There appears to be a gap between the metrics marketingdepartments are measuring their success against compared to the expectations ofCFOs.
As a result many companies are not launching integratedcampaigns and are creating the potential for conflict according to the findingsof a Xerox survey.
The majority, 83%, of CFOs quizzed revealed that bettercommunication about the impact of marketing would improve the standing of thedepartment in the wider business.
There have already been some indications that marketingbudgets are being cut as a result of the recession with research from theChartered Institute of Marketing late last year showing a portion of marketers fearingfor survival.
Peter Romaine, director and generalmanager at Xerox Global Services, said that there was little disagreement over theimportance of marketing but the problem occurred when chief marketing officers(CMOs) tried to share success stories.
“The main problem is that most CMOscan’t prove it to the CFO. They can’t communicate the benefits ofmarketing because they can’t measure entire marketing campaigns effectivelyenough and, in many cases, they’re even struggling to measure the success ofindividual components of their marketing activity.”
ProfessorTim Ambler, senior fellow in marketing at the London Business School said thatcompanies expected a payback on their marketing activities.
“Thissurvey shows that the CMO isn’t getting the right information to communicatethe marketing department’s contribution to the overall business performance inthe right way. Both finance and marketing departments need to be speakingthe same business language,” he said.
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