When budgeting, is marketing really the enemy of finance?
At a recent meeting, one of my trusted, long-term financial connections stated
‘marketing is the enemy of finance’.
Deliberately proactive!
Isn’t it great that he’s comfortable enough to say what others think, but keep to themselves?
These are relationships I value.
In the context of the gathering recession, his comment encouraged a discussion about marketing and finance.
We also concluded what should be done, and how to deal with rising costs.
Inter-dependence of Finance and Marketing
With minimal input from me, the meeting attendees came to the following conclusions:
- Despite how wonderful your product or service is, your client base is constantly eroding; marketing fills the gaps.
- As costs rise, you need to attract and win more business just to stand still.
- In a buoyant market, incoming finances are higher therefore less marketing is necessary.
- If the market is tough and incoming finances are low, marketing is key.
Decisions on marketing spend should always be carefully considered, market-focused, and reviewed against expectations.
However ‘disappearing’ through marketing neglect only has a negative effect on an organisation’s bottom line.
Don’t stand still; marketing is not the enemy of finance!
For further advice on marketing, you can directly book a 15-minute chat with Su on the link below or call us at +44 (0)1235 606077.