[VIDEO] How a Fractional CMO Works:
Getting Started with a Marketing Consulting Firm
Getting Started with a Fractional CMO
A typical client engagement at Marketri begins with a one- to two-day onsite meeting, where we take a very, very deep dive into that client. We learn about their goals, their history with regard to marketing and with regard to sales. We learn about their ideal clients, their buyer personas, any marketing assets they have, and so on.
When we come out of that meeting, we have a good sense of who that client is, where they are today in their marketing, and more importantly, where they want to go with their marketing journey.
I know it’s really hard for some companies, especially those that come from technical fields, either a software company or maybe an engineering firm. They may think, “How in the world can this marketing consulting company come in and understand our business?” But surprisingly, we do it very well! It starts with that initial meeting, where we build the foundation from which to move forward.
The Importance of Market Research in a Fractional CMO Engagement
The next stage is to do some original research, which is first-party market research and also some secondary research. We typically talk to the employees of our clients; we conduct a survey; and we also talk to their customers or their clients. This exercise gives us a really good idea of not just satisfaction levels, but also with identifying key marketing elements such as:
- What are the purchase drivers?
- Why did they decide to go with our particular client
- What would make them leave our particular client?
- What are the attributes they would use to describe our clients?
When conducting our research, we’re working to understand those types of elements to create a point of differentiation for our client.
The Holy Grail of Marketing: The Strategic Marketing Plan
All of this market research and foundational planning results in a strategic marketing plan. This is like the “Holy Grail” when it comes to marketing. It’s a document that maps a company from where it is today, in terms of its revenue and growth objectives, to where it wants to be. This is the marketing roadmap. It’s very high level, but it’s also very granular and very actionable.
The plan is the first thing that we work on with clients as Fractional CMOs. The exercise is going through all that due diligence in order to create a strategic, Holy Grail roadmap for their company.
Next Steps in Working with a Fractional CMO
From there, we have a better understanding of what role we’ll play in terms of the execution of that strategic marketing plan. We’ll know we’ll be tapping other parties on an outsource basis, their internal marketing talent, or maybe some marketing talent within Marketri. The objective here is to make sure a client has a well-rounded marketing team to really power up the execution of that marketing plan.
More on the Benefits of a Strategic Marketing Plan
Want to learn more about the ins and outs of creating a marketing plan for growth? Then get your free copy of 5 Benefits of Creating a Strategic Marketing Plan.