In the last three years, EY reports that 54% of CFOs surveyed say collaboration with the CMO has increased. Yet, CFOs face significant relationship barriers, including “the absence of common tools, processes and KPIs, and continued cultural differences,” according to the study.
Marketing and finance, who traditionally operated as siloed entities, must now work together to fuse art and science with data and relationships so they can inject the revenue engines in their organizations with integrated data that accelerates strategic growth.
To jumpstart this collaboration, marketing and finance need to make the customer the focus.
This four-pronged approach can help to solidify this CMO/CFO strategic partnership:
- A unified mission and mutually aligned-on metrics will help deliver customer value.
- Effective segmentation can help merge marketing’s growth goals with finance’s ROI targets.
- Mastering the company-wide data structure will help define and distribute flexible analytics across the organization.
- Interconnected customer data and analytics helps to fully ignite the revenue engine.
View the video to learn more: