In the world of digital transformation, it is increasingly important that the CFO views marketing as a growth driver, not simply a cost center. And that means they need to be in sync with the CMO.
If the CMO is coming to the meeting, the CFO has got to be there too. Because if not, we’re not going to make any progress.
We’ve all heard that CMOs have the shortest tenure in the C-suite. But not many people know that CFOs have the second-longest runs after CEOs. As marketing becomes more about lifetime customer value, CMOs need time and agility to succeed, and with CFOs at their side, this becomes possible. Together, this duo can make the case for the investments needed to allow for maximum growth and innovation.
Set growth goals, not budgets
The traditional CMO is slowly but surely being replaced by the chief growth officer, responsible for not just brand awareness but ROI. Likewise, the CFO is increasingly evolving into a chief revenue officer, not simply forecasting revenues but helping decide how to grow them. In other words, both are accountable for converting the company’s actions into predictable and scalable revenue through the right media mix model.
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