The relationship between CMOs and CFOs is often the key to unlocking sustained business growth. Yet, it's a partnership that can be fraught with tension, as marketing and finance traditionally operate in different realms—one focused on creativity and brand, the other on numbers and financial performance. The entire business can feel the effects when these two leaders are misaligned. 

But when they collaborate and learn to speak each other's language, they become a powerhouse capable of driving revenue and long-term value. To explore how marketing and finance leaders can strengthen their partnerships, we invited top marketing and finance leaders for a Mavuus Coffee Chat on “CMO and CFO Relationship: Learning Finance, Creating Synergies, Negotiating Funds.”

The discussion featured insights from Benjamin Dorr, CFO and COO in the tech space, Jonathan Denbok, Chief Revenue Officer and Chief Strategy Officer at Vencora, Matan Hazanov, Managing Partner at Enigma Venture Partners, and Dariusz Paczuski, a seasoned CMO and expert in customer-led growth. 

Below, we’ll explore the key takeaways from their discussion, covering everything from how to align marketing efforts with financial outcomes to tactical tips for negotiating budgets that fuel growth and profitability.

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Table of Contents:

1. Why is There a Disconnect Between CMOs and CFOs?
2. Negotiating Budgets: How to Approach the Conversation
3. Speak the CFO’s Language: Metrics That Matter
4. Key Strategies to Build Stronger Synergies

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1. Why is There a Disconnect Between CMOs and CFOs?

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One of the core issues highlighted in the discussion was the persistent disconnect between CMOs and CFOs regarding trust and alignment on business priorities. A statistic from the Harvard Business Review sheds further light on this: 80% of CEOs don’t trust or are unimpressed with their CMOs, while only 10% feel the same about CFOs. This staggering gap raises important questions: Why do CEOs and CFOs tend to have more confidence in finance leaders than marketing leaders? And what can CMOs do to bridge this gap?

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The CEO’s Background and Influence

Dorr attributes much of this disconnect to the backgrounds of today’s CEOs. “There are too few CEOs that come out of the marketing track from an executive leadership perspective,” explains Dorr.. Many CEOs come from finance, operations, or engineering, so they don’t always understand the strategic importance of marketing beyond its execution role. In effect, marketing is often seen as a support function rather than a strategic driver. When CMOs don’t have someone in the C-suite who understands the complexity of marketing, it becomes challenging to communicate the department's long-term value, especially when the focus tends to be on short-term financial outcomes.

Additionally, as Dariusz Paczuski observes, “You can go fairly high up in a marketing organization without having to deeply, deeply, deeply collaborate with other functions.” Many marketing leaders rise through the ranks without deeply collaborating with other departments, which can make them siloed by the time they reach the C-suite. This lack of cross-functional experience leaves some CMOs ill-prepared to engage with the broader business, making it harder for them to gain the trust of finance leaders and CEOs.

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Misconceptions About Marketing’s Role

Another factor is the perception that “everyone can do marketing,” which undermines the expertise CMOs bring to the table. Many people feel like they’ve seen advertising, so they think they can do marketing, but this perception can be frustrating for marketing leaders, as their work is often viewed as subjective or easy to replicate. In contrast, finance is seen as more specialized, technical, and essential to the business's survival. This gives CFOs an inherent credibility with CEOs that CMOs often have to work harder to earn.

This gap between marketing and finance isn’t just about background or perception. It’s also about expectations and priorities. CFOs are often focused on measurable, short-term goals, while marketing efforts frequently prioritize longer-term growth initiatives. Hazanov points out, “the bigger the business gets, something like brand equity matters a lot more,” but at earlier stages, businesses want to see a clear, direct connection between marketing spend and revenue. This divergence in expectations can create tension, especially if marketing cannot tie its initiatives to immediate financial outcomes.

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2. Negotiating Budgets: How to Approach the Conversation

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Many CMOs find themselves handed a budget pre-determined by the CFO or CEO, with little to no input. However, successful budget negotiations depend on reframing these conversations as a partnership, focusing on the mutual goal of driving business growth. CMOs need to approach these discussions not just from a marketing perspective but with a broader business mindset.

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Start with the Big Picture

One of the first steps to a productive negotiation is demonstrating that you understand the business’s overall financial goals. Denbok highlighted that CMOs must show how their marketing plans align with the company’s broader objectives and “speak the language of the CFO and CEO.” Instead of leading the conversation with marketing needs—such as funding for campaigns or technology—CMOs should start by discussing the company’s revenue targets, market positioning, or expansion plans. 

