This workflow is extremely inefficient and clearly wasn’t designed for marketing expenses. Match expense to transaction from the bank statement.Write out charges as line items for each campaign.which were designed to capture diverse expenses that occur on a sales trip. Yet, some marketing teams are forced to use T&E-like workflows from Concur, Intact, etc. One job that a marketing specialist should not do, is reconcile expenses – that’s the role of the finance team. Problem 2: Reconciling expenses with T&E expense workflows This usually takes up a lot of their time and clearly isn’t the most exciting activity of their day. What makes this worse is that, from interviews with marketing specialists, the marketing teams are forced to assign one of their colleagues on expense tracking duty. This means that your marketing team most likely does the following: With many finance workflows happening at the end of the month, teams usually don’t have real-time reporting on their spending. So what are the problems marketing teams are facing today? Problem 1: How much do I have left to spend? This means that the companies must get better at tracking the impact of their marketing spend and empowering their marketing teams with the right tools/workflows. During COVID digital marketing is the main lead generation channel ( source).Digital marketing spend is increasing and is going to reach US $640B by 2027, growing at CAGR of 10.3%.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |