How marketing and Finance Are Linked With Each Other?

In this we are discuss about marketing and finance how it's work and role of both departments. How both are interlink with each other.

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Transcript

1. David Neugart Hi, everyone! I'm Thank you for having me.
2. Hi there again! I'm Dave Gene Neugart, and I'm a Business Consulting! Taxes & Business Consulting Titanium Taxes & Business Consulting
3. Key Role and Relationship Between Marketing And Finance Finance and Marketing play a significant role in business. According to David Gene Neugart, every business needs both sides of the coin to exist in the industry or market. Both are two sides of the coin. We all know in marketing all spend a lot of money and on other side finance trying to save it.
4. How do both work together? Marketing is an activity else we can say the task to promote business or its product and services. Finance is a way to increase the overall revenue of the company. And to reach its goals and objectives in a limited time.
5. IMPACT OF MARKETING AND FINANCE IN BUSINESS! You have a big or small structured business that needs both. The main point is marketing wants to spend money on another side, finance wants to save, which creates a war between each other mentality. It is unhealthy for businesses. Both have to share the same economic views and acknowledge each other so they can work accordingly.
6. What is the role of finance in marketing? The finance department decides how much the company can put in and whether it is good to invest or shortens the sales numbers. Finance needs to understand the tactics of the work marketing team. Bring them together finance and marketing team to work together with a common aim and goal. Without collaboration, both sides are effect and create difficulties for each other. It's is not a good thing for any business.
7. How improve the relation among the marketing and finance departments? Both the department particularly doesn't like work together. The same answer as we discuss above. Marketing wants to spend; finance wants to reduce it.
8. Marketing And Finance is Importannt
9. Measure Return on Marketing Investment Improve Marketing Accountability Improve Communication Between Both Department Return on marketing investment or ROMI is a metric system used by online marketing to track how effective a campaign is. Simply ROMI is to measure spending on marketing contributes to profits. Marketing accountability is a primary method for us. Measuring your marketing, choosing the right metric, marketing accountability culture and production points to the management team daily. For better workflow, you need to have better communication skills. Encourage collaboration between other departments to helps clarity from different angles on projects.
10. Looking forward to meeting everyone! Also, thank you for the warm welcome!