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Leveraging a Fractional Marketing Officer for Growth

Leveraging a Fractional Marketing Officer for Growth written by John Jantsch read more at Duct Tape Marketing

Ever felt like you’re racing against the clock, juggling multiple marketing tasks without a moment’s respite? Imagine if there was an extra set of hands on deck, someone with experience and strategic vision who could step in just when you need them. This isn’t wishful thinking – it’s the reality of having a fractional marketing officer.

This experienced pro is not your everyday marketer. They bring to the table seasoned expertise typically reserved for full-fledged CMOs at large corporations, but available part-time and tailored to fit your specific needs.

Interested? Let’s dive in! We’re about to explore how fractional CMOs or fractional marketing officer can be a game-changer. They’re cost-effective, flexible and have a huge impact on your marketing team by filling gaps effectively. As we delve more into this evolving role that’s shaking up businesses across different sectors, you’ll see why many are proclaiming: “Fractional is the future.”

Table Of Contents:

Understanding the Role of a Fractional Marketing Officer

If you’re curious to learn about the duties and obligations of a fractional CMO, we can provide some insight. A fractional Chief Marketing Officer (CMO), as opposed to their full-time counterpart, has more flexibility in defining their workload.

Average earnings for CMOs can exceed $170k annually, with certain industries shelling out up to $300k. But these figures typically apply to those working traditional hours in an office setting. On the other hand, our versatile friend—the fractional marketing officer—can choose how many hours they want to work and when.

Distinguishing Between Full-Time and Fractional Chief Marketing Officers

Both roles are pivotal in formulating marketing strategies but differ greatly concerning commitments. Full-time CMOs usually dedicate themselves exclusively to one organization, leading all its marketing initiatives from inception through execution.

In contrast, fractional CMOs bring an element of adaptability into play—they offer similar expertise without being tied down by regular office schedules or conventional employment contracts.

The main draw for companies towards hiring a fractional chief marketing officer lies within this inherent flexibility—a godsend especially for startups or smaller firms that might not have ample resources yet require top-notch talent steering their go-to-market strategy.

Benefits of Hiring a Fractional CMO

If you’re on the fence about hiring a fractional chief marketing officer, let’s delve into some advantages that might sway your decision. For starters, they offer a cost-effective solution to companies in need of senior-level marketing leadership.

A full-time CMO can command an annual salary north of $170k with top earners making as much as $300k. That’s not even considering additional costs like benefits and bonuses. On the other hand, fractional CMO services usually start at just a few thousand dollars per month.

By taking advantage of fractional CMO services, you can access experienced marketing leaders at a fraction of the cost associated with hiring them full-time – much like flying first-class without having to buy the entire plane. It’s akin to flying first-class without having to buy the entire plane.

The Flexibility Advantage

Besides being more pocket-friendly, fractional CMOs also provide flexible work arrangements. This flexibility allows businesses – especially small ones or startups – to scale up or down based on needs and budget constraints.

This is particularly beneficial when compared against employing someone full-time who may not always have enough strategic work within smaller organizations leading possibly towards inefficiency due to downtime.

Gaining Expertise Without Breaking The Bank

Another benefit? Accessing expert skills without breaking the bank. An experienced fractional chief often comes equipped with years under his belt across multiple industries and business types which means he brings valuable insights into your team sans hefty price tag associated with such expertise typically.

Tailored Services To Fit Your Needs

  • An effective marketer knows the ins and outs of your business, aligning marketing strategies with overall company goals.
  • A Fractional CMO can provide tailored services to fit specific needs, be it content marketing or social media strategy.
  • They bring in fresh perspectives which could potentially propel a brand towards new growth trajectories previously unimagined.

Basically, when you hire a fractional CMO, it’s like you’re snagging an all-in-one package. It brings together marketing expertise and leadership in one neat bundle.

Key Takeaway: 

 

Consider the benefits of a fractional CMO. They’re cost-effective, giving you access to top marketing expertise without the full-time salary burden. Their flexible work arrangements let businesses scale up or down as needed. Plus, they offer tailored services that align with your company goals and bring fresh perspectives for potential growth.

How to Become a Fractional Marketing Officer

If you are an in-house marketer or a marketing consultant searching for greater flexibility, then transforming into a fractional CMO could be the next step of your career. How can one make the transition to becoming a fractional CMO?

Necessary Skills and Qualifications for a Fractional CMO

To become successful as a fractional chief marketing officer, certain skills are essential. Unlike full-time CMOs who work solely with one company, fractionals offer their services to multiple companies at once.

Firstly, deep knowledge of all aspects of the marketing field is key. You need expertise in areas like content creation, social media strategy, branding initiatives and data analysis – essentially wearing many hats within the realm of digital marketing leadership.

Besides these hard skills, soft skills such as communication abilities can’t be underestimated either because they help foster team synergy among various teams across different organizations.

  • A background in senior-level strategic planning positions will provide insights into corporate dynamics.
  • You’ll also need experience working with diverse industries since each business has unique needs depending on its marketplace competition level.
  • Last but not least: negotiation acumen helps ensure profitable contracts while maintaining fair terms between both parties involved.

Remember this: A typical full-time Chief Marketing Officer (CMO) usually works 40 hours per week minimum; however, a fractional role offers more flexibility when it comes to dedicated time. It’s important to consider this shift if transitioning from an hourly rate position or even other high-stakes roles such as CEO or COO.

In addition to these qualifications, consider your location. For example, San Diego has a booming startup scene and could offer unique opportunities for fractional CMOs.

Finally, becoming a successful Fractional Chief Marketing Officer involves continually honing one’s marketing skills through ongoing training and professional development. This ensures that you stay abreast of the changing landscape in the perpetually shifting digital marketing realm.

Key Takeaway: 

 

Being a fractional CMO is more than just being an expert in marketing. It’s about strong communication, strategic planning, and diverse industry experience. You’ll need to be a skilled negotiator for landing profitable contracts. And remember – while this role gives you flexibility that full-time roles might not offer, it also means you have to keep updating your skills regularly.

Fractional CMOs in Different Industries

From tech startups to established manufacturing companies, businesses across a range of sectors are finding value in fractional chief marketing officers (CMOs). Unlike their full-time counterparts, fractional CMOs provide expert leadership and direction without the need for a hefty salary.

In industries where marketing trends shift rapidly, such as e-commerce or digital services, having an experienced marketer at the helm can make all the difference. They bring fresh perspectives and strategies tailored to specific market dynamics. Fractional CMOs offer these benefits while saving costs – they’re well-paid but often charge on a retainer basis instead of demanding high annual salaries.

Diverse Industry Experience with Fractional Chief Marketing Officers

The versatility of fractional CMOs allows them to work seamlessly within different industries. For instance, consider healthcare – an industry that requires deep knowledge about complex regulations and customer behaviors. A seasoned marketing leader who has already navigated similar challenges will be able to lead marketing efforts more effectively than someone new to this field.

Another example is the nonprofit sector which often struggles with tight budgets and unique fundraising objectives. Here too, a skilled marketer can make substantial improvements by implementing cost-effective campaigns targeting donors’ sentiments strategically.

Sector-Specific Insights from Fractional Chief Marketing Officers

A significant benefit provided by fractional chief marketing officers lies in their ability to transfer best practices between different sectors—a rare quality not typically found among traditional full-time executives bound within one particular industry sphere throughout their careers.

This flexibility allows businesses from diverse backgrounds—be it small businesses operating locally or startup companies making global strides—to gain insights beyond their own markets through engaging these multifaceted professionals on either dedicated time blocks or a retainer basis.

For instance, a fractional CMO experienced in the hospitality industry can bring valuable customer experience insights to an e-commerce startup. The knowledge of building memorable experiences and maintaining high standards of service can be translated into strategies that set the online store apart from its competitors.

Fractional Chief Marketing Officers Fill Gaps

To remain competitive, it is essential to stay ahead of the curve. Adaptability and innovation are key.

Key Takeaway: 

 

With their expert leadership, versatility across industries, and cost-saving structure, fractional CMOs are transforming businesses from tech startups to manufacturing giants. Their ability to bring fresh perspectives tailored for specific market dynamics makes them invaluable assets. Plus, they fill gaps in knowledge with sector-specific insights – driving adaptability and innovation without breaking the bank.

Fractional Marketing Officer Services and Responsibilities

So, you’re curious about the world of fractional marketing officers. What exactly do they offer? Let’s peel back the layers on this unique role.

How Fractional Marketing Officers Support Small Businesses

A fractional CMO brings an arsenal of services to small businesses that are often overlooked or simply out of reach due to budget constraints. This includes developing and implementing strategic marketing plans, leading a team with expert guidance, managing social media channels effectively, crafting content strategies for your audience and more.

By hiring a fractional CMO, companies can tap into top-notch marketing expertise without bearing the full cost. In fact, companies leverage the skills and insights of these executive marketers at just a fraction (pun intended) of what it would cost them to hire a full-time chief marketing officer.

In addition to this financial benefit is their flexibility – from working on an hourly rate basis or being paid as per project requirements – which allows smaller businesses room for adjustment based on their specific needs. Talk about getting value.

The Many Hats Worn by Fractional Chief Marketing Officers

A common misconception might be thinking that because they’re ‘fractional,’ these professionals only perform partial roles compared to their full-time counterparts. But nothing could be further from reality. The duties performed by fractional CMOs typically mirror those executed by in-house ones; they simply operate within flexible structures tailored around individual business needs.

To get down brass tacks: From overseeing complete marketing efforts right through steering brand direction towards success in today’s competitive marketplace; shaping innovative campaigns across different platforms such as SEO or PPC while monitoring KPIs closely – all fall under the purview of a fractional CMO.

Don’t be misled by the term ‘fractional’ – they may not physically occupy your workspace daily, but their influence is certainly felt. They might not be in your office every day, but their impact is definitely felt.

The Value of a Fractional Marketing Officer

Fractional marketing officers can bring invaluable experience to startups and small businesses that need top-level marketing leadership without breaking the bank.

Key Takeaway: 

 

A Fractional Marketing Officer (CMO) gives small businesses access to top-tier marketing expertise without the hefty price tag of a full-time hire. They offer flexibility, handling everything from strategic planning to social media management and more, all tailored around specific business needs. So don’t let ‘fractional’ fool you – their impact is anything but partial.

The Future of Fractional Marketing Officers

As more businesses pivot towards flexible models, the future for fractional marketing officers looks bright. The increasing demand in the business world for this role signifies a paradigm shift from traditional full-time CMOs to their more adaptable counterparts.

The Growing Demand for Fractional Marketing Officers

In today’s competitive marketplace, having a seasoned chief marketing officer can make all the difference. A full-time CMO, with an average salary of over $170k per year, is not a viable option for every organization due to resource constraints.

This is where fractional CMOs step in. These experienced professionals provide strategic leadership and dedicated time without being on payroll around-the-clock. It’s like hiring an elite player only when you need them most during game time.

