Branding DOES Have a Demonstrable Impact
Branding and marketing, particularly in B2B, is often viewed by CFOs and others in finance as an unmeasurable thing, as though there is no way to really prove an ROI from it. But a lot of entrepreneurs and founders of companies will tell you that simply isnât true. At SaaS Marketer, weâve noticed there has been an improvement in the relationship between the two departments lately.
In an article from Marketing Week last year, they shared a case study about how software giant SAS made finance a strategic partner, and talked about how much it benefited them. They made the point that, no matter the industry, there is always some tension between marketing and finance, and that itâs often âtoo transactionalâ.
But hereâs where the issue lies: marketers are not in finance. They donât think about finance in the same way because they are not numbers driven: theyâre creative driven. Hereâs the solution to this problem then: learn to talk about marketing in the language of finance.Â
Marketers, Fix Your Relationship With Finance
You can research as much as you possibly can about the importance of finance and marketing in any industry, B2B or not, but one universal truth about the two of them is that you need to keep the relationship between them intact.Â
According to IPAâs Advertising in Recession report, only 26% of B2B CFOs think that brand marketing should be given more attention in times of economic uncertainty. Itâs a shame, and itâs easy to get swept up in this narrative of CMOs vs CFOs, but donât let it get to you.
The solution to this is communication on both sides; keep in contact with your financial team, let them know whatâs going on and, as weâve established, learn to speak their language. Most conflicts arise due to a simple misunderstanding that gets blown way out of proportion, and if CFOs could see the impact marketing and branding actually has on a company, weâd all be in a much better position.Â
The Main Issue is the Product Driven Narrative
Unlike in B2C, B2B doesnât quite get branding, or at least, they donât get it as well as B2C. Weâve talked about it at SaaS Marketer time and time again, but yâall gotta learn to do branding rather than focusing solely on the product.Â
The product is great, weâre glad youâve got the product, but you need to know how to market it to people, and then you also need to look at figures and statistics in order to prove that itâs working. Once youâve done that, you can easily start to build a relationship with your CFOs and others in finance, itâs just a matter of communication.Â
For more information and statistics on the relationship between marketing and finance, you can find a report from WARC here, where they delve deeper into it, using their own statistics and figures.Â
Weâre here to tell you: fix your relationship with finance. We know, we know, they often seem like they have a stick up their arse about every little thing, but youâve gotta push through it.
Sam Hollis is a Writer for Fame, SaaS Marketer, as well as his own fictional short stories. He lives and works in Birmingham with his three cats and his dog (way too many pets, if you ask us)