Only 34% of CEOs and CFOs are aligned with their CMOs about how marketing supports growth according to Gartner. This leads to that many CMOs have problems motivating the marketing budget.
But there is a simple way for you to secure the right budget for your strategic plans. The magic? It’s based on a basic thesis for good communication – to be able to adapt the message to the target group.
It may seem like a paradox that many in the marketing and communication industry unfortunately seem to lack these skills, at least when it comes to how we communicate within our own business. And if the recipient of our communication is your CFO, CEO or someone else in the management team, there is a high risk that you will not be heard about your marketing budget and your communication efforts in the way you wish. Especially if you use marketing jargon and don’t connect marketing to its value for the business.
The way around this is to communicate with finance managers and others in management in a way that these people understand and value. It is both about which words but also logical arguments and numerical support for the activities and measures that are proposed.
So instead of marketing jargon, use business language:
- Brand awareness can be seen as an indicator of how our future sales will develop. The more people who know about us, the more potential customers. So why not call it “future sales potential” instead?
- Brand preference shows how many people prefer us. And those who prefer us tend to be less price sensitive than others in the market; ergo perhaps we should instead use a concept like “margin enhancement factor”?
- Production costs for campaigns and marketing efforts are, after all, a way to develop and maintain our visual identity, i.e. a way to “manage and enhance the company’s intangible assets”. So why not call it this?
If you want to learn more about marketing to the CFO, a first advice is to download this booklet from the LinkedIn B2B Institute: https://business.linkedin.com/marketing-solutions/b2b-institute/b2b-research/research-studies/marketing-to-the-cfo
And then, why not get in contact with me at ulf.vanselius@sfinxagency.se, and we develop your marketing it together – externally as well as internally.
