did you like this article? Then take the opportunity to also read this post and find out how to reduce costs without having a negative effect on your company!