Compared to CEOs, CFOs are less optimistic about marketing’s ability to boost the bottom line. A slight majority indicate they are either neutral or skeptical on whether marketing is worth the investment.
This attitude can make it difficult for CMOs to secure the budget and resources they need to pursue their strategy.
One way top marketers can gain their CFO’s trust is by increasing their financial literacy and doing a better job of quantifying the ROI on their ad spend, according to a recent survey of 80 financial leaders from B2B market research firm NewtonX.
Marketers need more face time with senior execs
CEOs and CFOs gave better grades to CMOs in positions of power than those operating outside of a company’s inner circle.
Senior executives are nearly twice as likely to say a top marketer is exceeding expectations when they report directly to the CEO, as opposed to being one or two layers below.
Likewise, 42% of CEOs and CFOs noted their CMO is surpassing expectations when they’re involved in planning corporate strategy. Only 6% said the same when their CMO isn’t involved in making overall business decisions.
“CMOs who invest the time and effort to develop strategic prowess and perspective on the business are more likely to earn an invitation to contribute in a more significant way to corporate strategy,” reads a line from Gartner’s report. “This contribution can in turn have a dramatic impact on how senior executives view CMO performance.”
Bridging the C-suite gap
CMOs spin a lot of plates. Gartner’s study revealed the average marketing function is involved in or accountable for 10 business areas and will take on additional responsibilities by 2029.
As they add more to their remit, Ross said CMOs can rebuild CEO and CFO confidence by clarifying their accountabilities, communicating how marketing is connected to growth initiatives, improving collaboration with others, and more effectively demonstrating the impact of marketing.
