In today’s fast-changing, highly competitive environment, marketers need to know more than how to create and measure great customer experiences. They need to know how to manage their current and future spending in a way that aligns with the organization’s broader financial goals. Marketers need to better understand the basics of a balance sheet, how to create a budget, manage accounts, and determine relevant KPIs.
At the same time, finance needs to train some of its own people to really understand the nuances and the language of marketing and how marketing initiatives relate back to financial performance. The goal is mutual understanding and appreciation of roles and responsibilities between marketing and finance, which, in turn, can create a stronger business and brand overall.
Read this paper to learn about:
- challenges to building marketing financial acumen
- advantages of collaboration between the CMO and the CFO
- five steps for getting off to the right start
- building lasting business acumen in marketing.