Fractional CMO: Reinventing Marketing Strategies
Fractional CMO: Reinventing Marketing Strategies written by John Jantsch read more at Duct Tape Marketing
Marketing Podcast with John Jantsch
In this episode of the Duct Tape Marketing Podcast, I’m doing a solo show, and I’m gonna talk about how Fractional CMOs are becoming increasingly popular among business owners and marketing agencies.
Strategy is one of the most essential elements to running a successful business today. Whether you are a business owner or a consultant, who doesn’t understand why your marketing is not working the way it should, the Fractional CMO model could change your business.
Fractional CMOs help companies and business owners develop strategic marketing plans in a more cost-effective solution as they are not full-time employees, but they have the expertise of a seasoned marketing executive. They will develop the marketing activities through strategic planning that could improve the relationship companies have with their clients, as they are able to understand better how to guide the perfect customer journey.
Topics I Cover:
- [01:15] Introduction to the trend of Fractional CMOs
- [04:34] Why hiring Fractional CMOs is an appealing idea?
- [05:28] The role of a CMO in an organization
- [05:50] Comparing the cost of hiring a full-time CMO and a fractional CMO
- [08:55] How fractional CMOs focus on developing strategy
- [10:41] The importance of the Customer Journey
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(00:53): Hello, welcome to another episode of the Duct Tape Marketing Podcast. This is John Jantsch, and I’m going to do a solo show. It’s been a while since I’ve done one. So there’s a couple topics I want to get off my chest. So I might do a couple shows in a row. Who knows? This first topic I wanna talk about today is a trend, I guess definitely a trend that I’m seeing, and it applies to anybody in the marketing consulting agency world as well as frankly to anyone who owns a business in terms of how to get your marketing done, how to think about your marketing more strategically, and that’s the trend of what I will call the fractional CMO, Chief Marketing Officer. This idea of fractional whatever,
(02:01): But what I’ve seen is many, many business owners over the years really are looking for a marketing agency, a marketing consultant, somebody to get the tactical things done. They quite frankly, rarely hire unless they’re from a marketing background. They rarely hire strategic marketing folks internally because quite frankly, when you bring somebody in at a really high level to do marketing in your business as an employee, and you’re the owner of that business and don’t feel like you know that much about marketing or how to direct really a strategic marketing, dare I say, CMO type of role in your business, it can be a little intimidating. And I’ve experienced that over the years. A lot of times I’ve been hired, my firm’s been hired because, you know, there’s something easier about saying, Hey, this isn’t working out. You know, it’s not an employee, it’s, it’s a vendor almost.
(02:49): And so they can part ways, but I think what’s happened over the last few years is people have dramatically increased their understanding and and desire to really start with strategy. I mean, I’ve been my kind of my mantra for 20 years strategy before tactics. But I think a, I think people are finally getting it right,
(03:41): But we are finding that, uh, both business owners are, are really embracing this idea of hiring, you know, us or somebody as a fractional CMO. And certainly a lot of consultants, agencies, coach, implementers, you know, I’m finding are really drawn to this idea of maybe having a handful of clients that they are very deeply involved with and, you know, have a seat at the table
(04:53): I mean, look at Google trends if you ever do that. The term fractional CMO is definitely on the rise. And I think a lot of it has to do with, I think people are tired of the tactic of the week of no real direction. Um, you know, everybody says they want customers, but, but a lot of the CEO’s, business owners that I talk to, what they really need is some clarity
(05:43): And frankly, what most people do is they hire somebody just to do marketing campaigns and all those other things are left by the, the wayside. The reason I think this model works and why business owners should be really addressing it, looking at it, understanding it better, and certainly agency folks or consultants ought to be positioning themselves this way because typical, or I should say the average salary for a chief marketing officer, according to salary.com, this last year was between 208,000-375,000. And that really doesn’t include any kind of implementation or, you know, other people that you might hire to, to actually supplement that typical, average fractional CMO probably costs somebody 60 to $75,000 a year, plus a lot of the implementation now is done kind of on demand. It doesn’t, it doesn’t necessarily mean that you are going to hire those people as full-time people.
(06:38): You’re gonna, your CMO, fractional CMOs gonna bring them in as needed, you know, from a consultant or an agency standpoint, you know, if you do the math on, on what the average is, you know, you working with five or six clients that can be at the top, the absolute top of the CMO chain. So, you know, it really works for both parties as far as I’m concerned. Hey, marketing agency owners, you know, I can teach you the keys to doubling your business in just 90 days or your money back. Sound interesting. All you have to do is license our three step process that’s going to allow you to make your competitors irrelevant, charge a premium for your services and scale perhaps without adding overhead. And here’s the best part. You can license this entire system for your agency by simply participating in an upcoming agency certification intensive look, why create the wheel?
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(08:37): And so what the typical sort of agency project based path looks like. You know, you put out free content as a marketer, you get a sales meeting as a business owner, you, you then ask for a proposal project gets worked on, or maybe a handful of projects get worked on, and then, you know, everybody starts over again. And, you know, I think the fractional CMO approach is more that the very first thing you do for 30, 60 days is that you’re going to actually develop strategy first. And, and what that’s going to mean is you’re going to really drill into the ideal client. Who is the ideal client you should be attracting, you know, what is the core difference that your business makes out there in the market? And it’s not what you sell
(09:23): What could it look like? What’s a, what’s a content or editorial content approach going to look like? What are the near term priorities that you need to be looking at? I mean, those stopping and taking the time to develop that allows you to then month by month, look at, look, here’s what we’re doing this quarter, the next quarter, the next quarter. Because we’re, we’re going to evolve our marketing. It’s going to grow. We’re not going to simply just throw, you know, another tactic at everything and see if it works. Some of these concepts, the, the idea of developing strategy, in fact, we have a, we have a set, I’ve done th a strategy as I’ve described it here, probably in the neighborhood of a thousand times with businesses. I have taught hundreds of agencies and consultants how to do our product, if you will,
(10:12): It’s really how we start every engagement. And as far as I’m concerned, if you are buying marketing services, you should actually be engaging somebody who is going to demand
(11:14): This is a tool that I’ve seen it change dramatically change businesses in the way they view marketing. But then secondly, this approach to marketing, uh, hiring a fractional CMO who is going to become a senior. They, they’re not, you’re not gonna pay them as such. They’re not going to be there on-premise every day, but you can view them as a senior strategic hire in your organization. Even if you have people doing various marketing tasks, is an absolute game changer for most of the businesses that, that really can address or engage or embrace this idea. So that’s all I had for today. I wanted to introduce this idea of fractional CMO. Whether you are a business owner who doesn’t understand why marketing’s not working the way it should
(12:16): So if you’re either one of those
(12:51): Hey, and one final thing before you go. You know how I talk about marketing strategy, strategy before tactics? Well, sometimes it can be hard to understand where you stand in that, what needs to be done with regard to creating a marketing strategy. So we created a free tool for you. It’s called the Marketing Strategy Assessment. You can find it @marketingassessment.co not.com. Co check out our free marketing assessment and learn where you are with your strategy today. That’s just marketing assessment.co. I’d love to chat with you about the results that you get.
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