Marketing is one of the most potent engines of growth for small businesses, and it’s also one of the easiest areas where small businesses squander their money. Often, a small business will launch marketing campaigns and realize afterward that the results were not worth the expense. Simply throwing money at the problem won’t work. It’ll be like throwing good money after bad — ultimately costing even more hard-earned money. For a small business, it’s difficult to afford a full-time chief marketing officer (CMO). However, a number of small businesses are now using the services of a fractional CMO, a seasoned marketing expert who works with multiple businesses on a part-time or contract basis.
A fractional CMO will give you access to a high-level marketing pro without the potentially cost-prohibitive commitment of a full-time salary.
Here are five ways in which a fractional CMO can help small businesses avoid costly marketing mistakes.
- Developing a Marketing Strategy
One of the biggest mistakes small businesses make is launching marketing efforts without a well-thought-out marketing strategy. For example, it’s easy to launch social media marketing campaigns without a clear idea of how these efforts contribute to the company’s overall goals.
A fractional CMO will help a small business develop a marketing strategy in line with the company’s objectives, target audience, and budget. A marketing strategy will typically include:
- Brand positioning
- Target markets
- Marketing goals
- Marketing strategies
- Budgeting
Without a marketing strategy, something a fractional CMO can help with, a small business will end up trying the same old things and getting the same old results.
- Choosing the Right Marketing Channels
Another marketing mistake businesses commonly make is trying to be everywhere at once. Small businesses, especially, feel compelled to maintain a presence across all social media, run ads across multiple channels, and invest in multiple marketing tools.
A fractional CMO can help businesses focus on the right marketing channels for their audience. For instance, small businesses that cater mostly to professionals might find it more productive to have a presence on LinkedIn, whereas Instagram might be a better choice for small businesses that sell products that consumers typically need to see in detail before they’re ready to spend.
- Preventing Ineffective Advertising Spending
With digital advertising, companies can reach millions of people who might be interested in their goods and services. But it’s also easy to waste money if it’s not handled correctly.
Unless businesses know what they’re doing, they might end up spending a great deal on advertising on the internet without seeing any results. There are tools like Google Ads that offer great advertising capabilities, but they must be used properly.
A fractional CMO can advise businesses on how to set their advertising budgets, how to get the best ROI, and how to get the best results from their advertising campaigns.
- Improving Brand Consistency and Messaging
Another area where small businesses might struggle is brand consistency. Inconsistent branding might confuse consumers and damage a company’s reputation.
A fractional CMO, however, can provide small businesses with a strong brand identity and ensure that brand messaging is consistent across all marketing channels. This might involve developing brand guidelines that cover topics like the following:
- Visual branding, including logos, colors, and typography
- Key messaging points that communicate the value proposition to consumers
Over time, brand recognition will improve, and consumers will be more likely to trust the brand.
- Implementing Marketing Systems and Accountability
A fractional CMO will establish systems and accountability for small businesses. Many companies run their marketing operations informally, without systems. Marketing campaigns might be initiated without performance-tracking systems.
A fractional CMO will provide small businesses with systems to run their marketing operations smoothly.
With these systems in place, businesses can assess the effectiveness of their marketing strategies, determining which ones are working and which ones need improvement.
This level of accountability can ensure that businesses are not stuck using ineffective marketing strategies that waste time and money.
Marketing is a process that doesn’t happen overnight. There has to be a good plan, and a business needs to execute it properly.
Small businesses that attempt to go it alone without the expertise of a CMO, fractional CMO, or someone with marketing expertise will find out quickly how costly trial and error can be.
A fractional CMO can provide businesses with clarity, focus, and accountability, which is why these marketing professionals play a vital role in helping companies grow while avoiding costly marketing missteps.
