Interim CMO: Does Your Business Need One?
An effective marketing strategy is essential for any business that wants to succeed. A CMO can play a vital role in ensuring that a company’s marketing efforts are successful. With their expertise and leadership, both a full time CMO and interim CMO can help to make sure that a company’s marketing strategy is on track and achieving its goals.
But hiring a full-time CMO can be costly and risky. Or maybe you need the expertise and experience of a CMO, but don’t have the requirements for a full-time one. That’s where an interim CMO comes in.
In this article, we’ll cover what an interim CMO does, and why you might need one for your business.
What is an interim CMO?
As the name suggests, an interim CMO is a marketing executive who is brought in on a temporary basis to fill a leadership gap. Typically, an interim CMO will be hired when a company is undergoing a period of transition, such as a merger or acquisition. In these situations, an experienced marketing leader can be invaluable in helping to smooth the transition and keep the business on track.
An interim CMO can also be helpful in situations where a company is looking to make a major change to its marketing strategy. In this case, an interim CMO can provide fresh perspectives and ideas, while also having the experience and expertise to implement the new strategy effectively. Ultimately, an interim CMO can be a valuable asset for any business that find itself in need of temporary marketing leadership.
An interim CMO may come on full-time for a limited period, or as a fractional or part-time CMO depending on your business’ needs.
When should I take on an Interim CMO?
The answer to this question depends on a variety of factors, including the size of your company, the industry you’re in, and your current marketing goals. However, there are a few general situations when hiring an interim CMO makes sense:
- You’re experiencing rapid growth and your marketing team is struggling to keep up. An interim CMO can help provide the expertise and marketing leadership needed to get things back on track.
- You’re looking to make a major shift in your marketing strategy. An interim CMO can be a great way to test out new ideas without making a long-term commitment.
- Your CMO has recently moved on or retired. An interim CMO can help fill the void until you’re ready to make a permanent hire.
- You need senior expertise and oversight for a specific project or campaign.
Ultimately, the decision of whether or not to hire an interim CMO should be based on your specific needs and situation. However, in general, an interim CMO can be a great way to add expertise and flexibility to your marketing team.
What does a CMO bring to a Marketing team?
A CMO brings a wealth of experience and knowledge to a marketing team. They have a deep understanding of the ever-changing landscape of marketing, and will be in charge of planning, developing and overseeing the marketing strategy.
Just as important will be the CMOs focus on the team to ensure they’re motivated, communicating regularly, and working together effectively and efficiently. They provide leadership and guidance, and they work to ensure that everyone is working towards the same goal.
As a high-level business leader, the right CMO will help align the company’s marketing strategy with the business’ long-term objectives to ensure more revenue, greater profits, and faster growth.
How much does a CMO get paid?
The average salary for a CMO in the UK is £98,000 per year. However, salaries can vary widely depending on factors such as experience, education, and location.
An interim or fractional CMO will cost much less than this since they are working either part-time or on a contractual basis for a set number of hours each week. This is one of the major benefits of bringing on an interim CMO – you get all the experience and expertise of a senior business leader, at a fraction of the cost!
Head of Marketing and a CMO: what’s the difference?
The difference between a head of marketing and CMO is a bit like the difference between apples and oranges. Both are fruit, but they have different tastes and textures! In the same way, both a head of marketing and a CMO have different roles in an organization.
A head of marketing is responsible for developing and executing marketing strategies. They work closely with other departments, such as product development and sales, to ensure that the company’s products and services are accurately represented to the public.
A CMO, on the other hand, is responsible for the overall marketing strategy of the company. They develop long-term plans and oversee all aspects of marketing, from advertising and promotions to market research and product development.
In short, a CMO is responsible for ensuring that the company’s marketing efforts are aligned with its overall business goals.
What skills should a CMO have?
A top CMO should be able to do the following:
- Create and deliver marketing strategies that align with your business goals.
- Ensure your marketing activity is using the right channels to find the right audience and maximising ROI.
- Identify profitable opportunities through new marketing channels or products.
- Identify your audience and make sure you are talking to them in the right way.
- Help companies develop their brand identities.
- Provide strategic support on product or software development.
- Manage, develop and mentor marketing team members.
- Deliver leadership, innovation and accountability to help drive business transformation.
What’s the difference between an interim CMO and a fractional CMO?
There a few subtle differences between a fractional and an interim CMO. But overall they perform the same role and have the same skillset and will be able to deliver an immediate impact to any business.
Interim CMO: a full-time or part-time CMO that is hired for a limited period of time, usually to fill a gap until a full-time CMO is found. Or they may be brought on to see if a full-time CMO would be a good fit for the company if they have not yet decided.
Fractional CMO: these typically fill a part-time role for companies who do not require a full-time CMO but need the expertise and leadership of a senior business leader in their marketing team. They usually work for several companies in the same capacity.
Do you need marketing leadership in your company?
So, if you’re looking for leadership but don’t want to commit to a full-time CMO position, or if your current CMO is on leave and you need coverage, we can help. Our part-time CMOs offer the perfect solution; they can work either as fractional or interim basis and give your business the guidance it needs without taking up all of your time.
Get in touch today to learn more about how we can help you find the right marketing leader for your company.