CMOs can build a stronger case for their budget requests by connecting marketing initiatives to these larger goals. For example, if the company aims to enter a new market, a CMO can argue that investing in brand awareness and market research is essential to support that strategy.

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Offer Multiple Budget Scenarios

Rather than presenting a single budget figure, offering multiple funding scenarios can open the door to a more flexible and collaborative discussion. This approach allows the CFO to see the potential outcomes at different investment levels. “I find that really opens up the conversation to expanding the budget or trying different things,” shares Denbok. “It’s really a phased approach or a conversation of what else we can do if we invest more.” 

For instance, you might present a scenario where a modest increase in budget will drive a 10% increase in leads. At the same time, a larger investment could generate significantly more, such as by enabling new technology integration or scaling up paid media efforts. Offering these scenarios demonstrates your understanding of both short-term and long-term ROI, giving the CFO more confidence that the marketing budget will be spent effectively.

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Tie Investments to Clear, Measurable Outcomes

Data is your best ally in budget negotiations. CFOs think about numbers and measurable outcomes, so marketing leaders must approach these conversations armed with data-driven projections. Paczuski stresses the importance of linking budget requests to specific business outcomes. Break down how each component of the marketing budget ties to key business metrics such as customer acquisition cost (CAC), marketing-generated revenue, or lifetime value (LTV). 

For example, if you request additional funds for content marketing, explain how that content will shorten the sales cycle, increase conversion rates, or improve customer retention. Be specific in how the dollars will translate into business outcomes, and tie them to bottom-line results whenever possible.

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Highlight the Cost of Missed Opportunities

Another powerful tool in the budget negotiation process is highlighting the risks and missed opportunities if marketing is underfunded. CFOs often focus on managing risk, so framing the conversation regarding potential losses can be an effective strategy. Paczuski pointed out that CMOs should focus on what they can achieve and what the company stands to lose without adequate marketing investment.

For example, if the marketing budget does not support competitive paid media spending, it could result in lost market share. Similarly, insufficient investment in customer experience initiatives might lead to lower retention rates and increased churn. By presenting the consequences of underinvestment, CMOs can shift the conversation from justifying expenses to safeguarding the company’s future growth.

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3. Speak the CFO’s Language: Metrics That Matter

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Understanding which metrics resonate with CFOs is pivotal for CMOs when trying to secure buy-in for marketing budgets. While creative strategies, brand equity, and customer loyalty are valuable, CFOs often focus on how marketing efforts translate into tangible financial outcomes. To speak the language of finance, CMOs must identify the metrics that directly impact the company’s bottom line, which are seen as growth, profitability, and efficiency indicators.

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Customer Lifetime Value (LTV) and Customer Acquisition Cost (CAC)

One of the most critical metrics CFOs care about is the ratio between Customer Lifetime Value (LTV) and Customer Acquisition Cost (CAC). This ratio essentially measures how much revenue a company expects to earn from a customer over their lifetime compared to how much it costs to acquire them. Hazanov explains that a healthy LTV to CAC ratio is typically around 3:1. In other words, for every $1 spent on marketing and sales, the company should be generating $3 in revenue over the customer’s lifecycle.

Understanding this ratio is crucial for CMOs. It not only helps demonstrate the effectiveness of marketing campaigns but also shows CFOs that marketing investments are driving sustainable revenue. The ratio becomes even more important when you consider its potential to guide decisions on whether to scale campaigns, adjust customer targeting, or reallocate resources between acquisition and retention efforts.

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Gross Margin Impact

Another important, yet often overlooked, metric in the CMO-CFO conversation is gross margin. Gross margin is typically associated with the production side of the business. However, as Dorr noted, CMOs also play a significant role in this area, particularly regarding brand positioning and pricing power.

For software companies, in particular, where competitive differentiation can be razor-thin, brand perception can be the deciding factor between a commoditized offering and one that commands a premium price. CFOs are highly attuned to this and will look to marketing to help bolster gross margins through effective brand strategy. For CMOs, aligning brand initiatives with gross margin improvements can be a strong lever in budget negotiations.

