Marketing isn’t what it used to be. Gone are the days of campaigns that rely on guesswork.
Today, Marketing Directors/Chief Marketing Officers (CMOs) have the technology and data needed to paint a vivid picture of their impact.
They can demonstrate their ROI in the boardroom; real and impressive figures solidify their credibility.
As a result, when it comes to hiring marketing directors at the top of their game, we need to take a new approach. They now know their worth. Show them that you do too.
Discover what it takes to differentiate your business through compelling benefits, so you can gain the hottest marketing professional on the market.
The New and Improved Marketing Director
The best marketing directors have the proven ability to supercharge sales. In the hierarchy of business, they’re at the top of the ladder.
When marketing was predominantly offline, they had a smaller role to play. Customer acquisition usually took place over the phone, as sales representatives presented products and services to drive purchases.
Now, 92% of the entire UK population are internet users. And, in the last twelve months, 87% of consumers have bought at least one product online. Online for both B2B and B2C is where the action’s at, and success relies on effectively directing users to your website.
The tables have turned. Salespeople are more involved with the later stages in the buyer process while CMOs are acquiring, increasing and nurturing customers.
They plot the customer’s journey and craft compelling campaigns for each online touch-point. They use smart tools to measure profits and harness data insights to refine strategies, driving business from all avenues.
You need the best in class of CMOs if you want to grow your business. This high-level of talent acquisition relies on smart tactics.
What Makes an Irresistible Package?
Evidence of success is a mighty motivator. This is more keenly felt when a new business can progress to the next stage because of its marketing efforts.
So, the most passionate and talented CMOs are more invested in helping growing businesses as opposed to fully-fledged ones. They want to be a part of that journey from startup to stardom.
You might fit the criteria. But to a candidate, you’re a ‘Where’s Wally’ in a sea of lookalikes – hard to find if you don’t have a powerful differentiator. Luckily, there’s a great carrot to dangle that your competitors probably aren’t looking at.
And that carrot is equity.
Equity Compensation Explained
You’re probably familiar with equity – but are you considering it to attract the most talented Marketing Directors?
Equity is a more powerful motivator than cash bonuses. Cash rewards disappear as soon as an employee spends them. The novelty of your appreciation fades fast.
Whereas by granting business equity, employees can usually dictate when they sell or transfer their stock. Their stock grows only through driving sales and improving performance.
They see how their work affects their bonus and the overall success of the business, and this inspires them to give it their all.
Therefore, to attract the best talent, the larger the slice of pie, the better. A figure that shouts “catch me if you can!” is enticing, and will have the greatest marketers flocking to your door.
How do you calculate what percentage of company ownership to give your CMO? There are lots of online resources to help you do this.
Take a page out of Buffer’s book; the company has been lauded for its clear-cut formula that explains equity shares to employees. Or use an equity compensation calculator like this oneby Comparably.
The bottom line: giving equity as part of your offer based on meeting challenging figures is your best shot at securing top talent.
But simply having an expert marketer who’s motivated to work for you doesn’t guarantee success. They can only be as good as the products or services you sell. Which brings us to another critical motivator.
A well-developed product and proposition gives your CMO something powerful to work with. Something they know they can sell – and sell well.
So before diving into the talent pool, assess whether your products or services need refining. Have you taken on board customer feedback? Introduced something new to the market? Solved a unique problem?
Understanding the value of what you’re selling is a must. You need to be able to translate this to an CMO, not only to give them confidence surrounding selling but to prove that your company is moving up in the world.
Afterall, if you’re using equity compensation as an attractive package, you need to demonstrate that it’s going to be a lucrative benefit. A weak product or service is unlikely to do well in a competitive landscape, meaning your business’ shares will only go one way – down.
“Your value proposition isn’t just a fluffy marketing messaging,” advises Business2Community.And it’s right. Like your customers, in-demand CMOs want to see proof of your claims. Real customer testimonials, case studies, year-end financials – top talent will only be game for joining your team if you can provide substantial evidence of your product or services’ success.
“Never doubt a small group of thoughtful, committed people can change the world. Indeed, it is the only thing that ever has.” – Margaret Mead
That’s your golden goal here. To gain staff who are devoted to your business’ growth with the intelligence and skill to truly make a difference.
Use what you’ve learnt here to secure a top dog marketing director who can take your company to the next level.