Who is the CMO’s top growth partner? The CFO.

Among the various departments like product, sales, operations and IT, the connection between the CFO and CMO outweighs them all.

Their relationship extends beyond budget management. It it based on shared goals like growth and optimizing resources.

And a bi-lateral partnership ensures that marketing efforts are in sync with financial objectives.

For the CMO to thrive, the CFO must see marketing’s efforts as more than a cost center, and instead as a revenue driver of the organization.

This mutual understanding allows both departments to set and track key metrics like conversion rates, cost per conversion, and overall budget allocations.

It can also help support the marketing team as it argues for a balance between both short and long-term investments; trade offs like branding versus performance marketing.

I once heard Raja Rajamannar, CMCO of Mastercard tell a story about building a relationship with his CFO. Raja invited his CFO to some of their large brand activations, not just because they were fun, rather so he could see the effort that went into it, and how these activations brought the brand to life.

He left understanding why those investments were important for the brand, and not simply an expensive party.

A successful partnership finds a middle ground between these long and short-term perspectives, ensuring sustainable growth while meeting immediate financial targets.

So how do you develop this partnership?

Open lines of communication that are regular and transparent ensures that both parties are aware of key trends and risks, enabling them to manage challenges together. No marketer likes to get late news that they need to reduce spend dramatically, and the down stream effects that has on ad performance.

As mentioned earlier, a set of shared metrics that bridge finance and marketing topics are a great place to find common language. Revenue Growth, Customer Acquisition, or Conversion rates are all good places to start.

Involve the CFO early in marketing initiatives allows for a thorough assessment so that risks and budgets can be assessed and aligned.

Build a relationship on mutual respect and curiosity fosters understanding and flexibility. Both roles approach the same problem from different angles and motivations. Respecting each other’s domain authority and being curious and flexible where perspectives differ helps create a lasting partnership.

What’s your experience with creating collaboration between finance and marketing? Share your success stories or challenges! Link your favorite CMO or CFO partners.