Increasingly, marketing people are under pressure to prove the absolute ROI on marketing communications outlays. Elements contributing to this pressure include:
The CFO function in public companies most often ranks higher than their counterparts in privately held companies. So the newly titled CMOs (chief marketing officers) and the marketing directors are more often finding themselves justifying their budgets to the CFO.A common problem in all this is that marketing people, too often, do not speak the "finlistic" language of the CFO. My guess is that if you're reading this newsletter, you're living in the marketing world, and you may need to brush up on your finlistics.For example: Can you articulate the difference between an internal rate of return vs. a return on investment? If not, then you might want to sign up for our fall seminar on this subject! (More to come on this in next month's Creative Strategies.)