To secure bigger budgets from their CFOs, marketing leaders need to demonstrate the strategic value and business impact of marketing. The statistics prove it.
Most CMOs and CFOs say they work well together, according to an exclusive survey commissioned by Croud. However, there is still room for improvement, especially in larger firms.
The three main barriers to better CMO-CFO collaboration are:
- Lack of communication: Only 56% of CMOs say they regularly engage with their CFO, dropping to 47% in bigger companies.
- CFOs’ attitude to marketing: Less than half of CFOs agree completely with the statement ‘marketing is a critical business function’.
- Disagreement on target KPIs: CMOs and CFOs often measure marketing success in very different ways to each other.
In our new report in collaboration with Raconteur, we share actionable insights CMOs can use to build a strong case to take to their CFOs when requesting more marketing budget.
We explore how CMOs can overcome these barriers by:
- Focusing on key financial metrics: Leverage the 'big six' KPIs that focus on actual business impact so you can exactly quantify the ROI of individual marketing campaigns to your CFO.
- Proving marketing's incremental impact: Show CFOs which promotional activities drive customer acquisition so they see marketing as a driver of revenue growth and not as just an expense.
- Demonstrating long-term brand value: Illustrate how failing to consistently invest in brand marketing leads to immediate and long-term drops in client awareness and sales.
- Deploying AI for better results: Highlight how AI tools can improve marketing efficiency and effectiveness with content creation, ad performance and audience insight tools.
- Exploiting new digital opportunities: Outline strategies that address how your company will compete effectively in a cookieless world across fragmented digital channels.
Someone once said that accountants know the price of everything but the value of nothing. That doesn’t have to be the case.
Download our report, featuring insights from marketing leaders at Specsavers, Compare the Market, and Volkswagen, to learn how to turn your CFO into your strongest ally in driving business growth.
