Every business, whether small, medium or big, comprises of a Chief Executive Officer (CEO) by default, often accompanied by a Chief Financial Officer. However, a small business usually does not have specialised marketing requirements as they concentrate on finding their ground in the industry and building a steady source of revenue. In case of small businesses and to a certain extent medium businesses, promotions are usually a mix of paid digital ads and rarely, print ones making the role of CMO a questionable one.
So, does your small business require a Chief Marketing Officer (CMO) to control and manage all your marketing requirements? Well, it does because your small business won’t remain a small one forever. If you are scaling up your business, both in terms of revenue and presence in the industry, you will require a CMO– a person who works towards expanding your business through generating increased sales and presenting your company as a leader in the respective industry.
When do you actually need a CMO?
Your business will not require a CMO on immediate start-up, since their primary job of presenting the consumer view and placing a product in the market are usually managed by CEO or the founder. With the availability of exhaustive research on your marketing needs, you will often find that promotions can be handled by your team, without the supervision of a CMO as they will be able to assess what their audience’s purchases. Your business should ideally be motivated to take a CMO on board you can recognise your arrival at these stages:
- When your business needs to take a step ahead and increase your revenue
- When you need to reassess the consumer market and establish your presence in multiple contexts
- When you need to establish your presence as a brand or competitor in the industry or while implementing a rebranding exercise
- When you need to recognise the operational transformations needed to move ahead and start moulding your team accordingly
- When you want consumers or industry leaders to start talking about your business
- When you are a level to execute multi-platform organic promotions and need someone to have a hold over your complete marketing agenda
The CMO you need:
While you may be comfortably able to recognise the time when your business need a CMO, ensure that when you start looking, you hold out for the right person. Hiring a CMO who is adept at completing your business goals through marketing is essential and you must keep a look out for these qualities while employing someone in your organisation:
- An exhaustive focus on and approach to your business. Your CMO should be capable of growing the market for your business in a creative manner, focusing on amplifying revenues and being the best analyst of consumer requirements to take you ahead
- A person with a knack for experimenting with new ways to talk about your company, however also possessing the ability to approximately predict outcomes
- Expertise in promoting businesses through multiple channels and on multiple platforms. Your CMO should have the capability to attract and retain consumers and be up-to-date with industry standards in terms of skills, whether it is technical expertise or knowledge of design ethics
What the CMO can do for you:
Once you have identified the person capable of taking your business to the next level, the time comes for you to start working on your marketing strategies. The CMO will help you get your business moving in the right direction. The roles of your CMO, and in other SMEs, are broadly, as follows:
- Place your product or services in the market in such a manner to:
- Create a consistently relevant presence in consumers’ lives
- Build a competitive presence in your respective industry
- Drive better sales
- Present himself or herself as a clear representative of consumer interests and changing perspectives over time, helping your company:
- Identify marketing requirements, both immediate and long-term ones
- Build a context for telling your brand story to the consumers
- Stay up-to-date with market trends and control revenues better with effective strategy
CMOs can significantly contribute to the growth of your business through sales and a bigger consumer base. With marketing being an integral aspect of building a brand, ensure that you recognise the right time for hiring your CMO. This way, your business will be able to achieve a leap in industry at the appropriate time.
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.
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