Marketing success isn’t just about creativity anymore. It’s about measurable ROI, growth, and aligning with corporate goals.
Last night, I attended a panel discussion hosted by The Chief Marketing Officer Institute on the crucial topic: “The CFO & CMO Relationship with the Budget.”
The panel featured industry leaders:
Dominic Losacco: Chief Marketing Officer at America’s Thrift Stores (Former CMO of Krystal and Moe’s Southwest Grill)
Houston Cook: Fractional Chief Financial Officer at Redmont Capital (Former CFO of Milo’s Tea Company and EVP of Strategy at Regions Bank)
Kim Bourn: Chief Financial Officer at Red Mountain Theater Company (Former SVP of Finance at Mad Genius Agency)
Ken Rohman: Chief Marketing Officer at Wind Creek Hospitality (Former Chief Digital Officer at Archer Malmo Agency)
Key takeaways that resonated with me:
🔹 Speaking the Same Language: It’s vital for marketing and finance teams to align on metrics. Focusing on ROI that’s tied to corporate objectives like market share growth and new market awareness ensures everyone is on the same page.
🔹 Avoiding Red Flags in Budget Requests: Coming to the table without a clear plan or defined success metrics is a non-starter. Always tie your requests back to overarching corporate goals.
🔹 Demonstrating Success to Stakeholders: Establish a shared vision of success. Communicate in terms that resonate across departments—primarily focusing on Return on Investment. Be proactive and adopt a finance business partner approach.
🔹 Fostering Collaboration with Finance: Involve the finance team early and often in the planning process. Trust and transparency should be the standard to build strong cross-functional relationships.
[Bonus tip]: Invite a Finance Business Partner or Financial & Planning Analyst to join your team’s meeting cadence.
🔹 The Role of Data in Decision-Making: Embrace a test-and-learn mindset. Applying the scientific method to our marketing strategies and showing measurable lift through data solidifies the value of our initiatives.
My big takeaway: Building a strong relationship between the CFO and CMO isn’t just about the numbers; it’s about communication, alignment, and mutual understanding. By bridging the gap between finance and marketing, we can drive more effective strategies that propel the entire company forward.
A huge thank you to the CMO Institute and the esteemed panelists for shedding light on this critical aspect of business strategy.
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