Last week I was in conversation with a young business school
student I know who was specialising in marketing. Consequently he was less keen
on the financial and accounting aspects of his course. He was rather surprised
that despite his indifference to the numbers he was still getting ok marks in
these papers.
This attitude is wrong.
Marketing and finance are not mutually exclusive concepts.
It is important that marketers of all ages get the financial aspects of the
business.
For one thing marketing is all about profitably meeting customer needs. How can you do this if you don’t
understand the financials behind the proposition that is being marketed?
And for another thing marketers hoping to reach a general
management position and even the board, and some marketers can and do reach
such exalted positions, must have an understanding of the business model of the
business in which they work and its commercial drivers, including the
financials.
And lastly it is no use any marketer bemoaning that the
finance people don’t understand marketing. Make them understand. And just like
making any foreigner understand what you are saying, it helps so much if you
speak their language.
And that is why marketers must learn to understand,
appreciate and love the numbers. You will be a much better marketer if you do.
And it really is not that difficult.
And if anyone wants to better understand the importance of
being able to read the books. Watch ‘Dragons Den’. The one thing that lets
anyone with a great and innovative idea down? They don’t get the numbers.
Brilliant idea, brilliant marketing, brilliant sales but no idea how to
monetise the marketing and make money.
So don’t give up on the numbers. You never know when they
might come in handy.
