Even if you haven’t been running a business, one thing you can rarely deny is that business today has become quite competitive. You can imagine what it means to operate and stand out in an industry that exceeds $4.1 trillion. How can you really ensure that you are implementing the right measures to make your business more competitive?
That is where adopting strategies like employing chief marketing officers can be helpful. But just like any other business seeking to thrive, you may want to know whether it’s beneficial to hire a CMO or not. In this article, we look at such concerns and explore ways to maximize CMO services to ensure sustained growth.
What are the roles of a CMO?
Of course, you want to be sure that every coin you spend at least adds up to the overall business performance. And that is why it is important to understand the roles of CMOs before onboarding them. Maybe all you need is a fractional CMO and not a full-time officer. But how can you tell that if you can’t even explain their roles and relevance? And that is exactly what this section is about
In most cases, CMOs will use their time depending on how big your organization is, the range of products and services and so on. But one thing is certain: a chief marketing officer will spend most of their time meeting people, both online and on-site.
Actually, a Deloitte report revealed that these officers spend about 28% of their time meeting individuals from people from the marketing sector and 32% meeting IT, HR and other departments. And on top of this cross-functional cooperation, about 50% of CMOs said that the CEO was the most strategic partner besides the marketing team. Here are some top roles that a CMO can play:
1. Leading marketing efforts
You can’t be doing marketing that contradicts your business goals and expect to win big in the e-commerce world. Imagine the pain of missing out on a whole 73% of consumers who The Bazaar Voice claims to have changed their shopping habits just because you didn’t align with their needs. So, with a CMO, you can always be sure that your marketing efforts align with the target audience. Plus, a good chief marketing officer can help:
- Manage budgets to ensure you get the most of every dollar you invest in marketing
- Craft strategic plans
- Set clear objectives and help determine who will receive their messages.
2. Using market data to sharpen strategies
Is it even possible to survive in our contemporary world without data? More customers want to be understood, demand and supply keep varying, and so on. In fact, a recent study by Think with Google highlighted that more than sixty (63%) percent of customers wanted businesses to use their purchase histories to tailor experiences. All this relies on data.
As if that were not enough, Wavetec stated that about 80% of buyers preferred customized emails, as that made them feel more connected and valued. These statistics underscore the need for the modern CMO to be more data-driven, adaptable to technology and deeply understand customer behavior.
What are the qualifications of a CMO for hire?
What benefit is there in hiring someone who cannot understand market trends and customer behavior to craft marketing strategies that align with your business goals? Therefore, that means that a fractional CMO for hire must first of all be a strategic thinker. We have already said that it is almost impossible to survive in business today if you do not depend on data.
In fact, do you actually know that, according to CloudTalk, about 65% of organizations intend to fully depend on data for decisions by 2026? That already presents a significant threat to businesses that might not consider going on this road. That is why you need a CMO that is able to understand all aspects of digital marketing, including email, SEO, social media, etc.
In addition to strategic thinking, the CMO needs to have a good sense of communication, teamwork, and management. The marketing team will, at different points, need to understand the marketing strategies clearly. So, the CMO for hire must be able to communicate effectively and also provide an environment that encourages innovation and creativity – even though this might be sometimes challenging, especially now that the market trends keep changing.
Here are a few more considerations:
- The officer’s marketing experience
- Although not always, you may want to consider whether they have a business degree or a related MBA
- Technical expertise and knowledge
Should you rent a CMO?
We have so far, dealt with the roles and qualifications of these officers, but do you really need to rent a CMO? Even so, there are still many companies that grapple with the question of whether they should consider a fractional CMO for hire or not.
But one thing you can be sure of is the CMO services can actually benefit your company. A study by Harvard Business Review revealed that companies with CMOs could actually perform 15% better than those without.
Proper planning and implementation
Just as we have already hinted, you must first assess whether the individual can drive strategic decisions before you can hire chief marketing officer. And if you get one, you are in for such a treat. CMOs use their abilities and experience to develop strategies to help you achieve your goals and reach new audiences.
Imagine it this way—you have someone who can clearly map out the needed steps and methods to explore new markets using realistic timelines. What do you think can result from such moves? Maybe increased conversion rates, right? With such an approach, CMOs can help ensure that marketing efforts are well-coordinated, working together to ensure greater returns.
Proper execution of ideas
It is one thing to have an idea and another to have ways of implementing it. However great the idea, what really benefits you is how effectively you implement it. That is why you can significantly drive sales if the CMO for hire understands how to use market research and data analysis tools to enhance decision-making.Â
And the good thing is that if you have hired one who knows how to adapt quickly, they can help you stay relevant amid changing business trends.
Maintaining consistent outcomes
After developing a marketing plan, this officer goes a step further to ensure steady results. Different tools can help them monitor the performance of their efforts and adopt necessary measures to yield even better results. Previous campaigns can also offer lessons for making the current even more impactful.
The whole idea of consistent results is that you can’t get sustained outcomes if you just guess—you must rely on facts.
When do you need a fractional CMO for hire?
You may perhaps agree that doing business has become quite expensive in our contemporary world. From acquiring new customers to retaining existing ones, things are very different today from yesteryears. According to Salary.com, it could actually cost you a salary of anywhere between $327,194 and $445,169 to hire chief marketing officer in October 2024. You can imagine what this means especially if your business makes less than, say $1m, in annual revenues.
So, the first step is considering whether your profits can sustain the business. Well, of course, you do not just want to spend all your revenues on paying employees only. Otherwise, we might have to forget about you in the next few years. Rent a CMO who does not need to be there 40 hours a week but operates part-time. That way, you can always ensure you are operating sustainably while taking advantage of the industry’s top skills.
There are other instances when you might need a part-time CMO, including:
- When your marketing team requires a more robust leadership
- When your business needs a more solid marketing strategy
- In case you don’t have a full-time chief marketing officer
How to hire a CMO
The internet has really changed how we handle a lot of things today, including recruitment. For example, on LinkedIn alone, more than three million people are hired yearly. To make it more serious, about seven people are hired every minute on this platform, according to the Social Shepherd. So, you should never be worried about finding the right professional. You may also want to explore other options like industry-specific slack channels, online forums, etc.
Try to avoid complicating the recruitment process as much as possible. Several studies suggest that lengthy hiring processes can actually increase the time-to-hire, which might leave some critical roles unfilled for extended durations. As if that were not enough, a Smart Recruiters study found that more than half of candidates are likely to abandon a recruitment process just because the recruiter is poor in communication.
Whichever approach you give to your interviews, the goal should always be to examine the abilities of the candidate vs the organization’s needs. Overly complex questions can be complete, as you may end up losing top talent. On the flip side, strategic and revealing questions can help expose their expertise and potential fit.
Parting words
Consistent success never comes accidentally and through guessing. It is a product of applying well-thought-out ideas to achieve a desired end, and it is no different in digital marketing. You will need a good marketing team that is well-coordinated to ensure they apply efforts that align with your company’s goals to ensure success.
That, in part, is what you can get when you hire a CMO. These officers use their knowledge and skills to organize and tailor marketing strategies that can improve business performance. Fortunately, you do not have to spend all your profits just because you are paying full-time CMOs – there are many part-time candidates who are quite affordable. Don’t miss out on this opportunity to use these officers to stand out.
