"One of the biggest opportunities for CMOs and CFOs in 2017 will be to open up the lines of communication to get past the cost center/profit center disconnect and identify what role marketing should play in overall corporate success, said Steven Wolfe Pereira, Chief Marketing and Communications Officer, Neustar. "Companies that employ a data-driven approach using advanced analytics can unlock significant value from their marketing budgets to drive greater returns on investment and business results. By focusing on making the right decisions that impact business outcomes, CMOs can better align with their CFO counterparts to drive growth."The study identifies a few key recommendations for creating better alignment and collaboration between marketing and finance:
- Get marketing and finance on the same page. Companies must define a common language, align on key metrics and define a process for using big data insights to drive results forward.
- Set up a frequent cadence of collaboration. Marketers should involve finance in more tactical campaign planning discussions and finance should expose marketing to the discussions, and decisions around other business investments and preparations for investor calls to give them a broader view of the business.
- Focus on improving data and analytics capabilities with the help of new technology. Using the right quantitative, analytic techniques can bridge the gap between business results and marketing tracking data.
- Kick off a data audit and clean-up initiative. Companies must make sure their data is ready to be used in a way that creates the kind of shared metric needed for a highly productive marketing and finance relationship.
About NeustarEvery day, the world generates roughly 2.5 quadrillion bits of data. Neustar (NYSE: NSR) isolates certain elements and analyzes, simplifies and edits them to make precise and valuable decisions that drive results. As one of the few companies capable of knowing with certainty who is on the other end of every interaction, we're trusted by the world's great brands to make critical decisions some 20 billion times a day. We help marketers send timely and relevant messages to the right people. Because we can authoritatively tell a client exactly who is calling or connecting with them, we make critical real-time responses possible. And the same comprehensive information that enables our clients to direct and manage orders also stops attackers. We know when someone isn't who they claim to be, which helps stop fraud and denial of service before they're a problem. Because we're also an experienced manager of some of the world's most complex databases, we help clients control their online identity, registering and protecting their domain name, and routing traffic to the correct network address. By linking the most essential information with the people who depend on it, we provide more than 12,000 clients worldwide with decisions—not just data. More information is available at http://www.neustar.biz.