Chief financial officers (CFOs) find themselves saddled with an ever-expanding range of tasks. Often, addressing these tasks effectively within the framework and goals of the organization means finding the right people for the job.
Nowhere is this more true than when considering marketing return on investment (ROI), or the gains an organization realizes from the time, money, and effort it puts into marketing practices. Working with a staffing partner to find top marketing professionals who can maximize ROI in marketing and similar fields can yield big returns even for small organizations.
Finance and marketing share common ground in today’s economy, as marketing as moved away from the traditional “four Ps” of product, placement, price, and promotion to evolve into a set of processes used to:
- Create value. Both marketing and finance professionals are deeply interested in how to create value for customers.
- Communicate value. Creating value in a quality product or service is first on the list for most financial professionals. Marketing professionals fully understand the importance not only of creating value but of communicating it – customers must know what’s being offered and how it helps them before they can seize the opportunities offered.
- Delivering value. Customer knowledge may lead to customer action, but only if processes are in place to deliver value effectively. Delivery is often well within the job description of financial professionals, but increasing its effectiveness while decreasing costs and obstacles often fall within marketing’s purview.
When it comes to working effectively with customers, the interests of finance and marketing clearly overlap. But how do these two traditionally separate spheres of work align their efforts to produce maximum results? By embracing two essential concepts: brand equity and value.
- Brand equity typically describes how well the brand is doing with its key audiences, often with reference to the brand’s “health” as an economic asset. Putting a monetary value on brand equity helps both financial and marketing professionals discuss its power effectively.
- Value. Value is typically seen as a customer concept: the ratio between a perceived benefit and its cost to the customer. Like brand equity, value can often be quantified in a way that allows professionals from varying backgrounds to discuss how best to maximize it.
At Daley and Associates, our experienced financial recruiters scour the Boston area to provide top talent in the financial industry across the Northeast. Contact us today to learn more.