Fractionally-based roles are becoming increasingly popular across various industries – from startups that want high-level guidance but cannot afford it on retainer basis to larger organizations needing specialized help on specific projects or during peak seasons.

A notable benefit here lies within cost-efficiency: while compensation for full-time CMOs ranges between $150k to $570k, fractional ones usually collect fee or retainers based upon block of committed hours making them an economical choice even among startup companies who are tight-budgeted yet require strong marketing leadership.

How Does This Impact Businesses?

Fractional chief marketing officers bring decades worth of expertise into play – whether it’s about forming robust marketing strategies, leading teams effectively, optimizing social media presence, content creation, or improving the overall marketing efforts.

Moreover, with a fractional CMO onboard, companies can enjoy all the benefits of having a seasoned marketer without shouldering hefty costs. This not only aids in better financial management but also ensures that your marketing department stays on top of trends and continues to deliver results.

The Way Forward

As we navigate through the sea of change brought about by technology and business evolution, it’s important to embrace these shifts. They’re not just trends – they’re shaping our future.

Key Takeaway: 

 

The rise of fractional marketing officers marks a bright future in the business world. Their value lies not just in cost-efficiency but also their adaptability and expertise, bringing robust strategies to companies without the full-time commitment. It’s about hiring top talent when it matters most, allowing businesses to stay ahead in today’s fast-paced market.

FAQs in Relation to Fractional Marketing Officer

How much should you pay a fractional CMO?

Pricing for a fractional CMO usually starts at a few grand per month, and can exceed ten thousand depending on your needs.

What is the difference between a CMO and a fractional CMO?

A full-time CMO works solely for one company. A fractional CMO, however, splits their time among several businesses.

What is the role of a fractional chief marketing officer?

A Fractional Chief Marketing Officer leads strategic marketing initiatives while providing flexibility and cost-effectiveness to companies.

Conclusion

So, you’ve learned that a fractional marketing officer can be the key to unlocking growth in your business. This seasoned pro brings strategic vision and experience without breaking the bank.

You now know they offer flexibility, stepping in just when needed. Their part-time nature doesn’t diminish their full-scale impact on your team or marketing strategy.

We’ve explored how they serve different industries, offering tailored solutions while filling gaps effectively. Small businesses particularly stand to gain from this cost-effective approach.

The future looks bright for fractional CMOs as more companies realize their potential. Remember – with such an asset at hand, you’re not just keeping pace but getting ahead of the curve!

Need a Part-time CMO? Want to become a Fractional CMO?

Weekend Fav – October 21

Weekend Fav – October 21 written by John Jantsch read more at Duct Tape Marketing

My weekend blog post routine includes posting links to a handful of tools or great content I ran across during the week.

I don’t go into depth about the finds, but I encourage you to check them out if they sound interesting. The photo in the post is a favorite for the week from an online source or one I took on the road.

  • Omnisearch – Omnisearch makes it easy to ingest and search your files regardless of their type. From PDFs and Word docs to audio, video, images, presentations, and more, Omnisearch supports them all, making it the most complete and versatile search software today.
  • RegieAI – Is a website created to take your sales teams to the next level. This webiste was built for the sales teams and to improve the sales workflow. ​​You can use your Regie.ai inside your favorite sales engagement platform, email service provider, or on social to leverage the power of Generative AI where you work.
  • Minicourse generator – You can now complete your mini-course ideas without getting overwhelmed thanks to the AI course creator. This website will help you create interactive mini-courses to  use them as educational lead magnets, workshop enrichment assets, micro-learning materials to educate community or onboard new-comers.

These are my weekend favs; I would love to hear about some of yours – Tweet me @ducttape

If you want to check out more Weekend Favs you can find them here.

The Secret to Building Customer Loyalty Forever

The Secret to Building Customer Loyalty Forever written by John Jantsch read more at Duct Tape Marketing

The Duct Tape Marketing Podcast with John Janstch

In this episode of the Duct Tape Marketing Podcast, I interviewed Micah Solomon, an expert on customer service, hospitality, and the customer experience. He delves into the unique concept of anticipatory customer service and its powerful potential to enhance brand loyalty and drive business growth. He’s a bestselling author with a fresh perspective on how businesses can transform their customer service strategies to foster enduring loyalty.

In his latest book, “Can Your Customer Service Do This?: Create an Anticipatory Customer Experience that Builds Loyalty Forever,” Micah delves deep into the intricacies of customer service, making it an indispensable read for entrepreneurs eager to elevate their customer relations and propel business success.

Key Takeaway:

Anticipatory customer service is not just about reacting to a customer’s needs; it’s about predicting them. By serving even the unexpressed wishes of customers, businesses can create an unparalleled customer experience that fosters brand loyalty and catalyzes growth. In an era where customers crave personalization and a touch of anticipation, this approach proves to be a game-changer in the marketing and customer service sectors.

Questions I ask Micah Solomon:

  • [00:50] Define anticipatory customer experience.
  • [01:44] Some suggest that no matter how great your services, loyalty is dead. Can you comment on that?
  • [02:33] Is providing a great customer experience a type of referral tactic?
  • [02:48] What is the secret shopper role?
  • [04:38] How did you decide to specialize in this particular aspect of customer experience?
  • [08:35] How do you recommend handling both unhappy and unreasonable customers?
  • [12:11] How do you view customer service as a competitive advantage or even a profit center?
  • [14:13] How important is community feedback in enhancing the customer experience?
  • [17:22] What impact do you see AI having on customer service and experience?
  • [18:52] How can people reach out to you or get a copy of your book?

More About Micah Solomon:

Get Your Free AI Prompts To Build A Marketing Strategy:

Like this show? Click on over and give us a review on iTunes, please!

Connect with John Jantsch on LinkedIn

 

This episode of the Duct Tape Marketing Podcast is brought to you by the DeskTeam360

Desk team 360 is the #1, flat-rate, digital marketing integration team, that helps small businesses and marketing agencies with graphic, web design, and on-page marketing services.

John Jantsch (00:09): Hello and welcome to another episode of the Duct Tape Marketing Podcast. This is John Jantsch. My guest today is Micah Solomon. He’s an expert on customer service, hospitality, and the customer experience. He’s a bestselling author, consultant trainer, e-learning trainer, producer, training producer. It’s a lot of training and a keynote speaker, and we’re going to talk today about one of his newest books called Can Your Customer Service Do This?: Create an Anticipatory Customer Experience that Builds Loyalty Forever. So Micah, welcome back to the show.

Micah Solomon (00:46): It was so great to be with you last time and this is a pleasure to return.

John Jantsch (00:51): So let’s get right down to it. Define anticipatory customer experience.

Micah Solomon (00:57): The basic, I guess, equation for customer service is you ask for something, I give it to you assuming you paid, but anticipatory customer service is another level. It’s where I am serving even the unexpressed needs and wishes that you may have. And it’s a great way to bind customers to you to make them feel like this is my place.

John Jantsch (01:23): Yeah, I mean, we’ve probably hopefully all been at a restaurant. That’s an example I love to use, where the server brought something you didn’t even ask for because they knew you were getting, I mean, simple as water, right? I mean, you didn’t have to ask for it. They thought, well, you’ve drank your water, you’re going to want more, and they bring it. I mean, that’s a pretty simple example, right?

Micah Solomon (01:42): Absolutely.

John Jantsch (01:44): Go for it. I was going to pile on now using more words out of the subtitle itself. There would be some that would suggest that no matter how great your service is, loyalty is dead. I’ll let you hit that one out of the park.

Micah Solomon (01:57): Well, if you believe that, then it is right. The thing to remember is in the olden days we would talk about customer lifetime value,

John Jantsch (02:08): And

Micah Solomon (02:08): I think it is hard to prove that figure now because John, as you pointed at it, is a lot easier to switch vendors. So I’ll suggest you think about something called customer network value. So if you’re delighting a customer, you number one, get their business and you number two, get all their recommendations. So it’s a pretty big deal.

John Jantsch (02:35): It’s almost like thinking of providing great customer experience, great customer service as a referral tactic almost. Right?

Micah Solomon (02:43): Absolutely. I like to say customer service is the new marketing.

John Jantsch (02:48): Yeah. And I remember from our last conversation, I know this is something you’ve done for years, but you start this book out with your secret shopper role. Talk little bit about how you’ve done that. I mean, maybe even just give a story about doing it like you do in the book. I’ll be happy to. You need to put a disguise on though, right? First,

Micah Solomon (03:10): Do you want to show that picture? That’d be funny. I can grab it. Hang on. So this is one of the more extreme disguises I might or might not use. So I don’t mystery shop anyone except my customers and they ask me to do it because they want to know an overall feeling I’m getting for the service. So I start out with this wonderful day that I’m having at a five star resort, one of the greatest places in America, and I wake up on the 33,000 thread count Egyptian pizzas, and I head down to the spa and all the while I’m making notes. Now the spa’s a little tricky because to make notes on my iPhone or whatever it is while they’re facially me is a little challenging, but it’s nice work if you can get it. At the end of the day, I order room service and one of my tests is I ask them for cocoa not to hot, and only the best people will get that. Most hotels won’t even notice the instructions. The ones who do either forget to do it or they give me this ridiculous, it seems like they cooled it down with ice. So the not too hot, I mean it’s because it’s my Goldilocks challenge. Then when I’m done, I send my confidential report to the c e o or whoever the boss of the division is and they can make use of it.

John Jantsch (04:38): So do you ever find, and again, I know you’ve done that for years, right? I mean that’s something you’ve kind of made one of your sort of signature applications. How’d you get into this work? I mean, I think a lot of people you’ve sort of specialized in one aspect of it. I think a lot of people customer experience got some talk in marketing, but it’s not seen as a whole area. How did you come to find this to be your life’s calling?

Micah Solomon (05:05): So there are two stories, two explanations, and both of them are true. So the PR friendly one is, I created a manufacturing company. This is some years ago, and our widgets were no better than anyone. They were also no worse. So as time went on, I realized that what differentiated ourselves was the customer experience. So when I sold the manufacturing company, I thought, well, this is what I do. And I called a friend of mine, Leonardo, who did all of this stuff on the hospitality side, and I had done all of it on the business to business and so forth side, and I said, Hey, all this, I know all this. Let’s write a book together. And he said, no, I think I’m going to write my own book sometime. So I was like, okay, good luck with that. So maybe a couple months later I call back and I say, Hey, Leonardo has that book coming.

(05:58): And he’s like, oh, this is how optimistic, let’s say he was. He says, I think I’m going to go off one day and write it all. So I was like, okay, good luck. One minute later he gets back on the phone and he sounds like he has his tail between his legs and he says, Micah Solange overheard my side of the conversation and she said, you absolutely have to write that book with Micah clearly not getting around to it yourself. So that was my first book, exceptional Service, exceptional Profit. It was co-authored by the two of us, and I kept learning more and more things, writing more and more books, working with more and more companies, and that’s what I do. So that is the PR friendly official story. The other story is he was born, or at least from a very early age as an excessively particular person. So in the book, I have a reconstructed letter from my counselors at camp, which tells you a lot, and it’s something like, dear Mr. And Mrs. Solomon, we have had the arduous pleasure of having your son Micah at summer camp. Usually the suggestions and complaints we get are along the lines of that old Hello Mata, hello father song where it’s raining too much and there are alligators in the pot and everything.

