Why Marketing and Finance Need Each Other
In most businesses, marketing and finance departments often feel worlds apart. As a marketer, I get it – marketing and finance are not always the best bedfellows, and finance can sometimes feel left in the dark about what marketing is doing and what commitments are being made on their behalf. The heart of the tension usually comes down to communication, trust, and sometimes, concerns over the common sense behind certain marketing initiatives. This post is about breaking down those barriers and encouraging marketers to engage with finance, ultimately building a stronger, more collaborative business.
Fostering Collaboration Between Marketing and Finance
There’s no doubt that marketing and finance both want what’s best for the business. But misunderstanding and lack of transparency can create mistrust, especially when marketing decisions affect budgets and long-term plans. The challenge is clear: how do we bridge this gap between marketing and finance so that both parties pull in the same direction?
The Case for Proactive Reporting
One of the simplest ways to bring finance onside is by sharing clear, consistent reports. Don’t just deliver a post-campaign result – instead, provide regular updates on plans, spend, and the expected return on investment. Simple dashboards can highlight campaign progress, sales funnel changes, or early warning signs if things aren’t working. When finance teams see this level of openness, confidence naturally grows.
Share Your Strategy
It’s tempting for marketing to keep plans close to their chest, but that only fuels suspicion. Sharing the marketing strategy – both the big picture and the practicalities of how each initiative supports business goals – shows finance that you’ve thought things through. Better still, invite finance into strategy sessions or planning meetings. Their input can be invaluable, especially on topics like risk management and return on investment calculations.
Bring Finance Into the Results
After every campaign or initiative, marketers should present not just what was done, but why, and what the outcomes were. Focus less on vanity metrics and more on meaningful business impact. If something didn’t work, be honest and share what will be improved next time. Over time, this demonstrates marketing’s accountability, helping finance see marketing as less of a wild card and more as a reliable business function.
Make it a Partnership
Moving from a transactional to a partnership approach is the real transformation. When marketing and finance come together to discuss budgets, forecasts, or business priorities, the result is often smarter, more effective plans that everyone believes in. This doesn’t just improve working relationships – it can also lead to better business performance.
Marketing and Finance: Building Trust Starts with You
Marketing and finance can absolutely be powerful allies. Transparency, regular reporting, strategic sharing, and a joint focus on business results are the keys to greater trust. As marketers, the responsibility is on us to engage, inform, and include our finance colleagues. Not only does this make life easier, but it also helps prove the value of marketing to those who, quite honestly, have every right to expect sound business logic in every decision.
References and Further Reading
How Marketers Can Build Better Relationships With Finance. https://hbr.org/2019/11/how-marketers-can-build-better-relationships-with-finance
Improving Relationships Between Marketing and Finance. https://www.cim.co.uk/newsroom/blogs/improving-relationships-between-marketing-and-finance/
Why CMOs and CFOs Need to Collaborate. https://www.marketingweek.com/cmos-cfos-collaborate/
Aligning Marketing and Finance for Business Success. https://www.forbes.com/sites/forbescommunicationscouncil/2021/04/23/aligning-marketing-and-finance-for-business-success/
Bridging the Gap: Finance and Marketing Collaboration. https://www.thedrum.com/news/2022/09/20/bridging-the-gap-finance-and-marketing-collaboration
Leave a Reply