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Retention and Churn Rates

While much of the marketing conversation focuses on customer acquisition, CFOs also emphasize customer retention and churn rates—the percentage of customers who stop using a product or service over a given period. Retaining customers is far more cost-effective than acquiring new ones, and marketing plays a critical role in building customer loyalty, increasing lifetime value, and reducing churn.

“There's a big difference between gross retention and net retention,” shares Hazanov. “Gross retention highlights customer quality—how well you’re keeping customers—while net retention tells you how much revenue those customers are generating. Both are critical metrics for understanding the health of your marketing efforts.” 

Retention efforts can be linked to brand loyalty, customer engagement campaigns, and even product-led growth initiatives driven by marketing. If a company sees strong retention and a low churn rate, it signals that marketing is doing its job in reinforcing the brand and driving long-term customer value. CMOs should focus on tying their retention strategies to financial metrics that matter to CFOs and investors, further solidifying their role in driving long-term growth.

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4. Key Strategies to Build Stronger Synergies

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Building a collaborative relationship between the CMO and CFO is essential for ensuring that marketing efforts are aligned with the company's financial goals. To do this effectively, CMOs need to take proactive steps to bridge the gap and create a shared understanding of how marketing contributes to overall business success. Here are several detailed strategies that emerged from the conversation.

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Learn the Financial Fundamentals

One of the most critical steps a CMO can take is learning finance fundamentals. This doesn’t mean becoming an accountant but understanding key concepts like revenue forecasting, cost management, and cash flow. Hazanov emphasized that this knowledge allows marketing leaders to communicate in a way that resonates with finance teams.

“The best CMOs I’ve seen are those who operate like scientists,” observes Hazanov. “They're constantly iterating, they're experimenting, they're thinking through everything with data and analytics. And almost any business that I've been involved in where there's a great marketer, they're thinking about their craft from that point of view.”

CMOs who can read financial reports, understand cost structures, and assess their campaigns' financial impact will be better equipped to engage in meaningful conversations with CFOs. By aligning marketing decisions with broader financial goals, marketing leaders can make a compelling case for budget allocation and strategic investments.

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Focus on Business Impact, Not Just Marketing Tactics

Denbok explained that CMOs often get bogged down in the tactics of their campaigns—things like ad impressions, engagement rates, and social media metrics—which, while valuable to the marketing team, don’t directly align with what CFOs care about. Paczuski further emphasized the importance of distinguishing between input and output metrics. Input metrics, such as the number of marketing-qualified leads (MQLs) or the number of webinars held, reflect marketing activity but don’t necessarily demonstrate financial impact. CFOs are more interested in output metrics like customer lifetime value (LTV), return on marketing investment (ROMI), and Customer Acquisition Cost (CAC). 

These metrics tie marketing efforts directly to business performance and financial health. Instead of emphasizing tactics, CMOs should focus on the outcomes of those tactics. For instance, rather than reporting on the number of leads generated by a marketing campaign, highlight how those leads have contributed to increased revenue or shortened sales cycles. CFOs are more likely to support initiatives that show a direct correlation between marketing efforts and bottom-line growth.

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A Self-Funded Approach to Build Credibility

The concept of self-funding involves reallocating existing resources to fund new initiatives. Rather than continually asking for more money to launch new campaigns or projects, CMOs should first look inward to see where they can optimize current spending. This might involve cutting back on underperforming programs, reallocating headcount, or finding technological efficiencies.

Paczuski shared the importance of proactively managing resources: instead of waiting for budget cuts or reacting defensively, successful CMOs anticipate financial challenges and take the lead in making tough decisions within their department. This builds a level of trust with finance leaders, who appreciate the foresight and discipline that self-funding requires. CFOs appreciate marketers who understand the constraints of the business and find ways to optimize within them. 

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Conclusion: Aligning for Growth

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Today, CMOs are expected to drive measurable business growth, proving their impact with data and aligning their efforts directly with financial outcomes. However, without strong alignment with the CFO, even the best marketing strategies can fail to receive the necessary funding and executive buy-in to succeed.

The CMO-CFO relationship is pivotal to bridging this gap.

CMOs who can articulate the financial impact of their initiatives, collaborate strategically with CFOs, and demonstrate flexibility in managing resources will be far more successful in securing the investments they need and becoming indispensable partners in the company’s journey toward sustainable, scalable growth. Likewise, CFOs must take the time to understand the complexity of marketing in today’s digital landscape, where not all results can be immediately quantified.

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