John Jantsch (07:18): She silverstein, right?

Micah Solomon (07:20): Yeah. And so one of those guys, I think his one that’s similar is I’m being eaten by a boa constrictor, which is a great one also. But Micas were much more specific in advance. They were like the two whistles at the waterfront aren’t quite in tune with each other. The sloppy joes doesn’t pair well with the orange juice and the mess hall and so forth. We have enjoyed having Micah for this summer, but we were also happy to return him to your care.

John Jantsch (07:48): So that’s when you didn’t realize it at the time, but that was your signal that you were meant for this. So I actually find that Google reviews are really helpful because not just as a consumer, certainly they’re helpful for that. Somebody’s got terrible reviews, you don’t go there. But as a marketer, I really find them helpful because the words that people actually use voluntarily really say a lot about what’s going on at that business. However, no matter how good a business is, you see everybody gets one and two star reviews for some reason, and maybe it’s deserved every now and then it’s deserved, but sometimes people are just odd. You’re never going to make everybody happy. Nothing is truer than that. So what do you suggest people do? I guess I’m asking a two part question. Obviously with upset and unhappy customers, but then also just with unreasonable customers.

Micah Solomon (08:45): So I spend a lot of time in the book with the first category customers who are upset, unhappy, frustrated, and I have a service recovery framework which all great companies have, whether it’s Nordstrom or whether it’s Carleton or Zappos, mine, which I’m kind of famous for spells mama m a, and the reason it spells mama, actually going back to Leonardo, my co-author, he’s Italian through and through. So we’re talking about how companies tend to be too legalistic when they’re trying to work with us. They’re like just the facts and blah, blah, blah. And we said, well, why don’t we make it sound like your mother or a quintessential Italian mother? And he said, well, my mom’s really not the right model. She was kind of tough, but let’s say this stereotype. And she’s like, oh my bambino, you hurt, you’re ouchie. Let me put a bandaid on it. Maybe here’s a lollipop. Rather than just the facts ma approach where we’re like, let me see, young man, were you wearing the crop

John Jantsch (09:46): Protective

Micah Solomon (09:46): Head gear before you had it out and so forth. So the first thing is to make time to listen. We are all such good troubleshooters that we kind of think we know the solution before our customer has even spoken. So let them vent and then it has some different aspects, but basically agree with your customer what you’re going to do and by when, and then do it. Now I think if you look at the unreasonable Google reviews or TripAdvisor, a high percentage of them are from people who never or customers. That’s

John Jantsch (10:18): So true.

Micah Solomon (10:20): If I get a one-star review for my book, which thank goodness I haven’t yet, it can be like, I ordered this from Amazon and they said it was out of stock,

John Jantsch (10:30): Right? I’ve gotten some bad reviews. It’s like the cover came in tattered. Well, you bought it from a third party, it was used. That’s, it’s really rough. So

Micah Solomon (10:40): If they’re a semi reasonable person and if you are able to figure out how to reach them,

John Jantsch (10:45): Then

Micah Solomon (10:45): Work with them. And when it’s all over, personally, I have no problem saying, Hey, do you think you could update that review? And some people will, and some people are just so lazy that they won’t. Now, I will tell you, some of my clients, or even people just friends of mine operate, let’s say a restaurant and they call me and they say, Hey Micah, I just, it’s horrible review, and I’m sure it was my competitors down the street. So I’m like,

John Jantsch (11:07): Okay,

Micah Solomon (11:07): Lemme look at the review. But it’s so specific. Clearly this is someone who’s eaten at the restaurant. So I’m like, it’s never the restaurant down the street, just like on the show a Sherlock, it’s never twins. The solution is never that. There’s two twins with the same

John Jantsch (11:23): Characters.

Micah Solomon (11:24): So by and large, it’s not your competitor. Certainly there are famous examples where it is, there is this horrible thing. The Mark is a wonderful hotel in New York, and there was this kid who was very, very abusive to them and started this social media campaign against it. But those are really, except

John Jantsch (11:41): Yes, I actually over the years, had a business one star review and it was like, that’s the competitor’s wife. It was a construction company. It was very obvious that it was, and Google to their credit removed it. But yeah, it is goofy what people do. Oh my goodness. You talk a lot about, and I know a lot of people who talk about customer experience being a real competitive advantage, particularly in one of those where it’s like, you sell this, they sell that you’re about the same price. You’re about to say price. I mean, talk a little bit about that idea of really viewing it as a profit center almost, or certainly as a true competitive advantage.

Micah Solomon (12:19): So it’s getting very commoditized out there. So how do you distinguish yourself? Well, maybe you’re lucky and you have an astonishing product nobody else has. Maybe you have, let’s say suites that are literally over the water in Aura. So you can have a great location or the first frick location for gas station, but most of us don’t have that.

John Jantsch (12:41): Most

Micah Solomon (12:41): Of us, the default is that we’re pretty interchangeable with our competitors. So customers will leave because they found a better price because someone else has a better website or seriously for no discernible reason at all. So how do you get out of this? Well, you have to become memorable, and you could do that with amazing advertising and marketing. I don’t want to dismiss that, but the thing is that great marketing only resonates if it’s true, right? There have been campaigns that were really clever, but the reality of being that customer wasn’t like that.

John Jantsch (13:19): So

Micah Solomon (13:19): You got to get the customer experience and then they will be become ideally loyal. A loyal customer is less price sensitive, and believe it or not, they’re more forgiving of your minor foibles, believe it or not. And if something goes terribly wrong, they will give you the courtesy of reaching out to you. So they’re also more open to any line extensions you have and they will become an ambassador for your brand. They’ll do what I like to call word of thumb marketing on their phones. So loyalty is very valuable and the customer experience is one of the ways to get there.

John Jantsch (13:57): I know for a fact that you talked about less price sensitive. I mean, I know that in some cases I’m paying more, but I’m like, I don’t care because the cost of the hassle or the cost of not having them know my name when I come into the store to me is high and I’m not alone. I’ve seen surveys as high as 90% of people surveyed saying they’ll pay more for a better experience. What role does community feedback play? I mean, getting that feedback, just like you went in Secret Shop, you told the C e o, this and this, but what role to actively asking your customers, are they getting what? Could you do something better? Could you provide a better service? Do you advocate that?

Micah Solomon (14:41): Well, certainly you want to be surveying your customers, but you got to do it really quickly and you have to not hound them if they don’t want to

John Jantsch (14:50): Reply. In

Micah Solomon (14:52): Fact, and this may not be true anymore, but a few years ago, Ritz Carlton was not only the highest on chip advisor in the luxury category, they were highest in any category. And so she told me, well, our secrets are two when we do a great job. Number two, I never hound customers to leave a review. I never solicit that. I don’t have a thing on the counter saying, please leave a review. So the people that leave a reviews are really passionate about us.

(15:20): Now, if you are going to survey people, number one, 80% of surveys are written completely wrong. If you want to write a perfect survey, look in my book, it’s there. If you are so impious or cheap that you don’t want to buy my book, then I think the best thing to do, well, you probably don’t own Apple products either, but if you own a couple products, look at their surveys, they’re pretty good. So what makes a survey good? Well, number one, you want to ask the most important question first, how satisfied are you with that? Then you get to the itty bitty Diddy was a bathroom cleaner, so forth, because if you ask was the bathroom clean and oh my God, you have the most clean bathrooms ever, like McDonald’s pride itself on, then that’s going to tint the rest of the survey or especially the next question that you ask.

(16:09): Or if your toilets are horrible, that’s going to have excessive weight. So first, ask their overall impression, then get into the smaller areas that you want them to talk about. When we have five, or I heard a clever argument for having four or six levels, the idea of using four or six is that there is no middle point. So you can’t be lazy in your hands. Don’t give them 10 and don’t ask them on a scale of one to 100 because customers shouldn’t have to do math for you. And so there are a few, but one thing I would say is if you are surveying your customers leave at least one blank space where they can vent or they can give very specific feedback. So that’s tip number one. Tip number two is you’ve got to scan them right away because if you’ve got an really upset customer and they write all about that, you need to get back to them right away. You can’t wait until the end of the month when you’re batching these and reading them. And that’s a mistake that a lot of companies make.

John Jantsch (17:10): Yeah, it’s funny. I think most people can forgive a mistake taking care of what they can’t forgive is doing a really bad job of taking care of it or ignoring it. It just makes it even worse. We’ve gotten, I can’t believe, 19 minutes into the show and I haven’t said ai. That’s awesome. I haven’t said AI yet. Let’s talk a little bit about how you see AI impacting this kind of arm of the marketing world of experience and service.

Micah Solomon (17:37): Well, it’s both early days and boy, things are changing quickly. I have a triangular model of AI in customer service. So at one Vertex, I’m going to use up my geometry training in a moment. One vertex is the customer or the prospect, and the next is the agent, and the third one is the ai. So a customer can come in using the ai. In fact, the best search engines on websites are AI powered. That may take care of them. If it doesn’t, then they’ll reach out to an agent. But when they get there, the mistake is to think no more AI should be involved. The customer’s going to keep using ai. I mean, they’re going to go on the thing that my mom calls the Google and look around. I know it’s really funny if she’s not your mom and they’re going to keep looking at Google and the agent is going to keep using the ai. AI is great at turning a generalist agent into temporarily a specialist when they’re answering a call.

John Jantsch (18:33): Yeah, yeah, I think, I mean I’ve even heard reports of people saying that they’re able to really get less experienced agents, less trained agents necessarily who have the right sort of spirit, who now have all the answers at their disposal as though they’ve been there for years. So I think it’s a win for everybody. I appreciate you coming to by and spending a few minutes with us. How can people contact you, find out about your work? Obviously get a copy of the book, Micah.

Micah Solomon (18:57): So to reach me, you can come to my website or just Google my name, but it is the challenging extremely biblical name. So it’s Micah, m i c a h at Micah Solomon, m i c a h s o l o m o n.com. If you want to email me, there are no a’s in Solomon or my website is a little easier, it’s micahsolomon.com, but you can just use Google and misspell my name. They’ll get you to me. I’ll get you to just

John Jantsch (19:27): Customer service expert. There you go.

Micah Solomon (19:30): To buy my book. There’ll be a link on my site, which will give you a free sample right away, but if you go to Voldemort’s site, oh, I’m sorry, Amazon site. It’s there, it’s available. They are shipping it now, and you can read a pretty long and pretty fabulous sample there before you decide to buy it.

John Jantsch (19:46): Yeah, awesome. Well, Mike, it was great catching up with you, just having you spend a few minutes on the Duct Tape Marketing Podcast, and hopefully we’ll run into you one of these days out there on the road soon.

