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How do you effectively communicate budget variances to marketing team members who are not financially savvy?

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Understanding budget variances is crucial for any marketing team, even those not well-versed in financial jargon. The key is to bridge the gap between complex budgeting concepts and the practical aspects of marketing campaigns. By translating financial data into relatable insights, you can help your team grasp the significance of budget variances and their impact on marketing strategies. This involves breaking down the numbers into understandable chunks and connecting them to everyday marketing activities. With clear communication and practical examples, financial savvy can be woven into the fabric of marketing decision-making, empowering your team to make more informed choices.

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1 Simplify Terms

When discussing budget variances with your marketing team, it's essential to simplify financial terms. Instead of using complex accounting language, translate the data into plain English. For example, instead of saying "variance," explain it as the difference between what was planned and what actually happened. Use analogies and relatable examples to make the concepts more digestible. If you're explaining a negative variance, liken it to spending more on a grocery trip than intended. This approach makes the information accessible and less intimidating for those without a financial background.

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Jeff Harpain

Senior Financial Analyst, Data Analytics and Reporting with Centene Corporation
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Sometimes the variance is due to one or two big things. Show those few big things and people usually remember/understand what happened.

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2 Visual Aids

Visual aids can be incredibly effective in communicating complex financial data to non-financial team members. Instead of tables full of numbers, use graphs and charts that illustrate budget variances in a clear and impactful way. A bar chart could show planned versus actual spending, making it easy to spot where the variances occur. Pie charts can demonstrate how different segments of the budget were allocated versus how they were actually spent. Visual representations help team members quickly understand the data without getting bogged down by the details.

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3 Relate to Goals

To effectively communicate budget variances, always relate financial data back to the marketing team's goals and objectives. For instance, if there's a variance due to an unplanned expense, explain how this affects their campaign's reach or the ability to fund other initiatives. By showing the direct impact of budget variances on their work, team members can better understand the importance of staying within budget and how financial decisions influence marketing outcomes. This context helps them see budgeting as a tool for achieving their goals, not just a set of numbers.

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4 Encourage Questions

Encouraging questions is a vital part of demystifying budget variances for your marketing team. Create an environment where team members feel comfortable asking for clarification without fear of judgment. When presenting budget data, pause frequently to check for understanding and invite questions. Addressing their concerns in real-time helps to reinforce learning and ensures that everyone is on the same page. Remember, the goal is to foster an open dialogue where financial learning is part of the team's culture.

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5 Provide Examples

Using concrete examples can greatly aid in explaining budget variances to those who aren't financially savvy. If there's an overspend in one area, show how it might lead to cutbacks in another, directly affecting the marketing strategy. For instance, if too much was spent on an ad campaign, there might be less available for market research or social media promotion. By providing real-life scenarios, you help the team understand the consequences of budget variances and the importance of careful planning and monitoring.

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6 Ongoing Education

Finally, consider implementing ongoing education as a strategy to improve your team's financial understanding over time. Short, regular training sessions on budgeting basics and forecasting can gradually build their financial literacy. Use these sessions to review past variances and discuss lessons learned, reinforcing the connection between budget management and successful marketing. Over time, these educational efforts will empower your marketing team to actively participate in financial discussions and decision-making.

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Deepa Kadam

Assurance Director @ PwC | CPA, Asset and Wealth Management, Trust Solutions
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The frequency of budget to actually analysis can help educate, as well avoid late surprises. At minimum this should be done after the initial kick off of the project, during execution phase, and right before completion of the project. Most often this is a monthly process at most companies and the frequency also helps people to get familiar with the concepts, expectations and objectives of the exercise.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Gerald Sackey-Addo
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Developing an understanding of the marketing or product area under your remit is critical to supporting Marketing or product colleagues or customers to understand variances. This is where true business partnering arise thereby leveraging this trait together with the aforementioned points to enable alignment and true understanding of not so much about the variance (which is past) but what can can be learnt, done to mitigate, recoup ( in case of an unfavourable variance) and re-strategise to ensure plans are in track. This is also where other powerful BI analytics can be utilised.

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How do you effectively communicate budget variances to marketing team members who are not financially savvy?

1

2

3

4

5

6

7

1 Simplify Terms

2 Visual Aids

3 Relate to Goals

4 Encourage Questions

5 Provide Examples

6 Ongoing Education

7 Here’s what else to consider

Budgeting & Forecasting

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How do you effectively communicate budget variances to marketing team members who are not financially savvy?

1

2

3

4

5

6

7

1 Simplify Terms

2 Visual Aids

3 Relate to Goals

4 Encourage Questions

5 Provide Examples

6 Ongoing Education

7 Here’s what else to consider

Budgeting & Forecasting

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