We talk with Sunil Purba about the critical misalignment between marketing and finance in business, noting that while both departments ultimately want growth, they often fail to communicate effectively. Marketing often focuses on intangible metrics like impressions and engagement, whereas finance is centered on the bottom line, viewing marketing as a cost input.
Sunil (who is a chartered accountant and former CEO of The Invisible Orthodontist) explains the distinction between short-term marketing (leads and conversions) and long-term brand awareness (capital investment) is crucial for success. For finance to appreciate long-term marketing, success must still be measured, perhaps using intangible metrics like social media followers. Small business owners should work with an advisor or accountant to design a regular reporting template that monitors a relevant set of three to seven key metrics.
Sunil also discusses external indicators, noting that consumer confidence scores (like the Westpac Institute survey) are vital, as they translate directly to consumer spending intentions and help inform strategy. Ultimately, businesses that continue to invest strategically in marketing during tough times often pay off over the long term.
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