While trying to connect with sales and negotiating with IT, marketers also need to convince a CFO that the dream initiative makes sense. Based on the conversation at the last ANA Business Marketing event, the interest from finance is increasing. Anecdotally, a financial representative is more likely to be present on a QBR an agency presents to the company this year compared to previous years. Depending on the company size, it might be a CFO or another representative from Finance. The question is the same: marketers need to present the case to the financial function of the company, and this function becomes more and more involved.
One of the first recommendations is actually “connecting” with the CFO, scheduling regular meetings, and learning CFO’s understanding (or misunderstanding) of marketing. The conversation during the event suggested that this misunderstanding might be unexpected, and needs to be clarified first.
SiriusDecisions addressed a similar topic in its Think Like a CFO to Prove the Impact of Customer Engagement webcast. During this presentation, a SiriusDecisions CFO explained marketers “how to speak his language,” and also gave a few very practical tips for justifying customer engagement initiatives.
Data is important for CFOs; smaller organizations, which may not have access to data science resources, could reduce the cost of the analysis by partnering with local universities.
SiriusDecision webcast is an excellent example of a framework to use and a case study presented by the CFO himself 🙂