Each portfolio business of a private equity fund must hire the correct CMO. A strong CMO not only promotes revenue development and client acquisition but is also essential in developing the brand and marketing plan of the business. Yet it may be difficult and time-consuming to discover and hire a skilled CMO. In this blog article, we'll discuss the ideal recruiting procedures for a CMO at a private equity-backed firm and provide instances of actual, fruitful hires.
The Difficulties of Hiring a CMO:
There are a number of reasons why hiring a CMO might be difficult, including:
- Pool of competent CMO candidates is tiny, and there is tremendous rivalry for the best employees.
- Special competencies: A successful CMO must have a special blend of strategic thinking, creativity, and leadership abilities.
- The cost of hiring a top-notch CMO may be high, and private equity companies might not have the resources to pay top money for expertise.
Other Hiring Options:
There are a number of different ways to hire a CMO, such as:
- Internal promotion: If the business already has a marketing staff, internal promotion may be the most economical and successful course of action.
- Private equity businesses may also think about contracting with an outside company or consultant to handle their marketing needs.
- Hiring a recruitment company is an additional choice for finding and hiring suitable people.
What Makes a Flywheel the Best Choice?
While there are other ways to hire people, private equity businesses should use a service like Flywheel. This is why:
- Candidates that have undergone extensive screening are chosen by Flywheel from a pool of CMO candidates who have a history of success in venture-backed businesses.
- Cost-effectiveness: Flywheel's concept is built to be economical, enabling smaller and middle-market private equity companies able to use it.
- Efficient: By employing Flywheel's service, private equity firms can concentrate on promoting development and value creation for their portfolio businesses while saving time and resources on the recruiting process.
Samples from the Real World:
Flywheel has placed CMOs with success in a number of private equity portfolio firms, including:
- A healthcare technology firm that needs to improve lead generation and its marketing plan.
- A manufacturer of consumer goods sought to raise brand recognition and encourage customer growth.
- A B2B software firm wanted to redesign their website and create a new marketing strategy.
In order to promote development and value generation inside a private equity portfolio firm, a CMO must be hired. While there are other ways to hire people, private equity businesses should use a service like Flywheel. Private equity businesses may locate and engage a great CMO who can drive revenue development and help establish a strong brand by using the best strategies described in this blog article and collaborating with Flywheel. To find out more about how we can assist you in selecting the ideal CMO for your portfolio firm, get in touch with us immediately.