Marketing and finance 'must join forces'

The Chartered Institute of Marketing (CIM) has joined forces with two other professional bodies to launch the 'Return on Ideas: Better Results from Finance and Marketing Working Together' report.

The CIM, along with the Chartered Institute of Management Accountants and the Direct Marketing Association, have issued an urgent call for better working practices between finance and marketing.

The 'Return on Ideas' report showcases the 'Infinity Model', a framework that adds value to organisations by demonstrating the impact of marketing on the bottom line Organisations around the world are in the middle of an once-in-a-lifetime marketing upheaval.

Businesses can grasp how important marketing is but the temptation is to slash budgets in a downturn.

The three bodies are concerned that many companies do not have the right blend of marketing and accountancy acumen to either establish the value of their marketing campaigns or account to shareholders on the effectiveness of marketing spend or investment.

It is therefore vital that marketing and finance work jointly to demonstrate the real value of marketing to the bottom line.

More than 100 organisations were surveyed by Prof Robert Shaw, author of 'Return on Ideas', in order to find out what works and what does not when it comes to marketers working with their finance business partners to create and demonstrate their financial worth.

Shaw also researched current measurement theories that are commonly used by accounting firms, consultants and marketing service firms.

The essence of this candid research led to the creation of the 'Infinity Model'.

Back to top