What CMOs Need to Understand About Financial Stewardship
As a marketing leader, you are a financial steward for the business. This means you have a fiduciary responsibility to invest your marketing dollars wisely.
This means dealing with your marketing budget should follow the same principles as when you deal with your own money.
Some obvious rules:
1) Don't spend money on things that are purely cost centers with no ROI.
2) Don't be too prudent or careful and miss opportunities to capture value.
3) Always actively think about where to invest your limited resources more effectively.
Too many marketing budgets burn cash / capital from founders or investors because it doesn't feel like your own money.
But it really is your own money. It's the capital at your disposal to grow the company and the team, and it is your mechanism to helping more customers the more efficient you are.
Treat it as such and operate this way. Your CFO and CEO will become your biggest fans and supporters.
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