 

 

The Resilient Entrepreneur: How to Win in a Hostile Economy

The Resilient Entrepreneur: How to Win in a Hostile Economy written by John Jantsch read more at Duct Tape Marketing

The Duct Tape Marketing Podcast with Chris Guillebeau 

In this episode of the Duct Tape Marketing Podcast, I interviewed Chris Guillebeau, an entrepreneur, writer, travel enthusiast, speaker, and podcaster. He has visited almost every country in the world, works independently, and motivates people to do the same, encouraging them to live a rewarding life by following their passion. His blog, The Art of Not Conforming, receives more than 300,000 views per month.

Chris is also a longtime fan of Duct Tape Marketing. Recently, he published his latest book, “Gonzo Capitalism: How to Make Money in an Economy That Hates You.”

Key Takeaway:

During this podcast episode, we delve into the changing landscape of the economy, the rise of unconventional careers, and the power of decentralization. Chris shares fascinating stories of individuals who have found success in unique ways, from naming Chinese babies to teaching outdoor survival skills. Throughout our discussion, he reminded us why, in this rapidly evolving world, individuals and businesses should adapt, embrace novelty, and explore alternative paths to thrive in this changing economic landscape.

Questions I ask Chris:

  • [00:55] Does the economy really hate you?
  • [03:29] Does this happen only in America, or does it happen everywhere?
  • [04:53] Does this mean that we should not be sending our kids to college?
  • [06:36] Why did you call it gonzo capitalism?
  • [08:53] What can people learn from your book?
  • [13:43] What is the message, and what kind of clarity can you offer?
  • [14:23] Where do you recommend people go to learn more about creativity?
  • [15:44] How would businesses adapt to what you talk about in your book?

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Connect with John Jantsch on LinkedIn

John (00:03): Hello, and welcome to another episode of the Duct Tape Marketing Podcast. This is John Jantsch. My guest today is Chris Gillebeau. He is an entrepreneur, writer, travel enthusiast, speaker, and podcaster. He has visited almost every country in the world, works independently and, motivates people to do the same and live a rewarding life by following their passion. His blog, the Art of Non-Conforming, has more than 300 views per month, and he’s also a super, super longtime fan of the Duct Tape Marketing Podcast and Duct Tape Marketing. He wrote that, I’m just reading what he wrote. Okay. And more recently published his latest book, Gonzo Capitalism, how to Make Money in An Economy That Hates You. So Chris, welcome back to the show.

Chris (00:48): Thank you. It’s been too long. Thanks for having me back. I am a longtime fan of the Duct Tape Marketing Podcast and the Duct Tape Marketing Empire, in fact.

John (00:55): Well, I want to start with the fact that I was feeling pretty good today, but then I learned that the economy hates me, and so I’m kind of tell me, I

Chris (01:04): Dunno that it hates you, John. I dunno that it hates you because you work for yourself and you have always been kind of on the forefront of helping people navigate self-employment and entrepreneurship and such. I think the subtitle of the book, how the Economy Hates You or How to Make Money in That Environment, I think it relates to how a lot of people are feeling resentful and critical of a system that they believe has a small number of winners and a large number of losers. A lot of young people obviously are graduating college or university with a tremendous amount of debt and not necessarily something on the other end to help pay that off. And it’s not just young people, it’s like young people of all ages we could say, who aren’t able to afford a mortgage who’ve been priced out of this economy. So there’s a lot of resentment and at the same time, there are a lot of opportunities for people to do something for themselves. So I don’t know that the economy hates you, but it does hate a lot of people, or at least a lot of people perceive that.

John (02:05): Yeah. And so you, I mean, I suppose the bear you are poking is a traditional, go get a job, work for a company, get a salary, hopefully climb the corporate ladder or whatever that means. I mean, is that the economy or that model I guess that you’re suggesting is at fault or at least that people are still pursuing that model?

Chris (02:26): Well, I feel like I’ve been poking that bear for a while. I feel like what’s different or what’s new in the past few years, I feel that everything about power and money, the dynamics of power, the perception of money, that is what has shifted for so many people. And so there’s a whole renegotiation of the employer-employee contracts, both formally in some ways with all this increased interest in unions, but also informally just with people embracing the great resignation and quiet quitting. There’s a whole chapter in the book about people who are doing this over employed thing where they’re working multiple full-time jobs remotely without either employer knowing about it. So they are kind of taking matters into their own hands. And these are not low paid workers, just to be clear, these are professionals who are earning six figure incomes often more than once, not

John (03:17): Punching a clock for anybody. So that

Chris (03:20): Exactly.

John (03:21): Yeah.

Chris (03:21): Right. So I think there’s a lot of changes that I’m just kind of pointing to. I think the bear has been poked, whether by me or anybody else.

John (03:29): Would you say that this is a American issue? I know you spend a lot of time in places outside of America or I mean, is that sort of a part of what’s informing you in this and that you’ve seen it happen or you’ve seen it operating better in other places?

Chris (03:45): That’s a great question. I was just in Canada all last week and a lot of these issues resonate there as well. I’ve done lots of travel as mentioned. I feel like it’s a global issue. We’re so connected these days. Social movements might start in one place, but then kind of quickly extrapolate elsewhere and such. So I don’t know that I would say it’s particularly American. Maybe in some ways it’s magnified here just by population size and the number of people who are leaving in droves to do something different and such. But I think all over the world people have interest in these kinds of things.

John (04:16): Maybe a level of entitlement that exists here probably adds to the anxiety perhaps

Chris (04:21): Maybe. But I mean, you could kind of pick at that a little bit and say, okay, it’s entitlement, but is it really entitlement or is it more just a general expectation of investment? If I invest tens of thousands of dollars or hundreds of thousands of dollars in my education, is it reasonable to expect that I’m going to be able to use that in a way that’s going to hopefully pay that back at some point? And if I shouldn’t, maybe I should just adjust my expectations then. But if I adjust my expectations, then I should do something different.

John (04:53): I wasn’t really going to go down this path, but you’ve mentioned it a couple of times now, so I want to delve into that a little bit. Should we not be going to college? I mean, should we not be sending our kids to college?

Chris (05:02): Oh, I mean, I think it depends on what you want to study, what you want to do in life. It’s not should or shouldn’t. I think it’s like should you blindly go to college without any other goal or path? Maybe if that’s your situation, maybe do something different. Take a gap year. That’s a wonderful thing for people traveling and doing different stuff or volunteering. There’s all kinds of opportunities.

John (05:22): Yeah. Well, I still don’t know what I want to do in life, so I can’t imagine that having that answer. Of course. So all good business books, you quote Nicki Minaj, I think, and you’re specifically, I think pointing to this novelty as currency. I wonder if you could unpack that one for us.

Chris (05:41): I think the quote from Nick Minaj is, if I’m fake, I ain’t noticed because my money, and I think during the pandemic in particular, we saw, we’ve talked about power a little bit, but in the money side there was more than a trillion dollars of stimulus money. And there are all these digital currencies that we’re launching all the time and people asking questions about what actually is money, John, if you and I create our own currency and then one other person comes along and buys it, have we then created a market of millions and millions of dollars worth of value, or is that all just completely made up and at what point does it become not made up if five people buy it, if 10 people buy it, and so on? So I think a lot of people are thinking differently about that. So that’s like if I’m fake, well, I don’t know. My money is not fake, or at least it’s as fake as anybody else’s money. It’s as real as anybody else’s money. So that’s some of what I’m trying to look at.

John (06:36): So in some ways, when I read, especially the examples that you cite in the book of people doing some really out of the box things, I mean, it feels like just an amplified continuation of your art, of nonconforming. I mean, you’ve really been talking about alternative ways to make a living for a long time, and a lot of them a hundred dollars startup, I mean, that was all about like, Hey, you don’t have to go this path. You can go this path. So has something changed particularly in the last three or four years that really gives it the Gonzo label?

Chris (07:09): I think there are two things. I think number one, the pace or the scale of it has changed. Things happen quicker. Now, I think you and I, for what, 15 years or so, we’re building up our email lists and hopefully we got a decent number of people on them, but now they’re lots of 15 year olds who have millions of followers on TikTok. And it just happens. It just happens so quickly. I told the story in the book about Miss Excel. You probably know her name’s Katt Norton. She’s selling these Microsoft Excel training courses and she’s making multiple millions of dollars from these courses. And this has been built up in a very, very quick period of time. So pace and scale I think is quite different. And the second thing is the decentralized nature of it, or at least the ability for some things to be decentralized.

(07:57): So like I say in the book, I’ve been doing e-commerce stuff for 25 years, or at least I used to do e-commerce, and when I started I was like 19 years old and I thought, oh, everything is for sale now. And this is so easy. This is free market for the whole world and such. But in a lot of ways it was still very centralized. You still had to have a merchant account from your bank. You had to go through various approvals and gatekeepers and such. It’d be able to take credit cards. And so I used to say on the internet, nobody cares if you’re a teenager, but you really had to have your parents or somebody helping you gain access to things. Whereas now there’s lots of networks with blockchain and other things where people can just do whatever they want and nobody, there isn’t somebody that’s giving approval or disapproval to certain things. And that’s true across venture capital and lots of other, it’s true across social movements. I look at some of that in the book as well. So decentralization is the second point.

John (08:53): So I think the cutting edge of folks that you talk about in this book and that I think are going to really take this book and go, yeah, I can go do something different, I think are a lot of individuals in many cases that are just, I don’t know, is exploiting the right word, exploiting the TikTok algorithm or universe that’s out there. Can, and maybe I’m jumping ahead of myself, but what would you advise what I would call more traditional businesses or even heaven forbid, enterprises could learn from essentially these new ways?

Chris (09:25): Yeah. Well, I mean on that exploiting point, I mean I think the algorithm exploits us. Mostly the exploitation is going the other way around. So if somebody’s able to figure out a tip or a trick or a hack or something that works, I think good for them. As for enterprises, I think the best enterprises are open to new ideas. They have their mission and their vision. I think that’s very important. I think it’s good to not just pursue every trend or tangent, but at the same time you want to recognize when the world changes. We have to change. And throughout history, there’ve been various shifts that have endured. There’s things that happened that are kind of small change, but then there’s the agrarian revolution and the industrial revolution and such. And so I think this is kind of the money revolution in the sense that there is a little bit of a before and after and you can choose to remain blind to it.

(10:17): And people do that in times of change and that’s fine. But I think people who really want to thrive, and again, people can be leaders of an enterprise organization or a company, then they are kind of saying, okay, what are the skills I need to build for this new economy? I mean, AI is changing everything and we don’t want to drop everything in our business to focus on the latest thing. It could end up just being like the metaverse, but I don’t know, I think five years from now, things are going to be quite different than they are now. And so you want to adapt to that. You want to be open.

John (10:49): I do have some NFTs I’d like to sell you.

Chris (10:51): Do you really? Are they 95% off now?

