Tariff turbulence is building—and July could bring sweeping changes. With the U.S. tariff pause set to expire, a potential 55% blanket tariff on Chinese imports looming, and new counter-tariffs brewing globally, pressure is mounting fast.

In times like these, executive leadership typically falls into one of three behavioral profiles:

• The Over-Confident: “Change nothing. We’ll ride it out.”
• The Panicked: “Change everything. Brace for impact.”
• The Winners: “Let’s lean in and be strategic.”

These mindsets are especially evident in conversations between your Chief Marketing Officer (CMO) and Chief Financial Officer (CFO). As key stewards of both brand growth and financial resilience, each contributes essential perspectives. When they work together—aligning on value creation, risk mitigation, and long-term investment—they can help their organizations not only weather disruption but emerge stronger and more agile.

We’re breaking down three crucial conversations CMOs and CFOs need to have right now—before the tariff impact hits—and offering actionable next steps to move forward with confidence. The winners won’t wait for tariff headlines to hit—they’re already answering these questions and making moves.

Conversation #1: How do we need to adjust our marketing budget?

Marketing budget conversations make or break momentum— here’s how smart CMOs avoid overspending, undershooting, and missing the mark.

The Over-Confident Response

“Just increase the spend – more budget will drive more sales.”

Fails to account for the law of diminishing returns, shifts in consumer behavior amid uncertainty, and real-time performance signals.

The Panicked Response

“Cut budgets across the board until we know more.”

 A knee-jerk response that undermines marketing’s impact and often leads to missed opportunities, stunted growth, and loss of strategic momentum.

The Winning Response

“Let’s evaluate a few spend scenarios and focus on the marginal rate of return to maximize efficiency at each spend level.”

Ovative’s Expert Take

CFOs aren’t just looking to cut; they’re looking to maximize outcomes efficiently. In this environment of rising costs and uncertain demand, the conversation must be about impact and efficiency, not just savings. That means understanding and communicating where the next dollar in (or out) makes the biggest difference. Take action now:

• Align marketing investment with business outcomes, not just media metrics, to build a shared financial language between CMO and CFO.
• Run financial scenarios to understand and communicate impact and risks.
• Explore opportunities to capture whitespace as other brands pull back.
• Leverage Media Mix Model (MMM) results and ongoing incrementality testing to validate which investments will have the greatest impact.

Conversation #2: Should we adjust our media mix to hit short-term goals?

It isn’t about choosing between brand or performance—it’s about how to do both without burning future equity.

The Over-Confident Response

“No, our brand is strong – awareness alone will carry us through.”

This complacency relies on past equity and misses the need to evolve in a shifting landscape.

The Panicked Response

“Cut all brand spend – we need to hit revenue targets now.”

This overcorrection sacrifices future growth and weakens the emotional connection with customers, leaving the brand vulnerable post-crisis.

The Winning Response

“We must protect our brand while capturing near-term demand.”

Ovative’s Expert Take

Short-term revenue pressure is real, but brand erosion is costly and hard to reverse. CFOs need visibility into the trade-offs—what’s gained in the short run, and what might be lost in long-term brand equity and customer file health. Take action now:

• Define balanced KPIs that track both brand equity and sales outcomes.
• Run investment scenarios that evaluate the tradeoffs between real-time sales and long-term brand health.
• Maintain at minimum baseline investment in brand-building activity that reinforces long-term differentiation, while leaning into performance channels for immediate revenue.
• Use MMM, brand lift studies, and sentiment tools to validate and inform ongoing adjustments.

Conversation #3: How is marketing contributing to bottom-line business results?

CMOs who win can quantify value, not just create it—and they speak the CFO’s language while doing it.

The Over-Confident Response

“Marketing builds the brand—results will come eventually.”

This response relies on intuition over hard proof, leaving CFOs frustrated and unconvinced, risking reduced credibility and budget cuts.

The Panicked Response

“We’re not sure—it’s hard to track.”

This response signals a lack of measurement discipline, often leading to budget cuts and eroded trust.

The Winning Response

“Here’s how our spend is driving revenue, customer, and brand results.”

Ovative’s Expert Take

In a high-stakes environment, demonstrating real business impact is non-negotiable. CMOs must have the financial fluency and proof of impact to demonstrate marketing’s value to the business, supported by shared language, the right MarTech stack, and a team of experts. Take action now:

• Quantify impact using MMM, incrementality testing, and CRM data. Don’t have a tech partner? Check out EMRge.
• Translate media performance into revenue, customer, and brand impact that aligns to the CFO’s priorities.
• Set up real-time reporting dashboards to arm yourself with the most critical marketing metrics on the fly.

Strategy Under Pressure: Where CMOs and CFOs Win Together

Winners are not defined by the circumstances they face, but by how they respond. In today’s uncertain macroeconomic climate, the conversations between CMOs and CFOs must work in lockstep, anchored by data, shared objectives, and financial discipline.

Success will come to those who navigate continued pressure with strategic excellence, balancing short- and long-term priorities. So, what now?

• Schedule a joint CMO-CFO planning session using this white paper as a framework. Answer the questions before they’re asked.
• Audit your current marketing investment approach through the lens of incrementality and marginal return.
• Partner with Ovative to guide your future-proof strategy.