temporary executive
Interim Managers Can Align Marketing and Sales
In over six years as a marketing consultant and interim exec I’ve had many occasions to pro actively work with the head of Sales or Sales Operations to re-engineer opportunity pipelines (aka lead funnel, sales pipeline, etc.). MarketingSherpa and Marketo recently collaborated on an article about how Sales & Marketing can better align to generate and close more leads. The points they make in the article are good advice.
I’ve been successful in this for several reasons. Other interim marketing managers take note.
- As a “new guy” I can establish a trusting, working relationship with Sales free of any past acrimony and angst. Plus, I’m objective and bring fresh thinking to the situation.
- I share a sense of urgency with Sales; I’m anxious to make improvements quickly because my engagement time is limited. Believe me, Sales appreciates marketing folks who have a sense of urgency.
I also follow an effective process for re-engineering the opportunity pipeline.
- I was taught some time ago that the key to defining stages of a pipeline is to identify “observable customer behaviors” that dictate where the opportunity is within the pipeline. Did the customer take the factory tour, or not? Did they request a proposal or not?
- Once the stages and triggers of the entire lead gen and sales process are mapped out, I work collaboratively with ales to apply metrics, the conversion ratios between each stage. Yes, this can be tricky.
- With metrics in place and knowing what our average revenue per sale or per deal is we can calculate how many contacts, suspects, leads, prospects, etc. we need to generate hit our revenue number. Yep, you may need a separate pipeline for each brand, or product line.
- Then, we work collaboratively to assign strategies and tactics to each stage, plus ownership for each. A marketing action plan and sales support plan are the outcomes, not to mention a clear understanding of the process, and a shared vocabulary.
- The final steps are making sure the CRM system supports our pipeline stages, and training everyone in sales & marketing on it.
- Act, measure, adjust, act, measure, adjust.
You Could be in My Interim Management Book
I have decided to write a book on the topic of interim management for the marketing function, and you can play a part. If you have hired or have considered hiring IMs for marketing roles I’d very much like to interview you for my book. Please post a comment if you have something to say on this topic and would like to be interviewed. For the rest of you, if you think a particular topic should be covered in the book, let me know.
There are some good books on interim management in general, but the focus of my book will be on the marketing department. I feel strongly that smart companies see IMs as excellent tools for staying nimble and quick within highly dynamic markets. IMs give companies the ability to bring in the perfect blend of experience and expertise at C-level, VP-level and Director-level positions. When the requirements change, it’s easy and painless for the company to change the talent mix. Not enough companies are using this model, however.
I’m looking forward to hearing your ideas.
Read Full Post | Make a Comment ( None so far )Temporary Manager or Interim Manager – Which?
I saw this article while searching for new books on interim management. It gives a good explanation of the difference between temporary executives and interim executives. I am re-posting here by permission. The author’s contact information is at the bottom of article. – CB
by J Hadley & D Jones
In today’s climate, where rapid change is part of life and industry requires more highly skilled, adaptable people who are able to bring experience and change to the table, the demand for interim management is growing at double digit rates year on year. Despite this though, a recent poll indicated that more than half of CEOs haven’t used interim managers and there remains a remarkable amount of confusion about what interim managers are and how they’re different from temporary managers.
Temporary Managers
Temporary managers are likely to be “in between permanent roles” and be interested in opportunities that are likely to stretch them and add weight to their CV, so that they can get a better permanent role next time. However this usually implies more risk for clients; and a longer time until value starts to be delivered. Whilst they may be fine working for an organisation that they’ve worked in for years, how will they fare in an entirely different place without their usual “support systems”? How credible will they be? Will you be able to rely on them to represent you appropriately within your organisation or to your customers or suppliers? Are their interpersonal skills up to it? Will they deliver the results?
Interim Managers
In contrast, interims are immediately available senior executive managers who have become interim managers as a career choice. They are independent, highly flexible individuals who run their own companies and operate with professional indemnity insurance. They are un-biased by company politics and must have outstanding communication and interpersonal skills to successfully deliver results in a wide variety of different organisations. Their credibility and technical expertise has to be unquestionable because they’re expected to “hit the deck running” and deliver results not just recommendations. Some say they are senior executives and consultants – “all rolled into one!”
