When times get tough, marketing budgets are among the first ones cut. But such cutbacks can be shortsighted. On this edition of The McKinsey Podcast, McKinsey senior partner Kelsey Robinson chats with cohost and editorial director Roberta Fusaro about why chief marketing officers should instead be empowered to adopt an investor mindset—that is, focus on eliminating inefficient spending and reinvesting it in high-growth marketing activities. By taking a full-funnel approach to their marketing strategies, companies are more likely to weather any economic storm that may come their way.   Also, McKinsey senior partner Alok Kshirsagar talks about making a tough call on a high-profile project, from our Rookie Moment series. The McKinsey Podcast is hosted by Roberta Fusaro and Lucia Rahilly. Theme music produced, composed, and performed by Joy Ngiaw. See www.mckinsey.com/privacy-policy for privacy information See www.mckinsey.com/privacy-policy for privacy information