Three Ways To Improve Your Marketing Strategy With a Fractional CMO
We know that strategy is king. Not just in marketing, or even business for that matter. Whether it be in politics, sport, or chess, if you do not have a well thought out strategy and a clear path and direction, you will likely fall short. Marketing is no different. Marketing is perhaps even less forgiving than other areas when it comes to not having a strategy because there is so little wiggle room. If you make a mistake, you lose money or customers. The likes of Coca Cola, Nike, and Disney have known about the importance of marketing strategy since their inceptions. It is a massive reason for their successes. Excellently conceived and executed marketing strategies have previously been something that businesses with eye-watering budgets and colossal marketing teams have had a stranglehold on. The crafting of these sophisticated strategies was something that many small and medium-sized businesses (SMBs) lacked. Part of this is because of the cost of hiring a chief marketing officer. The salary comes in at an average of $173,000 per year, plus benefits, according to Glassdoor.com. Most SMBs simply can not afford that. However, they still need a marketing strategy. This is where the solution of the fractional CMO comes into play.
This article will outline three ways in which a fractional CMO can make your business’ marketing strategy better.
Smaller companies’ marketing teams often do not have the same level of leadership that a larger business would have. Predominantly due to the size of the company, it needs to focus its budget on the labor as clearly this is the priority. Every business needs labor directed at the most fundamental marketing tasks, such as emails, directory management, reviews management, customer development, etc. The problem that these businesses face is that as they grow, their labor requirements grow, too. So they bring in more labor but may lack the hierarchical structure of marketing director/CMO, marketing manager, and so on. The CMO, fractional or not, is the highest level in the marketing hierarchy. A business may not be able to hire a chief marketing officer on a full-time basis, but they still require that position at the top. Therefore they bring in a fractional CMO.
The fractional CMO is the leader of the team and is explicitly a leader in marketing. Often the CEO may take on the responsibility of leading the marketing team, but they are not a leader per se. Sometimes an inexperienced marketer will take on the position as the leader by necessity, but they may not be fully equipped to be in that position. The fractional CMO solves both these problems without the enormous commitment to a full-time chief marketing officer.
2. Expert Design
If you want an excellent strategy, it has to be designed excellently. In order to develop an excellent strategy, you need an expert to design it. The expert designer is…voila! A fractional CMO. One of the major pillars of the role of the fractional CMO is to design a robust marketing strategy. If the strategy is designed by someone whose competence is anything less than excellent, than the design will likely be less than excellent. Hiring an expert marketing strategist will ensure you get the best possible marketing strategy. And having the best possible marketing strategy designed is a good place to start to make sure that your business achieves its strong growth goals.
3. A marketing Leader Who Knows The Territory And knows How To Get Results.
A fractional CMO has done marketing strategies with many businesses before, therefore he/she knows what is needed in order to attain results. Many businesses are not that different from one another. They often have problems and challenges that lots of other businesses have faced before. The same is true for the marketing department. Bringing someone in who knows how good marketing departments work, and more importantly, how bad marketing departments work is crucial to maximizing potential.
A fractional CMO will not only know the immediate fixes and what to do to get the team on track; they will know how to keep the team on track. One of the significant benefits of having a fractional CMO leading your marketing department is that he/she will be an expert in measuring results and milestones along the way to ensure your marketing strategy is being realized. Knowing the destination is one thing, but knowing how to get there on time and within budget is another.
The three ways a fractional CMO can improve your marketing strategy as outlined in this article, are congruent with one type of business. One with growth ambitions. There are some businesses that are quite happy chugging along nicely and do not want to experience growth pains or discomfort. However, the core principle of marketing is growth. Growth in revenue, customers, or brand awareness. In order to achieve growth, you need a comprehensive marketing strategy and in order to have a comprehensive marketing strategy, you need an expert marketing strategist. A fractional CMO is an expert in marketing strategy, therefore, is a brilliant addition to a business with growth ambitions.