Frequently Asked Questions About CMOs
The role of the Chief Marketing Officer is to set up programs that generate new business at a profit. The CMO is the client-facing equivalent of a CFO and “right hand” to the CEO.
A Chief Marketing Officer is involved in everything from product strategy and distribution, partner recruiting, investor development, public relations, advertising, sales, customer service and retention programs. The Internet and mobile are becoming central to the role as well.
All elements of strategy (branding, positioning, planning & technology) are all within the areas CMOs cover. They also develop effective measurable systems for acquisition, development and retention and ensuring the viability of promotional investments.
Unfortunately, CMOs are desperately difficult to find, especially for new and emerging companies. Finding a capable CMO with both traditional and significant online experience is even more difficult.
It is equally difficult to find CMOs with business-to-business or service company experience, as these organizations often lack the scalability to justify significant marketing programs. It is, quite frankly, almost impossible for most companies with modest promotional budgets to attract a CMO away from a secure, well-financed, and high paying organization.
Hiring a “Fractional CMO” is just like buying into a timeshare ownership property in Florida. When you can’t justify the costs for full ownership, consider a fractional executive. This strategy makes particularly good sense for new and emerging companies, but large companies also benefit for very hard-to-find roles (like CMOs with Internet experience).
MarketBurst CMOs focus on three types of companies:
- Those with high value products and relatively low transaction volumes
- Where the offer is complex (when a consultant is part of the sale)
- Where the offering is new or the need is not obvious to the purchaser
These scenarios tend to fall well outside the norm in the advertising industry. It is often very difficult to find CMOs who understand the differences in requirements and can adapt their approach to fit.
It doesn’t matter if you are a new, emerging or an established company. If you’re planning to use marketing to grow your company a fractional CMO can help.
