When Should I Hire A CMO?
While there is no exact formula on when to hire a CMO, there are some key indicators on when you should seriously consider bringing one onto your team.
Quite commonly, many companies include a Chief Marketing Officer (CMO) in their group of founders. Some brands do not bring on their CMO until long after their business has begun to grain traction and sales within their marketplace.
Transitioning From Startup
When starting a company, an entrepreneur should always have a marketing person or a small marketing team working to help them in the early stages of their company.
Working with a marketing person or team from the start allows a business to immediately establish their brand and product to the right market.
However, to answer the question, “When Should I Hire A CMO?” during the early stages of a startup, getting a CMO or assigning the title of CMO is still not necessary.
It is often best to hire or assign the title of CMO when a company has the need for a person to oversee the important day-to-day marketing and sales actions which have become too much for the CEO.
If you are unsure about your executive staffing needs, here are four signs that can help you decide when to hire a CMO.
One: Your business is not growing as fast as its competitors
A lack of growth jeopardizes your company’s position in the marketplace. If all of your competitors grow while your company remains the same, you risk falling behind the times. Hiring a CMO can redirect your company’s focus, pull it out of stagnation, and keep it on the cutting edge of the industry.
Two: You need to revamp your marketing strategy
Sometimes, all the contacts and networking you can handle is not enough to help your company attract attention. In order to be successful, your company needs to be able to turn attention into new business.
If you’re struggling to optimize your marketing, it may be time to try a different approach. A new chief marketing officer could provide fresh insight that moves your company to the next level.
Three: Your brand’s voice lacks consistency or passion
Most marketing campaigns utilize multiple methods of communication: including email, social media platforms, or advertising. In order for a campaign to be successful, all of these methods must communicate the same message. Having one person in charge of marketing helps create consistency in your message, no matter how the message is distributed.
Furthermore, with so many platforms available to market your company, it is important to convey passion in every form of communication. A CMO can help your company connect to its audience and make them feel passionate about your service.
Four: Your internal marketing staff needs a CMO
If your current marketing team is small (or virtually non-existent), hiring a CMO may be beneficial. Hiring a Chief Marketing Officer gives your employees a leader who can help them on current and future projects while providing industry experience and creativity. Both of these attributes are necessary for innovation.
So, When Should I Hire A CMO?
When you think you’re ready to hire one, ask yourself these three questions:
Do you really need one?
The role of a CMO is often misunderstood which is why some founders or CEOs end up hiring the wrong person or hiring during the wrong time. The role of a CMO is to increase a company’s revenue through successful marketing campaigns.
What makes its role more difficult and different is that the CMO’s role also expands to sales management, product development, distribution channel management, and customer service, among others. Hiring a CMO would be highly beneficial for a company that is already big enough, has established its brand in the market, and has a large following of clients or customers.
Can you afford to hire one?
One should consider whether the company can afford someone who has the necessary expertise to run and manage a whole company’s marketing campaign. Hiring the best CMO you can find would be a great investment for the company, but that is if you can afford to hire one.
It is best to financially prepare the company before hiring a CMO since hiring one and the marketing efforts the CMO would promote will definitely be costly.
Are you ready for change?
Don’t hire a CMO and expect that he or she will still follow your directions. A good CMO will take a good look at your company’s current status, identify problems or bottlenecks, and suggest actionable solutions. Remember that you hired a CMO to oversee your company’s marketing campaign so that your company will further expand. If you’re not ready for the change that a CMO might bring, maybe it’s not yet the right time to do so.
Hiring the right CMO for your company can definitely improve and strengthen your brand and marketing campaigns which in turn will generate more sales and profit.