John (10:54): So that does beg the question because a lot of people jump in, I don’t know if we’re going to call ’em early movers or whatever they are, but N F T five years ago, three years ago, you couldn’t talk to somebody without that being then it was crypto, you already dropped ai the conversation. So do you run the risk or does it matter of, I already mentioned novelty as currency. A lot of these ideas are novelty that will go away. So do we run the risk of chasing after the next thing instead of building something that maybe has some measure of legacy?

Chris (11:27): Sure. Yeah, no, it’s great. I think a couple of things. So most of my work is for individuals. It’s not for companies. I’m always thinking about that person out there, and if you know your life mission, first of all, I have great clarity on what I’m supposed to do and build, then I think you shouldn’t listen to anybody or pay attention to anything, just go and do that thing. But a lot of people are not in that place, and it takes a long time to come to that place. And so I think it’s perfectly reasonable to experiment and do different stuff. I also think with some of the stories in the book, there’s a story of the guy who’s a sleep flu and he gets paid to sleep or actually not sleep because people are waking him up throughout the night. This is being streamed on Twitch and he’s got this bedroom that he’s hooked up with all these digital distractions.

(12:12): He’s making $50,000 a month doing this, so is he going to be doing it for the rest of his life? Probably not. But number one, it’s $50,000 a month. He’s this young guy from Australia. That’s pretty cool. Number two, it’s a crazy story. He’s going to have the story for the rest of his life if he stops doing it tomorrow. He’s got this story. He’s built these skills. He’s learned about streaming. He’s learned how to build this whole thing where lights and sirens are attached to talk transactions and things. The skills that you acquire now, the foundation you build is going to be relevant. It is going to be relevant for whatever happens next.

John (12:43): Yeah, that’s a really great point. I mean, there’s learning in everything that we do, isn’t there?

Chris (12:48): Absolutely. Absolutely. I think the learning process is just as valuable as whatever the outcome is.

John (12:53): Chris, in many ways, your Gonzo capitalism play kind of started with your blog and with writing I think, and content has still today, obviously books or a big part of it, content today is still a big part of yours. Do you think content is one of those plays that really does have a very, very long life, that it’s certainly not over, it’s not done, it’s still something someone could jump into today?

Chris (13:15): Man, I hope so, John. I mean, because that’s my world. That’s our world. I mean, I’m kind of biased there because that’s what want to write books and make the podcast. And I mean, that to me is I still think that valuable messages are worth sharing and can reach an audience for sure.

John (13:32): If somebody were going to jump into it. I mean, a lot of times people will say, well, you got in when it was hot thing and you built your audience. But if I wanted to start the day, what would I have to do?

Chris (13:43): Yeah. I mean, I guess I feel like on that point, everything I’ve started, I always felt like I was late when I started blogging. I thought I was really late because I saw a bunch of people that had been doing it before me. And when I started the podcasts or the podcast, it’s just one of them. I started six years ago and I was like, man, I’m really, really late for the podcast world guys. You had been doing it for a long time. So I’m not too convinced by the too late kind of argument. But as we’re starting now, I guess I’m not sure if it’s any different. It’s not so much capitalizing on being early with something. What do you hope to do that’s hopefully a little bit different than somebody else? And at least who do you hope to help with it? What is the message and what kind of clarity can you offer?

John (14:23): You’re write about gamers earning digital currency, the whole virtual reality world. If I’m looking for ideas that are going to be the next whatever, big thing, where do you recommend people go or how do they get exposure to some creative ideas like that?

Chris (14:41): Yeah, so they start with their own skills. Start with your own skills, your own set of knowledge. Make a list of not just things that you’re excited about or passionate about, but things that you’re good at, things that you have knowledge in. Try to look for some things that are a little bit lesser known. Don’t just think about your formal education, your traditional career path. Think about whatever else it could be. And so for video games, there’s a whole chapter in the book about blockchain video games. I kind of got immersed into this world and spent a lot of time like buying different gaming assets. There’s this whole world now where there are video games that are also financial marketplaces. So it’s a game in the sense that you’re competing against other players, but you’re also investing real money. And so once you have your skills and your talents, then it’s like, what is out there? What is out there that I could find? Reddit is a great source of that. Look at Reddit, look at other networks.

John (15:31): One of the categories you write about in this book that I found kind of fascinating is something you call prediction markets.

Chris (15:37): Talk

John (15:38): About that one. But then also maybe how would, again, I can’t call ’em traditional businesses, I’m not sure what else

Chris (15:44): You

John (15:44): Call, but how would businesses take a little bit of a cue from the folks that are playing in that market?

Chris (15:50): So I experimented a lot for this book. Each chapter of the book is kind of an experiment and what happened, how much money was involved and what the outcome was and such. I won some, I lost some. And one of the things I did was this world of prediction market where people can bet on anything. So everybody knows about the stock market. They know you can bet on sports, but you can also bet on Drake’s next album on how many streams it’s going to get. I bet on the T Ss a checkpoint line, how many people are going to go through security tomorrow or whatever day? I bet on Brittany Spear’s conservatorship case, I made $200 off that. So all kinds of things. If you want to get into it, there’s a lot of platforms. One is called Predict It, predict it.org. Another one’s called Calci, K A L S H I K A L, SS H I, poly Market. There’s a few different ones you can kind of go and experiment. As for traditional businesses, I don’t know. I think this is just something to be aware of that in the future, the very near future, anyone anywhere will be able to bet on anything. And that is different than it’s ever been before. There’s always been a lot of regulation about that. And so that could affect all sorts of different events

John (16:53): Growing up in the age when Pete Rose got thrown out of baseball for betting on James now, and that’s Bangs is now the number one sponsor of every sport. Isn’t that crazy?

Chris (17:02): That’s right. That’s right.

John (17:04): So I know you have a ton of stories in here, and this is always an unfair question, but do you have a favorite that you illustrate in the book?

Chris (17:11): Oh, that’s good. That’s good. Favorite cloud story? Well, I always like these wild and wacky ones. There’s a story of a British teenager who made $400,000 naming Chinese babies. She was giving English names to Chinese parents, and her goal was to pay for university. Obviously she covered that in a little bit more. So there’s a lot of stories that are kind of like one-offs, but I guess there’s also a chapter about online education of just maybe more normal people who are just like, they had an idea, they kind of got good at something. But there’s a woman named Whitney who taught outdoor education survival skills, and she got famous from being on a reality TV show, but then she got a little bit of famous, but then she really built a sustainable business around teaching women and others, but particularly women, these outdoor survival skills. And so I thought that was really interesting.

John (18:03): Well, Chris, it was great having you stop by the Duct Tape Marketing Podcast. You want to tell people where they can connect with you if they like, or obviously find a copy of Gonzo Capitalism.

Chris (18:12): Yeah, John, thank you so much. It’s been too long and I’m really glad to come back. So it’s Chris Gibo, chris gibo.com, 1 93 countries on Instagram, or the podcast is called Side Hustle School.

John (18:23): Yeah, and don’t worry about spelling Gibo. We will.

Chris (18:26): Thank you. Thank you, sir. I appreciate that.

John (18:28): Awesome. Well, again, it was great catching up with you, and hopefully we’ll run it to you one of these days soon out there on the road.

Chris (18:33): Okay. I look forward to it. Thanks, man. I appreciate you.

 

 

How to Identify and Nurture Your Top 20% Profitable Clients for Long-term Success

How to Identify and Nurture Your Top 20% Profitable Clients for Long-term Success written by John Jantsch read more at Duct Tape Marketing

You know those mornings when the alarm rings, you see a client meeting on your schedule, and your energy immediately drops? It’s not because you dislike your job; you love what you do. It’s just that one client, or perhaps, a handful of them. But flip the coin, and you’ll find clients you absolutely relish working with. The ones who are profitable, who respect your expertise, and view their association with you as a partnership.

Understanding the dynamics of this spectrum is crucial to developing a sustainable marketing strategy. Let’s dive into why this matters and how you can leverage it for the benefit of your small business growth.

Ready to build a winning marketing strategy? Explore our AI-powered marketing strategy builder and take the next step towards your agency’s success. Get started now!

1. The Pitfalls of Being Everything to Everyone

If I’ve learned one thing over my years in business, it’s this – trying to be all things to all people is a shortcut to inconsistent engagements and results. And trust me, this isn’t just a business philosophy I preach, it’s one I’ve experienced firsthand. Businesses, in their zeal to grow, often onboard clients indiscriminately, thinking more clients equate to more revenue. But is that revenue profitable?

There seems to be an unwritten, strange universal law in the world of business. Often, the clients who haggle most over price turn out to be the most challenging to serve. Can you relate?

2. Identifying Your Ideal Clients

Now, what if I told you that among your clientele, there exists a golden list – the top 20%. They aren’t necessarily the ones bringing in the highest sales volume, though that might be one of the criteria. These are clients with whom you have a rewarding experience. Those who not only value what you provide but might even be singing your praises to other businesses, referring you, and thereby enhancing your network.

Pause for a moment. Reflect on your current list of clients. Who among them fit this description? If you’re thinking about sales volume alone, you’re on the wrong track. Think profitability, the ease of collaboration, and the value of their network.

By concentrating on the characteristics, challenges, and problems faced by this top 20%, you get a blueprint. A blueprint that, when fed into your marketing strategy, can help you attract more of such clients.

3. The Power of Focused Marketing Strategy

Starting to direct your marketing strategy towards this identified top 20% doesn’t mean excluding others. However, it does imply a refined focus. With a clearer audience in mind, your business can experience:

A widespread mistake is that businesses spread themselves too thin, trying to resonate with everyone. The result? Their message gets watered down, failing to attract the right clients. In fact, a diffused marketing approach makes it challenging to create a consistent customer journey, retain clients, or even understand what draws your ideal clients in the first place.

4. Recognizing the True Cost of a Mismatch

Working with the wrong client or one that isn’t priced correctly costs you more than you think. Sure, the revenue number looks impressive, but what about the unseen expenses? The stress, the extra hours, the potential compromises on quality?

Embrace the mantra of quality over quantity. Don’t be lured by mere numbers. Instead, understand the value behind those numbers. By identifying and nurturing that elite 20%, you not only bolster your profitability but also build long-term relationships that are rewarding both financially and experientially.

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Building Momentum with the Right Partnerships

From a strategic standpoint, there’s immense untapped potential with this 20%. Believe me, a significant portion of them would happily do more business with you. And when you nurture these relationships, the growth you witness is exponential, far outpacing the one-off projects that come your way randomly.

Directing your focus, or as I like to call it, “strategically narrowing” ensures you attract those ideal clients. The right clients, who align with your values, are the catalysts allowing your business to thrive, fostering momentum and growth.

To all the entrepreneurs reading this, I challenge you: go through the exercise of sifting out your top 20%. Understand them, value them, and integrate them into your marketing strategy. It’s more than just a business move; it’s a pivot towards sustainability, growth, and satisfaction.

