Today’s business environment is challenging, filled with added complexity, harder choices and more at stake for executives and managers than ever before. Adding to the mix is the fact limited resources put a bigger focus on the return generated for each dollar invested in marketing.
The Slippery Slope
The new normal requires marketers provide in-depth market, customer and financial analysis. In short, the marketing function must become an investment advisor to the business. Understanding the ‘size-of-the-prize’ is fundamental. Knowing how to connect-the-dots between company strategy, financial objectives, operational execution and the customer is expected.
Without functional integration, allocated dollars will not generate their promised return. Today’s high-stakes business environment requires marketers be fluent in the language of business – finance. Marketing programs must not only deliver their projected revenue and contribution dollars, but also speed cash flow.
Why Smart Marketing?
Smart Marketers know how to work both the margin and turnover side of a business. They understand how their programs impact the P&L, Balance Sheet and Cash Flow statements. Today’s tighter credit markets have impacted the performance requirements placed on businesses. CEOs and CFOs need marketers who understand the mechanics of how businesses make money. This means marketers need broader skills. They need to understand the difference between spending money and making money. This is the essence of Smart Marketing .