I recently followed a listserve Q&A entry where a marketing professional was asking for advice on how to present their marketing plan to the C-suite. It had been years since the invitation from the C-suite had been extended. Surprising? Yes. Unbelievable? Totally.
Having a seat at the table is vital in business today. But, it’s not always easy to get there. One key to success is building a close relationship with your CFO.
According to a recent Harvard Business Review Blog Network article, “CMOs and CFOs should think broadly and creatively, not only about the risks of the proposed marketing action—but also the risk of not acting. CMOs are generally more strategic and ready to take risk. And if done correctly, that risk can pay off.”
In other words, when successful, marketers can attract the right type of business that not only increases revenue but profitability. CFO’s love this! It’s not just about the business that comes to you, it’s about mining data and implementing targeted tactics that will bring you the business you want.
When contemplating the right approach to getting the conversation started, talking data is the lowest common denominator between the CMO and CFO and the best place to start building for success. Once there is a mutual understanding around data and measurement, the fun can begin. So, as marketers, it’s imperative to understand and love data. If it’s not your strength, study up. Data is going to fuel your successful pairing and shape how incremental organizational growth will be measured and evaluated. You can help control where the growth comes from and celebrate success with your CFO.