Traditionally it is observed that the relation between a CFO and CMO are not friendly mainly because of distribution of the budget. Both the executives feel that they have the right to decide on how much should be allocated on each head and this leads them to drift apart from each other. There are also barriers due to the difference in culture between the work patterns of the two teams.
However, with evolving business management, this concept is changing and the Marketing heads need to discuss the key strategic areas with the Finance heads so that they can reach the organisational goal together.
Here are the ways in which both can unite for a common organisational goal
Agree On Metrics That Matter
The first things that are required are, both should agree on those metrics that matters for the business. For a marketing officer, there are certain things that matters and that cannot be quantified like it is done in finance. Like it may be easy to find the ROI of the business, but qualifying the brand equity may not be possible. It can be qualified but quantifying it is difficult.
Thus, both the CFO and CMO must discuss how they can find out the common metrics that will help them achieve the organisation’s goals.
Bridge the Cultural Divide
The next thing that the CFO and CMO must do is, bridge the cultural divide that their teams share. The way each team operates may be different, but they are both operating with the same goal i.e. the growth of the business. The cultural divide can only be bridged when an effort is shown from the leaders of the teams.
Collaborate On Marketing Analytics
Just like analysing the financial data, marketing analytics is also becoming crucial nowadays. It is good and bad for the CMO as they can get a better insight into the performance of their teams and the marketing activities. Here, if the CFO and CMO collaborate with each other they can fetch better results.
Team on Marketing Planning
The marketing planning is essential for the growth of any organisation. While this is done if the CFO also works along with the CMO the drift over the budget constraints can be minimised to a large extent.