Great question! Demand Gen team tend to be bigger than PMM teams, and also have access to a lot more budget :) Modern PMM teams should consider pipeline (and ultimately revenue) to be their primary success metric. If PMM teams are led based on this approach, it drives perfect alignment with our DG partners since DGF is typically on the hook to generate sufficient pipeline for Sales every quarter.
In my experience, the best way to work w/ DG is to consider them to be true partners. PMMs are experts on the “who” (i.e. target personas) and “why” (messaging for these personas) while DG is the expert on the “how” (channels/tactics to reach these personas). If the two teams take a collaborative approach on everything from brainstorming campaign themes to execution and performance tracking, it usually leads to great outcomes and a shared purpose.
Imo, the wrong approach is for PMM to play a very tactical content-creation role when it comes to campaigns.