When you don't need or can't afford a full-time marketing head
There are many reasons to hire an Outsourced or Interim CMO. Small
companies may not be able to afford a full-time marketing head. Midsized and
large companies in transition may not want to commit to one. Or the incumbent may be temporarily unavailable. In all such cases, an outsourced or interim CMO provides cost-effective and experienced marketing leadership on a part-time basis.
Frequently Asked Questions
1. What does a marketing program involve? In theory, marketing should be involved in all the four Ps -- product, price, placement, and promotion. In IT-BPO companies however, marketing has little or no influence on product, price, and placement since they are managed by other groups such as corporate planning and solution design. Marketing is primarily concerned with researching the market, branding, positioning, and communicating the company story to widely different audiences -- customers, analysts, media, investors, and employees.
2. How much will a marketing program cost? Setting up a marketing program involves building a team and working
with external agencies for market research, branding, content creation, advertising, PR, events, analyst relations, and so on. As a general guideline, midsized and large IT services
companies spend 1% of revenue on marketing. Smaller companies
(revenues < $100m) should expect to spend a significantly higher percentage if they hope to create an impact. Regardless of what you've heard, zero-money
marketing is a myth.
3. What is your role? As an outsourced CMO, I work with the CEO to set goals and
budgets, help hire staff and agencies, and head and run the marketing
program till it is ready to be transitioned to an in-house leader.
4. How much do you charge for your services? I charge a monthly retainer payable in advance. Retainers start from Rs 50,000 for 20 hours/month but are more typically Rs 100,000 for 40 hours/month. Prices do not include service tax, if applicable. (1 USD = Rs 50).
Start-up: This consulting company, started by former
bankers and IT/BPO professionals, advises banks and BPOs on outsourcing.
Vijay Menon worked with the founding team to brand and position
the offering and helped set up and run a content-driven marketing
program.
Fledgling: This $5m IT services
company had hit a plateau. It wanted to consolidate existing service lines and enter promising new areas such as mobility
computing. Vijay helped to reposition the brand, clarify messaging, and set up processes to build out the marketing effort.
Mature company: At this $120m engineering
services company, the marketing head was on extended medical leave. Business-as-usual
marketing activities were in disarray and prospect-, customer- and influencer-facing initiatives were
foundering. Vijay was brought in as an Interim CMO to run marketing and restore normalcy.
Contact Vijay Menon Consulting | Bangalore, India | Email: vijaym@vijaymenon.com
