Part-time CMO, CMO consultant, and interim CMO, also known as a fractional CMO, has become a more popular choice for many businesses, including startups and private equity firms. If you’re a CEO of one of those companies and still wondering whether it’s worth hiring a part-time marketing executive, you’ll find the answers you were looking for in this article.
Why Hire an Interim CMO for a Startup?
Growing a business is never easy, especially if your resources are limited. So here’s how a fractional Chief Marketing Executive can help put your startup on the fast track.
Finding and hiring a top-level marketing executive takes time and money. Plus, their salaries can reach up to $200K and more. This might not be feasible for a small startup that’s only exploring the business world and hasn’t started generating revenue yet. In this case, a part-time CMO can help you out.
You can hire an interim CMO for only a few hours per week or month if needed and at any stage of your business development. If you like their input into your startup, you can stick with them and use their services on-demand. And you can just as easily stop working with them if they’re not a good fit for your business.
Any aspiring entrepreneur must gather a team of people ready to experiment with ideas and spot new trends in a heartbeat. Fractional CMOs are some of those people. They know what your business needs at each stage of its growth and can create tailored marketing strategies using the latest technics in the marketing world.
Plus, thanks to their vast experience with different types of businesses, a part-time Chief Marketing Officer can apply their knowledge and help you avoid mistakes they witnessed other business owners making. Ultimately, this can help you reach your goals within a specific budget and timeline.
While there are various ways to set up a compensation plan for your business, usually, full-time employees are enticed by significant equity from the startup on top of their salaries. Luckily, this doesn’t apply to on-demand executives like interim CMOs. They come to your business with a specific task, and once they complete it, you can stop using their services.
Hiring a fractional CMO doesn’t require a long-term commitment, huge salary, or equity, which can be life-saving for your startup, especially at the beginning.
You might also be curious to check out these posts:
3 Reasons to Hire an Interim CMO for a Private Equity Firm
Fractional CMOs are an excellent choice not only for companies limited by budget but also for bigger enterprises that value efficiency and quality. Here’s why you should consider hiring a part-time Chief Marketing Officer for your private equity.
High Level of Expertise
On-demand CMOs aren’t entry-level professionals. On the contrary, these are people who work alongside top-level executives and develop complex marketing strategies for various businesses. That’s why when you hire one of them, you can be sure you’re getting an expert on board.
So when it’s time to report to your partners and investors, a part-time CMO can help ensure you present a clear picture of your firm’s marketing strategy, efforts, and results. Plus, they can have a much bigger and more versatile experience than in-house CMOs.
It’s up to you to decide how long to use the services of a fractional CMO. Of course, it will largely depend on your budget, needs, goals, and capacity. For example, you can decrease the number of weekly or monthly hours for an on-demand CMO or increase them if needed.
The good news is, with an interim CMO, your private equity fund won’t be tied to any long-term contracts and enormous salary compensations. This can help manage your marketing budget more efficiently and reach set goals faster.
No Gap in Finding Your Next CMO
Sometimes, it’s impossible to run a business without having a competent Chief Marketing Officer alongside you. However, as you might already know, it can take up to four months to find and hire a full-time in-house CMO. It’s pretty long to leave your private equity without professional marketing supervision.
Thanks to a part-time CMO, you’ll be able to close those gaps and always make sure your marketing strategy is in good and skilled hands. They can also help make your work less stressful and avoid lengthy hiring processes.
What Responsibilities Can an On-Demand CMO Have?
A high-level fractional Chief Marketing Officer can be responsible for any of the following tasks:
- Building and developing a brand
- Creating a marketing plan
- Identifying the target market
- Keeping up with the competitors
- Creating pricing strategies
- Defining the market’s value proposition
- Developing a product roadmap
- Analyzing the data and much more.
At Mahdlo, we offer high-quality fractional CMO services that allow you to get the expertise of an entire executive marketing team without paying for all their time or overhead costs. Our team is made up of executive-level professionals from some of the world’s leading brands like Allstate, AT&T, The American Red Cross, and more. We have decades of experience building successful businesses and can help grow yours too.
Get in touch with us if you want to learn more about how our experts can help you enhance your marketing efforts, or schedule a free, no-obligation consultation now if you’re ready to dive in as soon as possible.