In a tough economic landscape, marketers face unique obstacles in securing budgets while ensuring their brands stay visible. To navigate this tension, CMOs must showcase how creativity directly influences the bottom line.
In an interactive session, chief marketing communications officer Raja Rajamannar and chief financial officer Sachin Mehra, explored the profound impact of the CMO-CFO connection. This partnership plays a pivotal role in marketing success but it’s not always easy to establish that strong connection.
So, how can you build trust between the CMO and CFO? According to Rajamannar and Mehra, three key factors come into play:
Fantastic communication: Maintaining open and effective lines of communication is essential for building trust and understanding each other’s perspectives.
Seeking clarity and setting objective metrics: Establishing clear objectives and metrics that are mutually understood by both the marketing and finance teams allows for a unified approach towards measuring success and aligning efforts.
Collaboration with the right structure and culture: Creating a cooperative environment that fosters teamwork and encourages a shared vision is crucial for bridging the gap between marketing and finance.
Establishing a clear connection between marketing actions and their impact on business results is of utmost importance, Rajamannar and Mehra emphasize. When these dots are connected, that’s when the true magic happens. Furthermore, ensuring that everyone involved shares the same source of truth serves as the foundation for aligning efforts and maximizing outcomes.