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Maximizing Success with a Fractional CMO: A Complete Guide

Maximizing Success with a Fractional CMO: A Complete Guide written by John Jantsch read more at Duct Tape Marketing

Have you ever felt the pressure of needing a seasoned marketing pro, but balked at the sky-high salary? It’s like wanting champagne on a beer budget. That’s where the magic of a fractional CMO comes in.

This executive-level maestro is no ordinary hire; they’re an ace up your sleeve when navigating the cutthroat world of competitive markets. They work part-time or on contract, bringing big ideas to small budgets.

The secret sauce? Their wide-ranging expertise means they can pivot effortlessly between crafting go-to-market strategies and driving revenue growth – all while nurturing high-performing teams within your organization.

Sit tight as we pull back the curtain on these unsung heroes, showing how hiring one could be game-changing for your business… ready?

Table of Contents:

Understanding the Role and Impact of a Fractional CMO

A fractional Chief Marketing Officer (CMO) is not just another cog in your business machine. They’re more like the oil that keeps everything running smoothly. This role combines strategic thinking with practical execution, much like how a chef carefully plans out each dish but also gets their hands dirty in the kitchen.

The first key responsibility of good fractional CMOs is to create and implement effective marketing strategies. These professionals are experts at finding what works best for your specific business needs, akin to customizing an engine’s performance based on its intended use.

But it doesn’t stop there. Full-time CMOS may have one focus, but Forbes reports that successful fractional CMOs juggle multiple roles with ease—much like a seasoned circus performer deftly keeping all balls in the air. It’s no surprise then that 1 in every 7 businesses now leverage this multifaceted expertise.

The Core Responsibilities of a Fractional CMO

Beyond creating marketing strategies, these maestros take on diverse roles within organizations – hence why they’re called ‘fractional’. A good analogy would be calling them Swiss Army Knives because they truly do it all.

This includes tasks such as leading social media campaigns or handling paid ads—all aimed at propelling your brand forward amidst today’s competitive marketplace. Their goal? To ensure you don’t just survive—but thrive.

An integral part of their job involves conducting regular check-ins with team members to align efforts towards achieving shared goals. Think of them as having both oars and rudder control—they guide while also making sure everyone’s rowing together.

Fractional vs Full-Time CMOs

When compared to full-time CMOs, fractional ones bring unique benefits. It’s like the difference between owning a sports car and renting one—both get you from point A to B in style but with vastly different commitments and costs.

Working with Fractional CMOs usually happens on an as-needed basis for businesses. This approach leads to a significant cut in costs, often saving them up to nine times their usual expenditure.

Key Takeaway: 

 

a full-time CMO, they offer a cost-effective solution without skimping on expertise or commitment. Whether you’re just starting out or looking to take your business to the next level, their diverse skill set can give your brand that much-needed boost. So consider bringing in a fractional CMO; it could be the game changer you’ve been waiting for.

The Journey to Becoming a Fractional CMO

Embarking on the path to become a fractional CMO requires a mix of experience, expertise, and entrepreneurial spirit. This isn’t your average corporate gig – it’s something special.

A Forbes report shows that an impressive 65% of businesses see noticeable growth after hiring fractional CMOs. So it’s clear – companies need them. Now is the perfect opportunity for those seeking to hone their marketing abilities, with more than half of all startups in search of better approaches.

Required Skills and Qualifications

Fractional CMOs wear many hats – strategist, marketer, leader – just to name a few. You’ll need proven experience in these areas along with strong leadership skills because you’ll be expected not only develop but also execute effective marketing strategies.

An MBA or similar qualification is often preferred by clients; however, hands-on industry experience can sometimes outweigh formal education. Furthermore, having executive-level roles under your belt will help prove your capability at navigating complex business landscapes.

Making The Transition from Full-Time Role

If you’re already working full-time as a Chief Marketing Officer (CMO), transitioning might seem daunting initially but it could turn out quite smooth considering you’ve already got what it takes. Just remember when going fractional: flexibility becomes key.

You should be ready for diverse challenges across different industries and adapt quickly according to each company’s needs without losing sight of long-term goals—something that most traditional full-time CMOS may find challenging due their single-industry focus.

Training and Education Options

While there’s no single path to becoming a fractional CMO, certain training programs can help you prepare for this role. Many of these focus on honing strategic thinking skills and providing hands-on experience with marketing technologies.

most successful businesses. It’s key to seize these networking chances as they can be instrumental in expanding your clientele and forging strong professional relationships.

Key Takeaway: 

 

Transforming into a fractional CMO isn’t just about switching job titles – it’s a leap into entrepreneurial territory. With the right mix of leadership skills, marketing prowess, and strategic acumen, you can guide businesses towards growth while embracing diverse challenges across industries. Formal education is beneficial but real-world experience shines through; networking and continuous learning help too.

Leveraging Fractional CMOs for Business Growth

Generating revenue expansion is no simple job, particularly in today’s fiercely aggressive market. But don’t fret. There’s a secret weapon that can help – the fractional Chief Marketing Officer (CMO).

A fractional CMO isn’t just your run-of-the-mill marketing leader; they’re seasoned professionals who provide executive-level marketing guidance without requiring you to break the bank on a full-time salary. They’re like having an experienced quarterback leading your team downfield, only they do it part-time and typically work in-person with multiple businesses.

How does this magic happen? Well, these high-caliber marketers craft go-to-market strategies designed to skyrocket your brand awareness and customer engagement. They’ll take a deep dive into analyzing consumer trends, competitor activities, market dynamics and more. Forbes even noted how their unique expertise helps firms grow 3 times faster than those without them.

The Power of Fractional CMO Services

If you’re worried about maintaining continuity within your existing marketing department while working with a fractional CMO – stop right there. These pros seamlessly blend into your business fabric because at heart they are team players.

Their ability to flexibly align themselves according to specific company needs is what sets them apart from traditional full-time CMOs. With their dedicated time spent crafting tailored solutions for each client firm – big or small – every penny invested sees returns that exceed expectations.

Fractional CMOS: An Agile Response To A Dynamic Marketplace

In our rapidly changing digital world where consumers’ preferences evolve daily, agility is paramount. Your organization needs quick pivots without being hamstrung by red tape—exactly what outsourced marketing from a fractional CMO can offer.

They provide an objective, third-party perspective that in-house teams might miss. And their vast experience across multiple industries means they’ve probably solved the very problems your company faces today. No wonder businesses ready to make big strides are turning towards them.

The Right Time for Fractional CMOs

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Key Takeaway: 

 

Don’t sweat over driving revenue growth – a fractional CMO is your secret weapon. These part-time marketing pros bring executive-level guidance without the full-time cost. They craft strategies to boost brand awareness and customer engagement, all while seamlessly integrating with your team. With their agility in changing markets and objective insights, they’re the solution for businesses ready to make big leaps.

Cost-effectiveness and Benefits of Hiring a Fractional CMO

The marketing realm is transforming, making it more difficult for enterprises to stay on top of things. That’s where a fractional CMO comes into play. But what does hiring one mean for your business financially? Let’s dive in.

Fractional CMOs vs Full-time CMOs: A Cost Comparison

A Chief Outsider’s report highlights that the cost of hiring full-time chief marketing officers can be exorbitant for small to mid-sized firms. They command hefty salaries plus benefits which can strain budgets significantly. In contrast, fractional CMO services provide experienced marketing leadership without breaking the bank.

Hiring a fractional Chief Marketing Officer means you’re only paying for strategic direction when you need it most – during periods of change or growth. It makes sense economically because they typically work in-person with your team but on an as-needed basis – so no overhead costs associated with full-time employment like insurance and office space.

In addition to being cost-effective, these part-timers bring expertise from multiple industries due to their diverse backgrounds, giving them unique insights that might not be available within your company alone.

The bottom line is clear: going ‘fractional’ can save companies significant resources while still gaining access to executive-level guidance and strategy development abilities.

  • Savings: Compared to full-time CMOs who demand six-figure annual incomes along with bonuses and other perks, using outsourced marketing professionals provides high value at reduced costs.
  • Flexibility: You get dedicated time from senior marketers when needed rather than bearing constant expenses regardless of workload volume; thereby enabling your marketing department to function more efficiently.
  • Expertise: These executives come with a wealth of experience and knowledge that can help in crafting long-term strategies to stay competitive in the marketplace. This is particularly beneficial for startups looking to establish their brand quickly.

Think of fractional CMOs as your on-demand exec. You get the expertise without needing to commit full-time.

Key Takeaway: 

 

Embrace the savvy and cost-effective choice of hiring a fractional CMO. Not only does this approach save you from heavy full-time salaries, but it also gifts your business with flexible expertise when needed most – during growth or change periods. Plus, enjoy the bonus of diverse insights drawn from multiple industries to boost strategy development. In short: Go ‘fractional’, and gain a wealth of knowledge, flexibility, and strategic insight without breaking the bank.

The Working Mechanism of Fractional CMOs with Businesses

Fractional CMOs bring their wealth of experience and marketing leadership to businesses that need help. Fractional CMOs become integrated into the business, getting to know all its facets just like any other team member.

So how do they typically work? The fractional CMO’s job is not much different from a full-time chief marketing officer. But unlike their full-time counterparts who might get entangled in daily operations, these professionals focus more on long-term strategy development and execution.

A key part of what makes them tick is working closely with business leaders to define marketing strategies that align perfectly with overall company goals. This ensures all your marketing efforts are directed towards achieving those objectives rather than going astray.

How Do Fractional CMOs Work With Leadership Teams?

Fractional Chief Marketing Officers collaborate directly with executive-level teams. Their experienced perspective allows them to spot gaps in existing plans or processes which could be hindering growth. As outsiders bringing an objective viewpoint, they can provide fresh insights into challenging issues faced by your organization.

Besides this strategic guidance, another big difference between full-time CMOS and fractional ones lies in the flexibility offered by these seasoned pros. While most full-time CMOS typically work regular hours within one firm’s walls, fractional ones have the freedom to divide their dedicated time across multiple companies – hence ‘fractional’. So you only pay for what you use.

Growing Your Business Through High-Performing Marketing Teams

Another important aspect about how Fractional CMO services function involves building high-performing teams internally at your firm if needed.

They guide the existing marketing department, or if necessary, they can help create one from scratch. By training and mentoring your in-house team members to implement successful strategies for social media campaigns, paid ads, content creation and more – a fractional CMO puts your business on a path towards growth.

It’s evident that every organization has its own individual necessities. There’s no ‘one size fits all’ solution.

Key Takeaway: 

 

With a wealth of experience, fractional CMOs offer valuable help to businesses by focusing on long-term strategies that align with company goals. They work closely with leadership teams and bring fresh insights to fix growth-hindering gaps in existing plans. Plus, they provide flexibility—you only pay for the time you use. If needed, they can also build high-performing marketing teams from scratch, ensuring your business is equipped with all it needs to thrive.

Determining the Right Time to Hire a Fractional CMO

Identifying when your business needs help from an experienced marketing professional can be tricky. You might ask, “Is my company ready for a fractional CMO?” Here’s some food for thought.

