Experts call for synergy between CMOs, CFOs for company growth
Speakers at this year’s Advertisers Association of Nigeria (ADVAN) Chief Marketing and Communications Officers Forum (CMCO) have stressed the need for chief marketing officers (CMOs) and chief finance officer (CFOs) to work together for the interest and growth of companies.
The event, which held recently in Lagos, saw the gathering of scholars, advertising gurus, and marketers among others.
Executive Director, TGI Group, Onyekachi Onibogu, noted the lack of cordial working relationship between the CMOs and the CFOs.
According to him, “the CFO and the CMO have always looked at marketing budgets in different perspectives. The finance guy sees marketing budget as marketing spend and as such something that should be curtailed while the marketing officer sees the money spend as investment.
“The job of every marketer is to see that every money spent is regarded as an investment for the future; the marketers think of building the brand equity but unfortunately, it is not always seen that way by the financial department. From my experience as a marketer, no finance manager wants to spend money, until both see the marketing budget as investment for the growth of the brand.”
He, therefore, called for synergy between the finance department and the marketing departments to work together for the common interest of company growth.
A financial expert and Chief Executive Officer of Kainos Edge Consulting, Dr Doyin Salami, has expressed worry that only 12 per cent of Nigeria’s economic sectors are growing faster than the population, 10 per cent growing at par, while the remaining 66 per cent growing roughly below the population growth rate.
Salami who was a member of the Central Bank of Nigeria Monetary policy Committee (MPC) said, “these are the issues we must address as a nation if the economy must grow.”
Speaking on the theme ‘Business Growth in a volatile Economy’, Salami said companies that wish to grow in an economy such as Nigeria should have gradual understanding of the market, as failure to do so would spell doom.
“It is not that this economy does not provide opportunity; it does provide huge ones but understanding the dynamics and capitalizing on it is all it requires and only firms with foresight that will seize the opportunities a down economy of today present to invest or build the brand for the future,” he said.
ADVAN President, Folake Ani–Mummuney said all must take the experience from the forum home to have the greater impact intended, adding, “one of the things that emerge from the conversation is the need for us all to speak a common language with the leadership of the organization as co-executive on a lot of things that we as executive officers sit. We cannot be pulling in one direction when the bottom line is pulling in another direction.
“The gaps exist because, perhaps, we have not done a great job of marketing ourselves. It is not a one-way street where you only want to learn their own language.
“I want a situation where as CMOs we sit down and break ourselves into groups such as who are the people going to work on data; who are the people who are going to work on sectors.”
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