Since interim managers can cost anything between $ 1000-$ 2000 per day and interim management assignments can last anything from three months to two years, clients and interim management service providers alike, can’t afford to take risks. In fact, only individuals who have track records that demonstrate they have the ability to thrive in fresh environments and deliver an excellent return on clients’ investments are taken seriously.
Interim management assignments are therefore more likely to be higher risk / higher value / higher profile roles. For example often organisations utilise interims when they need immediate support for turnarounds or when there is a sudden departure of a key executive; or perhaps to release others for non-routine tasks as the business goes through a period of discontinuity. Often though, interim managers are brought in because of their track record for delivering improvements in their particular specialist discipline or industry; for example to deliver synergies following an acquisition or merger or to introduce best practise processes and organisational structures.
Conclusion
Temporary managers may be appropriate for lower risk projects, but there is a big difference between temporary and interim managers. Interim managers are executive “big hitters” with track records of delivering results; who specialise in high value / high risk assignments and approach them with a very practical “hands on” “get the job done” style. They’re more expensive, but for higher profile projects they’re a low-risk solution when it comes to implementing change.
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Julia Hadley & David Jones work for Executive Interims – Supply Chain Practice: specialist providers of supply chain interim management services – see
http://www.executive-interims.co.uk/interim_management/interim_management.asp
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The Marketing Audit: A Key Interim Manager Deliverable
By Charles Besondy
Companies shoot themselves in the foot by thinking that just because the #1 or #2 person in marketing has left the ship important work can’t commence until a replacement is on board (4-8 months). The thought process goes something like this, “We don’t want to do this or that because the new manager will have specific ideas on what he/she wants to do or how he/she wants it done.”
This is a true statement to a point, but there are steps that can be taken to minimize the loss of momentum that transitions always cause. There is very important strategic work that can and should be done during a period of transition to enable the incoming manager to make well-informed decisions from day one.
Any key marketing manager (CMO, VP, Director) who is stepping into a position is first going to do an audit—formal or otherwise—that basically flags what’s working and what isn’t. They will be under extreme pressure to make positive things happen quickly, especially if this is more of a turnaround situation. Every day is critical.
Smart companies will bring in an interim manager (IM) the day after the former marketing manager has left the building. While providing senior leadership to the staff during the transition the IM can provide an invaluable service by conducting an objective and thorough marketing audit.
With an unbiased eye a highly experienced IM can do an analysis that addresses the following fundamental questions about the marketing function.
- Do we know the customers?
- Do we know the best prospects and can we communicate with them?
- Do we know our markets?
- Do we know our competition?
- Do we know the industry trends?
- Do we know our costs for acquiring leads and customers?
- Do we know the lifetime value of a customer?
- Do we have the right marketing processes, metrics, and technology in place?
- Do we collaborate and support Sales optimally
- Are the skills and experience of the team up to the challenges ahead?
- Is the company aligned with the right vendors and agencies for the challenge ahead?
Odds are good that the audit will reveal some “no-brainer” changes that the IM can implement during the engagement. But, the real benefit is that the IM can present to the incoming manager a professional, unbiased marketing audit that can be acted on immediately to either right the ship or trim the sails. The 60-90 days this saves can easily be the difference between missing or hitting quarterly targets.
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Why CEOs Should Add Interim Marketing Managers to their Arsenal
By Charles Besondy
Every CEO I know can be described with one or more of these labels:
- Orchestra conductor
- Magician
- Chemist
- General
- Chef
- Chess master
- Pied piper
- Puppet master
Try it. Think of the CEOs you know (perhaps yourself even). Pin the label on the CEO. It’s fun. While personalities and leadership techniques vary, CEOs all have one thing in common—they manage resources to drive results. More specifically, the CEO blends and directs the talent, infrastructure and finances at his/her fingertips. When he gets the combination right success usually is the outcome.
However, if it was easy to get the right combination every company would be widely successful. More often than not, the limitations of the talent, infrastructure, finances, or time (our number one enemy), muck up the works and restrict success.
Interim management should be the CEO’s best friend and secret weapon (or favorite ingredient if you prefer the chef label more than the general label). By relying on interim managers in the marketing function, the CEO can apply exactly the right marketing skills and experience to an initiative for exactly the right amount of time—all while working with variable budget dollars rather than fixed budget dollars.
