Relationship between Marketing and Finance
Marketing and Finance are like two talented musicians coming together to create something spectacular. When they are in sync the output is great. However we all have witnessed that when two talents come together, there is always room for ego clashes, fights and difference of opinions. This holds true to the relationship. When the marketing and finance team work in tandem, the rewards can be fruitful and be a big boost to the growth of the organization. By nature there is inherent adversarial relationship between the two entities. However with constant effort and work, marketing and finance can form a formidable relationship.
The mindset of finance is different from that of Marketing. The sole intention of finance is return on investment. What are the returns and when will it come to us? Marketing is mounted on strategies. Finance people are not averse to the image of the brand but they expect the image of the brand to transform into money, that is cash flow. The vision of finance and marketing are the same if we observe closely.
Sometimes the marketing team can get into more of a creative zone than the scientific side of marketing. The finance team should join hands with the marketing team to set the parameters for the marketing campaign. For any company to flourish, both the departments must understand their roles and work effectively.