5 Keys to Building Stronger Relationships Between Marketing and Finance
// By Brian Griffin //
Partnerships between CMOs and CFOs can raise marketers’ profile in the C-suite and enhance marketing effectiveness.
Increased economic pressures caused by the pandemic and other factors are making it more important than ever for marketers to partner with their chief financial officers to develop a deeper understanding of finance and demonstrate return on investment for marketing spending.
In this COVID-19 age of tight budgets and heightened expectations to produce results, it is vital for marketers to collaborate with finance leaders to demonstrate the value marketing brings to health care organizations.
“Historically, hospital and health system chief marketing officers (CMOs) have tended to operate in their own silos and focus on reporting soft metrics to senior management,” says marketing expert Paul Szablowski, an independent consultant and former senior vice president for brand experience with Texas Health Resources.
“But those days are definitely gone. Growing financial pressures driven by the pandemic, the evolution of the health care industry, changing market forces, and advances in digital and other technologies have ushered in a new era that requires greater fiscal accountability from marketing departments,” he observes.
In this article, Szablowski and marketing and financial leaders from Tidelands Health and the Hazelden Betty Ford Foundation share their thoughts on the importance of building and maintaining a successful working relationship.