Drawing on interviews with leading marketers, researcher Fran Cassidy outlines the challenges and opportunities for collaboration between marketing and finance in the IPA report, ‘Building Bridges with Finance’.
The overarching finding was that more marketers must develop a stronger relationship with finance if they are to improve their marketing effectiveness and enhance their evidence-based decision-making.
The report provides analysis and recommendations in the following areas:
- Financial literacy
- Asserting where marketing adds value
- Establishing a Common language
- Show how marketing metrics matter
- Demonstrating an evidence-based mindset
‘Building Bridges with Finance‘ advances on the previous Culture First report which revealed, among other insights, a concentration of activity in effectiveness-minded organisations around collaboration between finance and marketing.
EffWeek 2018 also featured the presentation of research conducted with ISBA, that aimed to ascertain the level of effectiveness culture in brands and agencies. Over 200 practitioners in brands and agencies were surveyed. You can watch the presentation of the results by Libby Childs on the website as well.
“Just what the industry needs, great collaboration between clients and agencies on the topics that drive business growth.”
Bridget Angear, Joint Chief Strategy Officer at AMV BBDO
“It’s great to see the IPA in the UK bring the whole industry and particularly the trade bodies together to focus on effectiveness. This new Marketing Effectiveness initiative will enable people across the industry to work together to build on best practice.”
David Wheldon, Chief Marketing Officer, RBS
“Effectiveness is a team sport, so it was great to see the industry in the widest sense, come together. In an increasingly diverse and fragmented world, only by using all parts of the brain will we solve effectiveness challenges and design our campaigns to deliver short and long term value. That’s why what happens next is important – if the IPA can help facilitate progress on this with a long-term initiative around Marketing Effectiveness, we’ll definitely crack it.”
Bart Michels, Global CEO Kantar Added Value and Country Leader Kantar UK
“The time spent at #EffWeek was extraordinarily effective. It was great to hear the diverse views from all areas of the industry. All tied together with the common themes of accountability and effectiveness.”
Andrew Canter, Global CEO, BCMA
“It has been a privilege to be part of the inaugural Effectiveness Week. The agenda is one which we at O2 UK feel passionately about. To see and hear perspectives across the industry demonstrates how the breadth of marketing effectiveness is increasingly being valued within businesses. Data, insight, social, customer experience, test and learn, ROI, these are all fundamentals and were covered expansively at the event”.
Sandra Fazackerley, Marketing & Consumer, Telefónica UK Limited
“The full week of effectiveness events brought into clear focus the need for marketers to use data and insight to achieve the key business objectives of growth and profits. Marketers today are in a better position to quantify their knowledge of customers and measure the ability of investments in marketing to increase brand and shareholder value.”
Chris Combemale, Group CEO, DMA