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Benefits of collaboration between marketing and finance

In a growth and development journey, culture and processes are often the biggest barriers and there is nothing more crucial than the relationship between the marketing and finance teams. When these teams work together, companies unlock the opportunity for further growth.As the research here demonstrates, there are some clichés that tend to push this desired collaboration away:Research budgets need to be set in advance - as it is a very volatile environment, setting a budget in advance is an old-fashioned mistake, and it risks putting a limit on company growth. Relating this expenditure to revenue would help to have more room for manoeuvre.Bidding strategy is just a marketing task - if finance and marketing no longer bicker over budget levels, but instead work side by side to better understand customer economics, they will maximise profit growth.Only perfection is enough - the road to model perfection is endless and while it is being travelled, business decisions still have to be made.

In a growth and development journey, culture and processes are often the biggest barriers and there is nothing more crucial than the relationship between the marketing and finance teams. When these teams work together, companies unlock the opportunity for further growth.

As the research here demonstrates, there are some clichés that tend to push this desired collaboration away:

  1. Research budgets need to be set in advance - as it is a very volatile environment, setting a budget in advance is an old-fashioned mistake, and it risks putting a limit on company growth. Relating this expenditure to revenue would help to have more room for manoeuvre.
  2. Bidding strategy is just a marketing task - if finance and marketing no longer bicker over budget levels, but instead work side by side to better understand customer economics, they will maximise profit growth.
  3. Only perfection is enough - the road to model perfection is endless and while it is being travelled, business decisions still have to be made.

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