As your business expands and its operations become more intricate, it may no longer be viable for you to assume the role of CMO while managing other responsibilities. But as your enterprise grows and becomes more complex, it may not be feasible to continue juggling all these roles. It could also mean that your marketing strategies need revamping by someone with dedicated time and senior-level expertise.

Fractional CMOs typically work part-time but bring full-time benefits without the hefty price tag. They dive into creating long-term strategy while leading marketing initiatives like social media campaigns and paid ads. This allows them to fill in gaps where businesses often lack resources or skills such as executing executive level decisions on strategic growth paths.

So when should you consider bringing one aboard? Look out for these signs:

  • Your sales have plateaued despite increased efforts in advertising.
  • You’re devoting too much of your energy to managing everyday operations rather than concentrating on strategic planning and decision-making.
  • Your team lacks specialized knowledge needed for certain projects – say developing new product launch strategies or navigating digital ad platforms effectively.

A crucial point is timing: hire too early, you waste valuable budget; wait until it’s too late, there’s lost opportunity cost due to slow response times in this competitive marketplace.

The Impact of Hiring at the Right Time

Hiring at just-right juncture means tapping into their expertise right when it matters most – during periods of rapid expansion or transition perhaps. They can help build a robust marketing machine, ready to take on bigger competitors.

Moreover, if you’re aiming for growth but feel overwhelmed by the amount of work it entails – from optimizing your online presence and managing social media accounts to devising comprehensive marketing plans – then this is where a fractional CMO could be just what the doctor ordered. They not only fill in for missing expertise, but also mentor existing staff. This means they can provide guidance and insights that are invaluable to building a successful business.

Key Takeaway: 

 

Recognizing the need for a fractional CMO can be challenging. If you’re juggling too many roles in your growing business, especially marketing strategies, it might be time to consider one. Fractional CMOs bring full-time benefits on a part-time basis, leading initiatives like social media campaigns and making strategic decisions where there may be gaps in resources or skills.

Selecting the Perfect Fractional CMO for Your Business

When selecting a fractional CMO for your business, it is essential to consider the individual’s experience and compatibility with your company culture. It is not just important to find someone who has the necessary qualifications and know-how, but they must also gel with your business’s ethos.

Experience is paramount when hiring a leading marketing officer full-time or part-time. The perfect candidate will have years of expertise under their belt in creating effective marketing strategies. Yet, they must comprehend how these tactics operate in actual circumstances – something that can only be obtained through direct experience.

The Big Difference: Full-Time vs Fractional CMOs

A big difference between full-time and fractional CMOs lies in how they typically work. Fractional CMOs, on the other hand, tend to be more strategic and provide executive-level guidance without needing a full-time commitment. They offer senior marketing guidance without requiring dedicated time as a permanent staff member would.

This working style makes them an ideal choice if you’re looking for someone who can help steer the ship while allowing other team members to manage daily tasks. It’s like having an experienced captain onboard who knows exactly where you need to go and what course corrections might be needed along the way.

Cultural Fit Matters Too.

While technical skills are crucially important, don’t overlook cultural fit. You want someone who will gel with your existing team rather than disrupt it. So ask yourself: Does this person share our values? Can we see them fitting into our workplace?

  • If answers lean towards yes, then chances are good that they will work well within your organization.
  • If not, it may be wise to keep looking until you find someone who does.

Case Studies of Successful Engagements with Fractional CMOs

Are you after some real-world examples? Well, take a peek at these businesses. They’ve tasted success by hiring fractional CMOs. The benefits they experienced could also be within your reach.

Key Takeaway: 

 

Choosing the right fractional CMO for your business isn’t just about skills and experience. It’s also about finding someone who fits with your company culture. Full-time and fractional CMOs play different roles, with fractionals focusing more on strategic planning while allowing others to manage daily tasks. Don’t underestimate the importance of cultural fit – a good match can make all the difference in creating an effective, harmonious team.

FAQs in Relation to Fractional Cmo

What is a fractional CMO?

A fractional CMO is an experienced marketing leader hired part-time to give strategic direction and drive business growth, without the full-time commitment.

What is the difference between a CMO and a fractional CMO?

The main difference lies in time spent: A full-time CMO works exclusively for one company while a fractional one splits their expertise among several businesses.

How much should a fractional CMO cost?

The cost of hiring a fractional CMO varies but it’s generally less expensive than employing a full-time chief marketing officer.

What is a Fractional Chief Marketing Officer (CMO) for startups?

A Fractional Chief Marketing Officer for startups offers smaller companies access to top-tier marketing talent at an affordable rate, aiding them in scaling quickly.

Conclusion

A fractional CMO is a game-changer, offering executive-level marketing prowess without the full-time price tag. They can breathe life into your go-to-market strategies and supercharge revenue growth, all while juggling multiple hats within your team.

But remember: timing is everything when hiring one of these pros. When you’re ready to scale up but don’t need (or can’t afford) a full-timer – that’s when they shine brightest.

Choose wisely though! Cultural fit matters as much as their marketing chops. Ensure they have a demonstrated history of achieving genuine outcomes.

If chosen well, this high-flying professional could be the missing piece in your business puzzle – propelling you towards success faster than ever before!

Want to learn how to become a fractional CMO? Want to hire a Fractional CMO?

How to Transition from Doer to Orchestrator and Scale Your Agency

How to Transition from Doer to Orchestrator and Scale Your Agency written by John Jantsch read more at Duct Tape Marketing

Scaling your marketing agency is a dream that many of us in the business world share. We embark on our entrepreneurial journey with the vision of growth and prosperity. However, it’s essential to recognize that growth and scale are not one and the same. Often, businesses grow in terms of revenue and customers, but they fail to achieve true scalability. In fact, they find themselves working more, making less, and essentially scaling sideways rather than upwards.

So, how can marketing agencies and Fractional CMOs transition from being doers to orchestrators and achieve true scaling success without adding excessive overhead? It’s not only possible but also essential for sustainable growth. Let’s explore the key steps and strategies to make this transformation.

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The Mindset Shift: Becoming the Orchestrator

Achieving true scalability begins with a dramatic mindset shift. Instead of being caught in the whirlwind of executing tactics and playing every instrument in the marketing orchestra, fractional CMOs and agency owners must start thinking like orchestrators. They need to step back from the day-to-day tasks and focus on conducting the entire operation.

The consequences of staying entrenched in the doer mentality are significant. Agencies may find themselves overwhelmed, running as fast as they can while juggling multiple tasks, or spinning too many plates. In this state, it becomes challenging to retain and satisfy clients, despite attracting new ones.

Starting with a Repeatable Scope

To become orchestrators, marketing agencies must start with a repeatable scope. Often, agencies fall into the trap of letting clients dictate what they want or need. However, clients may not always have a clear understanding of their requirements. It’s the agency’s responsibility to help them comprehend their needs better.

One effective approach is to present clients with a predefined package that outlines how the agency works, focusing on strategy before tactics. This package not only attracts the right clients but also sets clear expectations. It shifts the dynamic from clients dictating specifics to the agency offering a well-defined path to success.

Crafting the Right Message and Package

Central to this transition is crafting the right message and package. This message should address the core problem that clients are trying to solve. It not only attracts ideal clients but also communicates that the agency follows a structured, directive approach, rather than a haphazard one.

By offering a package with a clear message, agencies can deliver services in a repeatable manner, eliminating the need for clients to specify every detail. This shift from a reactive approach to a proactive, structured one streamlines operations and enhances client satisfaction.

Pricing for Profit

Central to this transition is crafting the right message and package. This message should address the core problem that clients are trying to solve. It not only attracts ideal clients but also communicates that the agency follows a structured, directive approach, rather than a haphazard one.

By offering a package with a clear message, agencies can deliver services in a repeatable manner, eliminating the need for clients to specify every detail. This shift from a reactive approach to a proactive, structured one streamlines operations and enhances client satisfaction.

Building a System for Fulfillment

The third pillar of transitioning from doer to orchestrator is developing a robust system for fulfillment. Once agencies have secured clients with premium packages, they must be able to consistently deliver on their promises. This involves getting exceptionally proficient at delivery, ensuring it is both repeatable and profitable.

Rather than hiring more employees, Fractional CMOs can delegate tasks to strategic partners or freelancers who quickly learn to deliver according to the agency’s system. This approach allows agencies to scale without adding the burden of full-time staff and related overhead costs.

Climbing the Exit Ladder

To fully realize this transition, agency owners must begin climbing what is often referred to as the “exit ladder.” This is the first step to liberate you from day-to-day administrative work, which can often be outsourced efficiently. This frees up valuable time to focus on the bigger picture.

As the agency owner or Fractional CMO take on a more strategic role, they can work on further developing the system and nurturing relationships with partners. Gradually, they can shed the responsibilities of fulfillment and orchestrate the agency’s growth effectively.

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Transition from does to orchestrator

Transitioning from being a doer to an orchestrator is not just a dream but a strategic necessity for marketing agencies or Fractional CMOs looking to scale. By embracing a new mindset, offering repeatable scopes, crafting the right message and package, pricing for profit, and building a system for fulfillment, agencies can achieve remarkable growth without adding burdensome overhead.

Climbing the exit ladder, starting with outsourcing administrative tasks, and gradually moving away from daily operations are essential steps in this transformation. The goal is to empower marketing agencies to scale their practice effectively while maintaining a lean, profitable operation.

In the ever-competitive marketing landscape, this shift from doer to orchestrator is the key to unlocking true scaling success and achieving the dreams that inspired entrepreneurs to start their marketing agencies in the first place.

Ready to build a winning marketing strategy? Explore our AI-powered marketing strategy builder and take the next step towards your agency’s success. Get started now!

Why Working Less is the Secret to Earning More

Why Working Less is the Secret to Earning More written by John Jantsch read more at Duct Tape Marketing

The Duct Tape Marketing Podcast with Alyson Caffrey

Alyson CaffreyIn this episode of the Duct Tape Marketing Podcast, I interviewed Alyson Caffrey, the founder of Operations Agency and the co-creator of the operations simplified framework, which is aimed at streamlining the backend operations for digital and creative agencies. She is also the author of The Sabbatical Method: How to Leverage Rest and Grow Your Business. With a wealth of experience in helping agency owners find a balance between their work and rest, Alyson sheds light on how the Sabbatical Method can revolutionize the way marketing systems are handled.

Key Takeaway:

Working less to achieve more is a paradigm shift in the traditional hustle culture, especially among agency owners in the marketing realm. Alyson Caffrey joins me to elucidate how the Sabbatical Method is transforming the marketing systems landscape. We delve into the concept of “systematic rest,” an innovative approach to interspersing work with adequate rest to not only prevent burnout but to significantly enhance productivity and creativity. By embracing the Sabbatical Method, agency owners are discovering a potent strategy to scale their business while reducing the hours they traditionally grind away, making the notion of working less to achieve more a reality.

