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Steps CMOs Can Take to Strengthen the Bond with CFOs

CMOs are increasingly leveraging complex marketing technology. They need to understand data about consumer behavior in order to drive growth and innovation. So reports Fast Company.

Thumbs up hand 157251 1280CFOs, meanwhile, are increasingly using analytics. With both roles increasingly relying on data, “marketing and finance can operate in a framework that represents outcomes and demonstrates the return on marketing investment (ROMI) the CFO is looking for,” according to the article.

CMOs need to explain the sometimes lengthy timeframe—years instead of months—it can take to realize the benefits of an investment.

The article argues that CMOs who only focus on campaigns and not on holistic customer engagement are not well positioned to partner with the CFO to drive business value.

CMOs need to partner with the CFO to evaluate growth investments and channel opportunities. “This means the CMO must understand the financial metrics associated with their marketing strategies and how to capitalize on market opportunities,” according to the article.

Fast Company says CMOs and CFOs can strengthen their partnership by:

  • Involving each other in the planning process
  • Identifying the metrics that matter most
  • Being consistent with language across all departments

Read the full article from Fast Company.

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