How to convince your CFO to fund your marketing spend

How to convince your CFO to fund your marketing spend

I often hear from marketing teams that their biggest challenge is not the implementation of their strategy but obtaining the greenlight for the go ahead. When CFOs are looking to minimise expenses, asking for more money can be a Red Light. Flashing. Loudly.

Marketing is all about generating an action from a series of communication. It is just as important to use the same principals in the workplace as it is for your customers.

When dealing with customers we look at a problem that we are solving. The same applies for senior management.

What problem is your CFO having to deal with? No doubt they will have budgets and targets to hit. The more informed you can be about these issues, the more aligned your strategy can be.

Firstly you need to justify the business case for your marketing spend. What is the return on investment? In a field where they say 50% of marketing works, but we don’t know which 50%, you need to be more specific about your strategy and its intended outcome.

Is your investment going to achieve a return immediately or is it a longer term brand building strategy? What evidence can you provide to support the value of your approach?

We help organisations increase revenue via community engagement videos, fundraising videos and marketing videos. There are plenty of stats available to showcase the power of video:

  • having a video on a landing page can increase conversion rates by 80%
  • 92% of mobile video consumers share videos with others
  • 90% of users say that product videos are helpful in the decision process
  • 75% of executives watch work-related videos on business websites at least once a week.
  • 1/3 of all online activity is spent watching video.
  • enjoyment of video ads increase purchase intent by 97% and brand association by 139%
  • 59% of executives would rather watch video than read text.

These stats quickly show that there is an audience for video and it has significant impact in the buying process.

What else can you provide to sell your case?

Are there any case studies similar to what you are proposing that demonstrates the sort of results you are expecting?

Can you do a beta case to show the level of interest?

Can your program be released in stages? Each stage requires an agreed amount of engagement /ROI before proceeding to the next stage. This allows you to test the model live and upscale as the interest grows.

How does your concept fit in with the vision and mission of the organisation? Can you show this strategy will help advance the mission of the organisation in a financially responsible manner?

At the end of the day the CFO is going to be mostly concerned with the return on investment. When you can present your case in terms of a strategic investment that will ultimately generate more sales/enrolments/donations then you move your discussion away from an expense to a value added investment.


 

dsc04421-straightGeoff Anderson is a video producer, presenter and the author of Shoot Me Now – making videos to boost business.

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About Geoff Anderson

Geoff Anderson is the owner of Sonic Sight and has been producing videos for 25 years. He is an author, presenter as well as a video producer.

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