As boring as it sounds, money is the central nervous system in how businesses communicate. In 2017, Your Clients will understand financial implications better – shouldn’t your staff? Will you and your team be able to keep up with the conversation?
Companies are now expecting their marketing staff (your clients) to be responsible for the entire financial impact of their decisions – not just blanket guestimates. In the past, marketing has been able to make statements to the effect of “spending ‘x’ amount on advertising will bring ‘y’ amount of money back to us.” While accountability has not been a wide spread concept in the past, 2017 will be a year in which people will be held accountable for their decisions.
According to a study by Northwestern University, companies are now asking marketers to relate marketing things to what the business is trying to do. A challenge for marketers in 2017 will be knowing how to sit down with their CFO and answer financial questions and deal with the financial issues affected by marketing.
If your clients are going to be expected to understand what their financial numbers mean and be able to justify their decisions based on real dollars and cents, shouldn’t your team? I’m not saying everyone should know that debits are on the right and credits are on the left. I am suggesting that everyone provides more value to the company and to your clients if they have a basic understanding of where the numbers come from and what they mean. Additionally, this knowledge gives you the ability to understand your costs and emphasize both your value and that of your team to your business.
Here are four important questions to ask yourself:
- If you bring in a new client, or grow an existing client, do you know what the incremental costs will be?
- When you are selling ideas to your clients and prospects, can you explain the financial benefits for your plan – not just tell them they will reach more people with great creative execution?
- Can you define your value to the company in real facts and figures?
- Are you able to rationalize your need for additional resources other than making a vague statement that your staff is ‘just stretched too thin’?
If you answered “No” to just one of these questions, I highly recommend you attend a 2-Day Workshop Money and Finance for the Creative Industry. You will get the Yes answers to these questions and Much, Much More! The Workshop will be held at The Palms Casino Resort in Las Vegas, NV on April 5th and 6th. You will leave with a wealth of information, real life applications of the knowledge you will gain, and a lots of ideas and concepts to share with your company. The first 10 people to register can do so at close to HALF of the normal registration fee. There are still some of these available – so be sure and register now!