Aligning the Stars [Infographic]
CMOs and CFOs need to collaborate. Here's why.
Perhaps it wasn't written in the stars, but the need for CMO-CFO collaboration is shining brighter than ever. According to the report “CMOs and CFOs: Collision or Collaboration” by Active International, 77% of CMOs and 76% of CFOs consider this alignment to be at least highly important to their company's success.
Not surprisingly, CMO-CFO teamwork isn't just wishful thinking. In fact, CMOs and CFOs seem to see eye-to-eye when it comes to selecting a vendor. Forty-six percent of CMOs surveyed list quality of work as a vendor's most important attribute, followed by industry expertise (28%), and cost (16%). CFOs prioritize these traits similarly, with 34% of them putting quality of work as their top factor and 27% listing industry expertise. However, CFOs tend to value cost more than their marketing counterparts. According to the report, 21% of CFOs value cost the most when making a selection.
But just like Orion, CMOs and CFOs can be at the ready for battle. In fact, only 13% of CMOs always agree with their CFO, and less than one quarter of CFOs (21%) always agree with their CMO, according to the report. Furthermore, just 12% of CFOs consider their CMO “excellent” at linking marketing activities to ROI. Both executives know that having a galaxy between them only creates a constellation of problems. Nearly half of CMOs and CFOs (45%) admit that this kind of misalignment can have a moderate or higher detrimental effect on a company's growth and success, according to the study.
On the other hand, the two executives can produce twinkling results when they work together. According to “The Marketing2020 Study,” more than 40% of the companies that have marketing and finance collaboration surpass performance expectations.
We know you love infographics. Check out some more Direct Marketing News originals.