This ability to augment the CEOs arsenal with the right talent at the right time can be a major competitive advantage in that it enables business agility.
- The company can jump on market opportunities or react to competitive moves swiftly and adeptly. It takes far less time to locate and retain an interim manager than to recruit a full-time senior manager (even if there is headcount in the budget).
- Existing teams aren’t whip-sawed from one initiative to another. A high degree of focus can be maintained on existing business, while teams enhanced with interim marketing talent chase new opportunities.
- The initiative’s requirements can be matched to an interim’s domain and process expertise; very few compromises necessary. The CEO can select the optimum weapon for the job.
As a CEO do you see yourself selecting weapons, moving chessmen, orchestrating a team, or creating a world-class stew? Whatever metaphor you select, consider that interim management for the marketing function stands ready to help drive business and revenue growth.
Read Full Post | Make a Comment ( None so far )Get ‘er Done
By Charles Besondy
I recently finished an engagement with a manufacturer of high-end computer systems for digital artists. Reflecting on the project I realized that it was a classic case for interim management.
The management team recognized that they had a common problem on their hands–a new product line had been conceived in Engineering and was under development. However, no product marketing or product management resources were available to validate customer requirements, develop positioning, create pricing strategy, set up a beta program, construct a go-to-market plan, etc. The company’s thin marketing resources were fully occupied with the support requirements for existing revenue-generating products.
So, management could have elected to tell their existing staff to suck it up and take on the considerable extra work for several months. However, this management team was smarter than that. They didn’t want to endanger the current revenue stream. They knew all too well how difficult it is to get business momentum in the air, and once achieved just how quickly it can stall, crash and burn if ignored.
This management team did the right thing. They brought in an interim manager (me!) to handle the product marketing duties for the new product line. With apologies to The Cable Guy, they chose to “Get ‘er Done!”
Read Full Post | Make a Comment ( None so far )Popularity of the Temporary Executive
By Charles Besondy
The BizLaunch Blog reports that one of the top-20 book downloads from Work.com is on the topic of hiring temporary executives. I think this is a positive indicator that smart entrepreneurs are thinking about how to retain the flexibility of their organizations by bringing in seasoned executives on a temporary basis, rather than full-time employees.
Read Full Post | Make a Comment ( 2 so far )Mind the Gap
By Charles Besondy
The famous recorded message (“mind the gap”) one hears before de-boarding or boarding a train in London’s Tube is actually darn good advice for any company. Just like the message warns passengers to be careful of the dangerous gap between the train and platform, I’m warning companies to be mindful of gaps in their marketing resources.
The gaps I’m referring to are formed during periods of transition when the human resources in product marketing, strategic marketing, marketing communications, channel marketing, etc. are inadequate in terms of head count, experience, or skills.
This inadequacy or void sucks momentum out of the organization and invariably leads to missed goals, overly stressed employees, and a decline of morale.
Here are six situations where dangerous gaps frequently appear in which interim management is ideally suited to step in and maintain momentum and focus.
- Early-Stage Start-Up. Any start-up, particularly a high-tech start up, needs seasoned marketing talent in the early days to drive marketing requirements, conduct research, develop a positioning strategy, analyze competition, etc. The early stage company working on Series-A funding is seldom in a financial position to attract a full-time CMO, or to lure one away from an established company. An interim executive is an ideal solution.
- Maternity/Paternity Leave. A 2-3 month maternity leave can cause havoc in a marketing organization that is already thinly staffed. Fill the gap with an interim manager.
- Leave of Absence. Whether it be for a sabbatical or medical leave of absence, the vacancy is always a challenge for the organization to manage.
- Unexpected Termination. When a key manager is terminated or resigns unexpectedly the company has to scramble to either reorganize or fill the position. While the recruitment process is underway why not bring an interim manager in to keep the ball moving up the field?
- Temporary Workload Increase. Product launches or major initiatives can pull resources away from important day-to-day business. An interim manager can run the day-to-day activities, or assist with the special project. Either way, momentum is maintained.
- Waiting for Godot. We’ve all seen it. The company has created a spec for a key marketing role, but recruitment is taking forever as the hunt for the perfect candidate runs its course. An interim manager can step in and, even if not perfectly suited for the job, handle many of the duties. This keeps the company moving forward and reduces the pain associated with a lengthy recruitment period.
