In my previous blog, I identified some of signs of “Business Malaise” that could signal a growing disconnect between the business vision and the company’s growth goals. And as noted, when you consider the competitive pressures wrought by the hyper-charged business universe, early indicators of corporate distress are best addressed sooner than later.
Many small and mid-sized companies face this situation – desperately in need of skilled marketing expertise – but believing that they lack the resources to procure it. That is why I am devoting this post to explore a new option – the Marketing Executive-as-a-Service.
Think of Executive-as-a-Service as “C-level expertise on demand,” where you pay as you go - for what you need - without pricey search fees, long-term contracts and/or commitments. Actually, the concept of “hiring” just the amount of executive talent you need is not all that new. A little over 20 years ago, John and Doug Tatum founded a professional services firm, Tatum, which would become synonymous with fractional chief financial officers (CFOs). Their part-time executives would join companies that could not justify a full-time CFO. Over time, Tatum grew to offer chief information officers (CIOs), chief operating officers (COOs), and other “CXOs”.
The role of a Chief Marketing Officer (CMO) provides a market-based perspective that serves as the foundation for accelerated revenue and growth. Here are nine compelling reasons why you may want to consider using “Marketing Executive-as-a-Service.” It could be just the catalyst you need to jump-start your company’s growth.
And the 10th and bonus reason that you should consider a “Marketing-Executive-as-a-Service” – you get to keep more of your money. Sometimes CEOs and CFOs are under the impression that hiring a full-time CMO is more cost effective than engaging the services of an outside advisor. Not necessarily true and here’s why.
Cost Considerations of Hire vs. Contract
When you look beyond a simple “hourly-rate” comparison of the two models, and factor in the often overlooked costs associated with a full-time executive hire, you can see that contracting outside services can really be a cost savings. Typically, the overlooked costs of a full time hire include:
Change is accelerating at an accelerating rate, and survival today requires the ability to make informed decisions - quickly. Since time is a fixed resource, it needs to be managed with the same vigilance as hard dollars. When making choices, do not forget that lost time is a real cost. And, who knows? After some great marketing results, you just might be in a position to hire that full-time CMO!
Consider using the “executive-as-a-service” approach as a fast and cost-effective way to recharge marketing for your company. What is the cost if you don’t act?