WHEN SHOULD I HIRE A CHIEF MARKETING OFFICER?
Marketing is one of the many hats a business owner wears when first launching a business. The owner is the name and face of the company, so it makes sense that, at least initially, they perform these outreach functions.
But as the marketing starts working and the business grows, the business owner will be pulled into the other areas of the business. With their attention focused on big picture goals and strategic decisions, they will need someone else to step in the marketing seat.
That's when it's time to consider hiring a Chief Marketing Officer or a CMO.
WHAT IS A CMO?
A CMO is a corporate executive who performs and oversees a company's marketing activities. With a background in both business and marketing, a CMO is a strong leader with an excellent ability to communicate. On average, hiring a CMO helps companies perform 15% better than companies without one.
RESPONSIBILITIES OF A CMO
The primary purposes of the CMO is to increase revenue by generating and executing a marketing plan. They lead adverting activities, brand management, market research, marketing communication, pricing, and customer service, among other things. The CMO reports directly to the CEO of the company.
WHEN TO HIRE A CMO
Here are a few signs that it's time to hire a CMO:
- When you don't have a cohesive strategy
- When your strategy no longer works or hasn't adjusted for time
- You don't have a marketing strategy outside of the entrepreneur's reputation
- When you transition from a team-based execution to needing a leader
A CMO can help provide a fresh outlook that could help move your company to the next level.
If you're not ready to hire a full-time Chief Marketing Officer yet, you can start by contracting with an agency or solopreneur. Unlike the COO position, which is usually chosen from within and needs to be part of the team, the CMO role can be successfully filled with the right contractor.
They will serve as a point person from ensuring your company's ads, analytics, and more are being implemented properly.
CMOs occupy a critical seat at the table of C-Suite executives, so choosing the right one can make your company even greater!