Mind your gaps. Look to interim management within the marketing function to keep your organization on the fast track.
Read Full Post | Make a Comment ( None so far )The Start-Up Staffing Conundrum
By Charles Besondy
Many early stage companies are learning that competent marketing executives with the right domain expertise and marketing process skill-set are darn hard to hire. They can be found alright, but convincing them to leave an established company (one with market traction and revenue) for an unproven start-up is not as easy as it once was. Then there’s the question of compensation. A start-up with say $1-$2 million in angel funding to build its product and prepare for launch is not in a good position to offer a star anything near what they are currently pulling down.
However, every start-up company desparately needs an experienced, level-headed marketing presence during the first year or so. Markets have to be sized, competitors analyzed, market requirements written, launch plans formulated, positioning and messaging drafted, etc. Above all, a marketing person needs to be present on the management team to be the voice of the company’s future customers. This mindset is not always present within the engineering deparment or finance office.
So the conundrum is how can a start-up put heavy-duty marketing expertise on the team, when the ideal candidate is not ready to be reeled in?
Enter the interim executive. This is a perfect situation for an interim marketing executive to step in and provide the marketing expertise and extra bandwidth needed. The interim exec can steer the marketing ship until such time as the company has navigated important milestones and is ready to obtain Series B funding (and hire the marketing VP with the midas touch).
I’ve know some start-ups who decide to hire a junior level marketing person, or a marcom specialist thinking that will meet the company’s requirements. This is generally a mistake. The role needs to be filled by a seasoned, utility player; a player-coach who can think strategically and be tactical, too.
Yes, some start-ups are fortunate to have a marketing guru as one of the founders, but for most companies the interim executive is the best choice for the first 12-18 months even if the company can only afford to have one 3 days a week.
Read Full Post | Make a Comment ( None so far )Fractional Jets and Fractional Management
By Charles Besondy
I was with several well-to-do entrepreneurs and investors last month when the conversation turned to fractional jet ownership. These individuals traveled frequently and were bemoaning the time they wasted at airport security checks, the lack of convenient flight schedules, and of course the “joys” of traveling with the general public.
They admitted an interest in the concept of fractional jet ownership. This is the concept made popular by companies such as NetJets where you purchase a fraction of a business jet—actually a number of flight hours per year—for a flat fee. The jet is made available when you want it and where you want it. For that flight it’s all yours. You have all the benefits of a private business jet for your travels, plus you know exactly how much it’s going to cost. You have no worries about maintenance, fuel costs, insurance, hangar rental, or pilot scheduling. As a bonus, you avoid all the check-in hassles of the public terminals, and you can take on board as many liquids and nail cutters as you can hold.
I enjoyed this conversation of the rich and famous for a while, but soon my mind switched to my favorite business topic, interim management. While these wealthy individuals were talking about Cessna, Citation, and Gulfstream jets, I saw similarities in interim management, or a term I just coined, “fractional management.”
Using Fractional Management for your company’s marketing functions you can arrange to have a senior marketing executive on board for a set number of weeks, or months in a year. You can get exactly the set of skills and domain experience that you need, but you’re not saddled with the high price of “ownership.”
Like the fractional jet, the fractional manager is there when you need him/her. You know exactly what the fractional manager is going to cost you. You’re saving about 25% on benefits, and another 30% on recruitment fees. Stock options and club memberships? Forget about it.
I see many companies who believe they are trapped in a no-man’s land. They desperately need senior marketing talent, but they can’t afford that level of person. So, they comprise on someone they can afford. Generally a year later they’re back looking again because “it didn’t work out.”
The companies should have evaluated the option of fractional management. For example, let’s say the market-based salary for the level of marketer a company needs is $150,000 a year, plus benefits ($180K total for sake of this example), but their budget can only handle $100,000. What they should have done was sign on a fractional manager for the marketing function. Negotiate a contract paying the fractional manager $100,000 for, say, seven months over a year’s time. They’ll have the skills, process knowledge, and domain knowledge they need, without blowing out their budget.
Fractional jets are easily justified by many executives; likewise, fractional managers are an attractive option for many companies large and small.
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