I’ve interviewed 100s of VP of marketing candidates over years and I can tell you one thing — it’s >easy< to spot the ones that won’t work out
And yet, CEOs hire them again and again
Here are my Top 10 Interview Questions to make sure you don't hire the wrong VPM: ⬇️⬇️⬇️⬇️⬇️
1. What are the top 3 things you think we should upgrade in marketing?
This question tells you everything they will actually do
If demand gen isn’t in top 2 things to upgrade= — you don’t have a demand-gen focused VPM
2. What “commit” did you hold in your last roles? How much of it did you meet?
Great catch-all to see if have someone that can do demand gen. If they didn’t hold a real commit — in Opportunities, in Pipeline, Leads — they didn’t own anything that matters in revenue cycle
3. How have you worked with the sales team in the past?
Another catch-call question to learn if the candidate really has supported sales for real. In most SaaS companies, marketing’s job at the end of the day is to help sales close more. How have they done this?
Listen
4. What should our marketing budget be?
If the candidate knows your ARR today and your ARR goal 12 months from now -- tell them -- they should have a good answer. You may not like the answer. But a candidate that can execute will have an answer.
5. How big a team do we need?
Many marketing leaders these days just want larger teams. They are tired of doing it all themselves, which is fair enough. But too many candidates will need just need too large of a team. Better to find out upfront.
6. What have you done to increase win rates?
This is another great question to see how your candidate has supported sales. Do they build anti-FUD collateral? Do they do the right types of product marketing for your stage? Marketing isn’t just getting folks into the funnel
7. What should we do to market to each of our top 3 segments?
If you sell to customers Small, Medium + Large, ask them how they’d split up their time and budget into each segment. What you’ll often learn is they really only want to work on one of the segments in particular.
8. What agencies would you bring in to help us?
Agencies are double-edge sword in marketing. Too many weak marketers hire ton of mediocre agencies & spend a ton. On other hand, great agencies are terrific leverage for great VP of Marketing.
So just ask, listen, learn.
9. How much should we focus on building up brand and product awareness?
This always matters, especially after have a mini-brand. But most VPs Mktg you hire before $5m-$10m ARR shouldn’t put this #1. If they do, be wary. They may be better suited from a startup further along.
10. What sort of customer marketing should we do?
I love this question because while most VPs Mktg aren’t doing enough customer marketing (i.e., marketing to base), the best ones all know we should be doing more. If they have no ideas, you don’t have a real VP.
Even just questions 1-5 above will get you there. If you ask them and just listen, you’ll be able to screen out 90% of the candidates that look good, sounds good, maybe even are good — just not at your startup.
I had a chance to catch up with René Lacerte, CEO of $27B+ @billcom this week
Bill has managed to build a $27B business selling to 120k SMBs
With an epic 125% NRR
My 10 learnings and our convo here: 🔽🔽🔽
#1. You can’t rush a network
Bill.com had to develop a network that today has millions on vendors processing bills and payments on it. But they couldn’t rush it. So they let folks use the platform the way they wanted, from paper checks to fax and more.
#2. You can’t always rush a fintech product.
It took a decade to come together. Rene cautioned folks to understand the regulatory & fraud elements of doing payments are significant. But it paid off.
Since IPO, payments have grown to a stunning 50% of Bill’s revenues
When you start to hire your first sales reps, you'll hire some >good< people that still just fail and don't work out
That's on you to spot -- before you hire them:
Here are 9 reasons good salespeople fail: 🔽🔽🔽
#1. You hire sales reps that need lots of training, systems, and process in the early days
Big Companies, at least some of them, are generally very good at this. Larger, fast-growing start-ups often become excellent at it. Small start-ups are almost always terrible at it
#2. You hire a rep that hasn't sold at your price point before
Sales reps that are great at $20k deals join a start-up with tons of leads but at a $2k price point and fail again and again.
Freshworks has just filed to IPO at $400,000,000 in ARR, growing an incredible 49% (!)
It's one of the first of a wave of India-U.S. global hybrid SaaS companies to IPO
5 Interesting Learnings: ⬇️⬇️⬇️⬇️⬇️
#1. A steady march above $5k in ACV
25% pay >$5k a year, but they represent 84% of ARR. That has gone up from 78% in 2019. Even with SMBs, it's bigger ones that are driving growth at scale
Going a smidge upmarket is key to Freshworks’ putting up the big numbers
#2. NRR of 118%.
This is pretty impressive for a mid-to-high ACV SMB sale, although pretty consistent with where Zendesk is today as well at 120%.
Coupa is a $16B SaaS success story anyone selling mid-market and enterprise should know more about
They dominated their Web 1.0 predecessor (SAP Ariba) and grew the TAM of their space, Spend Management, 20x
5 Interesting Learnings: ⬇️⬇️⬇️⬇️⬇️
#1. Network effects are real in many spaces in SaaS, like Spend Management
Coupa now manages $2.5T in spend management over 7 million suppliers. Could you switch to another vendor? Yes. Would you want to? No. Imagine how many vendor relationships that would be to switch over
#2. 80% of implementations led by partners, with 5,000 trained partner consultants
The really big deals & even smaller ones are deployed by partners. 80% of deals. The “biggies” are Accenture, KPMG, and Deloitte. But Coupa has implementation partners across all segments