05/28/2026
In the latest post from the CFO Turned CMO series, Frank Fornaris looks at a question every finance leader should ask about marketing:
What are we getting for the money?
It is a fair question. Marketing spend can add up quickly, and every dollar needs a purpose.
The challenge is that marketing does not always produce clean answers.
Attribution can show direct response, obvious lead sources, conversion paths, and trends. But it rarely captures the full buying journey. A prospect may read a blog post, visit the website, compare options, check social proof, leave for a few weeks, then return through a retargeting ad and convert.
So which channel gets credit?
The honest answer is that no attribution model will answer that perfectly.
That is why Frank argues for better decision-making instead of perfect attribution. The right approach starts by choosing a primary metric, separating direct measurement from directional signals, defining the role of each channel, and matching the evaluation timeline to the type of investment.
Qualified leads may be the right true north metric for one business. Closed revenue may be better for another. What matters is that leadership agrees on the metric before judging performance.
Some metrics can be measured directly: qualified leads, cost per qualified lead, conversion rates, lead quality, opportunity rates, close rates, and sales feedback.
Other signals are more directional: branded search growth, direct traffic, content mentions during sales calls, improved engagement, and prospects who seem more educated before the first conversation.
Both matter.
The best marketing decisions are rarely made with perfect data. They are made by teams that are honest about what they know, honest about what they cannot know, and disciplined enough to keep making decisions anyway.
Learn how to evaluate marketing performance when attribution is imperfect by using qualified leads, direct metrics, directional signals, and clear decision rules.
