Scrutiny over marketing budgets is a common experience for most CMOs. In fact, as reported in the August 2021 CMO Survey, pressure to prove the impact of marketing efforts is substantial and rising, with 59% of marketing leaders reporting increased pressure from CEOs and 45% experiencing pressure from CFOs.
Making the Business Case for Your Marketing Budget
How CMOs can move beyond short-term metrics and convince their colleagues that long-term growth requires patience.
November 12, 2021
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Summary.
Chief marketing officers are reporting increased pressure to prove the impact of marketing spending. But too often this means a focus on short-term metrics, like sales revenue, instead of longer-term efforts like brand building. To achieve their long-term strategic objectives, CMOs must work on building the business case with their CFOs and other peers. The authors offer 10 actions that will help marketing leaders build the patience, trust, and confidence that long-term growth and value are on the horizon.
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New!
HBR Learning
HBR Learning
Marketing Essentials Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Marketing Essentials. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Learn how to communicate with your customers—strategically.