 

Questions I ask Alyson Caffrey:

  • [00:45] How does rest contribute to business growth?
  • [02:31] Can you explain the framework you mentioned?
  • [03:43] Is a long sabbatical the goal of your method?
  • [05:44] How does your 90-day method alter established work habits?
  • [08:28] Do founders grasp your concepts both logically and emotionally?
  • [11:10] Can you explain the operation simplified hierarchy?
  • [14:37] What daily habits do you recommend for gradual improvement?
  • [18:54] How can one develop discipline in creating effective systems?
  • [21:54] How should these changes be planned in quarterly planning?
  • [24:37] Where can listeners connect with you or learn more?

More About Alyson Caffrey

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John Jantsch (00:08): Hello and welcome to another episode of the Duct Tape Marketing Podcast. This is John Chance. My guest today is Alison Caffery. She streamlines the backend operations for digital and creative agencies, and she’s the founder of Operations Agency and the co-creator of the Operations Simplified Framework. We’re going to talk about her most recent book, the Sabbatical Method, how to Leverage Rest and Grow Your Business. Allison’s also the host of the Growing Pains podcast, so welcome to the show, Allison.

Alyson Caffrey (00:43): Thanks for having me, John. Appreciate it.

John Jantsch (00:46): Okay. I’m probably not the first person to say this, but REST is not often associated with growing a business, so tell me why it should be.

Alyson Caffrey (00:55): Yeah, that’s an awesome way to frame that question honestly. So I started thinking about the function of rest after I went on maternity leave with my first son. My business was three years old and it still needed me a lot. And I remember it being a really confronting experience because I thought to myself, well, how can I actually take some time off and also simultaneously grow my business? And I started just considering that growing a business is a high performance effort. We need to be able to put out a high performing output and we need to be able to be really consistent. We need to be really clear. We need to do the specific activities that are going to bring us the highest level result. And one of those activities actually is rest. If you think about someone summiting Everest or training for a marathon or doing anything in the physical high performing nature, rest is woven into every single training plan out there that exists. But for some reason, we as small business owners think that momentum and hustle and grinding and are going to be the answers to a lot of our problems, when in fact implementing rest actually can preserve the longevity of your business and really prevent against burnout, which has unfortunately become such a commonplace in the entrepreneurial spirit.

John Jantsch (02:16): And I do think that there, unfortunately for good or bad, there are bad examples of everything. I think there’s a lot of bad examples of just what you talked about. The whole hustle and grind thing became kind of badge of honor for some people. I do think we’re going the other direction. Fortunately we’re going to get into the specifics, but maybe since we’re calling this a framework or a method, let’s kind of big picture, what is it in a nutshell?

Alyson Caffrey (02:42): Yeah, so the sabbatical method is kind of like hard 75 for business owners. It’s really supposed to serve two main purposes. First is to give you a hard stop and kind of a reset. If you’ve been really needing to take a rest from the business, if you feel like you’re at the edge of yourself, if you’re grinding and at full speed, this is supposed to be your permission because Alison Caffrey says there’s a return on investment for rest. This is your permission to take that time. Second is it’s a lifestyle. So after you finish hard 75, you’re not supposed to just start snacking on the Cheetos right away. You’re supposed to consider what can I take from this really challenging disciplined time and how can I weave it into my overall health and wellness in my personal life? And that’s what I want you to consider operationally in your business. How can I weave rest into the way that my business performs so that I can see more return on investment and more longevity overall? So that’s what the sabbatical method is in a nutshell.

John Jantsch (03:43): Alright, so the end goal then is to, I mean people think of a sabbatical, people leave the country, leave their business for three, six months. I mean, is that really the ultimate goal? However you define that?

Alyson Caffrey (03:57): It’s interesting. I get asked that all the time and the short answer is no, it’s not a traditional sabbatical. Sabbatical to me is just as simple as closing your computer at 6:00 PM if that’s what you’ve been struggling to do. Everybody needs to begin where they are. And just again, in any physical training plan, we don’t go out to run 26.2 miles on day one of our marathon training. We run one mile and then we get nice and rested, then we go out for maybe a two mile run the next day. So that’s the same position I take with sabbatical planning. A lot of us think that sabbaticals are this Parisian six month, three month time off, and a lot of it feels really inaccessible to business owners and transparently, if you tried to do that at this point in some of our businesses, our business would just fall apart if we just kind of decided to go take this super long vacation.

(04:47): So what I tried to kind of reposition the term of sabbatical is consistent and appropriate rest at different levels of the business. So that might mean closing the computer at 6:00 PM making sure that you’re not answering emails or doing specific client projects over the weekends. Making sure that you block in sometimes in your monthly cadence to review your overall goals and consider what are the systems I have in place for the business and how am I systematically going after what I want to achieve and how am I achieving results for clients? So those are kind of the different types of things I would consider as implementing rest into the business. And of course you can leverage these exact tools to build up to a three month sabbatical. That’s what I personally did to take my maternity leaves with my sons and I was able to take some really meaningful time off that really did shift the direction and clarify the purpose of a lot of the things we were doing in operations agency.

John Jantsch (05:44): So one of the book’s Promises is somewhere buried in there is that we’re going to do this in 90 days, right? We’re going to correct a lot of bad habits in 90 days. A lot of business owners, the way they work has taken them 20 years to get there. So how do you get the mindset shifted? And maybe it’s just people, they get burned out enough, they’re like, I got to do something, and that alone is enough to make ’em create a difference. But what do you say to those people that have really just kind of established this way to work for many years maybe?

Alyson Caffrey (06:16): Yeah. There’s kind of two things I think John that you’ve asked that are relevant to unpack here. First is that I know a lot of digital agency owners who really struggle to get themselves out of the day-to-day operations of their business because they have a lot of industry expertise and a specific formula that lives right up here in the brain that they use to approach their client projects and really get some of the best results on projects. One of the things that I position in the book is really being dialed into that over a 90 day period is to understand what am I doing that is actually systematic things that I do day in and day out for every single project? And then what is maybe that 80 20 rule that we can identify that 80% is repeatable and about 20% of my involvement is actually custom.

(07:02): So I think that mindset first and foremost is one of the most challenging to overcome because it forces us to reconcile with the fact that although we do have about 20% of the secret sauce, a lot of what we’re doing actually is repeatable and actually can be delegated. So if you want to grow the business and you want to be disciplined about removing yourself, those two things are not mutually exclusive. In fact, they pair really well together. And the second really big thing that I think folks need to understand about running a business at large, I learned this actually from just my very recent years of becoming a mom. My oldest is three. And I think to myself, sometimes I say, look, I can outsource specific aspects of my parenting. I can outsource my child’s education to a teacher. I can outsource childcare to a daycare.

(07:48): I can outsource their physical education or fitness to a specific sports team or to a community of folks who could get that outcome. But at the end of the day, it relies on me to be the parent to raise a capable adult in that way. And I think a lot of us as business owners hear this zone of genius and stay in your specialties and all these things, but we forget that businesses actually need a really full spectrum and rich amount of skills that we actually need to develop if we want to see its success. So a lot of owners will say, well, I’m not a systems person. And I’m like, well, that’s what your business needs you to be right now that need you to be systematic if you want to grow it to the point that you desire.

John Jantsch (08:28): Well, you were certainly singing my tune. I mean, I’ve spent the last 20 years actually licensing my agency methodology to hundreds of agencies. And I will tell you that it is so freeing when people realize, oh, I can scope this and I don’t have to be the one doing all the work. But probably the biggest challenge for a lot of people is mindset. They actually draw their energy from doing the work or being the savior or being the one who can have the answer. And I think sometimes I think logically everybody gets what you’re just saying. I think sometimes emotionally it’s actually harder.

Alyson Caffrey (09:08): And it’s interesting, a lot of the things I focus on in the book and even with my team, actually just before I hopped on, we were crystallizing our quarterly plan for Q four. And one of the things I do actually to wrap that exercise, wait

John Jantsch (09:21): A minute, Q4 already started and you’re just now finally finishing your plan.

Alyson Caffrey (09:24): I’m finalizing it literally today. I was out with my mastermind planning last week, and it’s interesting because what we do is we finalize and put the bow on everything with a daily habit tracker. And the reason why I love habit trackers and focusing on activities inside of the business is because it does a great job of removing that emotional element to doing the work that is important to drive you forward. I think all of us can get pulled in to, how do I feel about this? Or I just don’t feel like it today, or You know what, it’s easier for me to just go back into WebWork because that’s where I’m comfortable and excited to contribute. But at the end of the day, if your business needs you to be in a different seat and it needs you to be doing different activities, identifying those at 30,000 feet inside of your quarterly plan and then really deciding every day to say, listen, I’m going to show up to this activity with no emotion as much as I possibly can come in and do the work. And if I really feel like I’m doing something that isn’t bringing me joy and bringing the business value, then we can reassess how that’s going. But if it’s driving the business forward in the way the direction that you’re wanting, that’s one of the quickest, most easily implementable things I have found that remove that mindset, emotional element from approaching your daily work.

John Jantsch (10:51): So we’ve gotten halfway through the episode here, and I haven’t really brought up the hierarchy, which is really the foundation obviously of the book. The big idea is of course the sabbatical, but how you get there in stages, and again, I don’t know how you want to address that, if you just want to start riffing on that, but unpack the operation simplified hierarchy.

Alyson Caffrey (11:14): So the hierarchy really was birthed by really just considering operationally, what does a business need to survive and thrive? And I rooted it in Maslow’s hierarchy of needs because just like any human being, we’ve got some of the basic stuff that needs to happen, process creation and quarterly planning, really hitting those metrics, the habits, like I just said, that’s kind of the big foundation of how we want to operate. The next is really just defining a home and considering that if we’re going to invite team members to collaborate on key projects, what do those projects look like and how can I create repeatable, profitable projects at my agency? The third is really driven on metrics. So what measurables do we have in place to tell us what decisions we need to make next? And then how can we scale this thing? How do we invite a community and grow our reach and our impact and really scream from the rooftops now that we have this incredible backend well of procedures, what are our front end procedures for the growth side of the business in sales and marketing?

(12:17): And then finally, profit and prosper is kind of the tip of the pyramid there, which I actually say is custom. We want to be consistently putting profit back into the pockets of the owner in its key stakeholders, but we also want to help our clients and the people that are involved with our business really prosper in whatever way that we’ve outlined for them and that looks different. I have some agency owners who really love to work the six months on, six months off schedule. They really love to be at home and working on their business and then take six months in Mexico, so that looks different. Their operations look a little bit different than somebody who really wants to create a strong full stack agency team. That’s just a very different model. So I consider those as kind of the foundational elements. Now, something really important that I did also really focus on inside of the book is that first and foremost, these aren’t achieved in sequence.

(13:12): I know so many business owners who have the sales and marketing stuff dialed in, they’ve got really incredible reach and impact and all of that in the marketplace, but then they actually super lack some of that repeatable project and profitability stuff. So it doesn’t mean that you need to focus on it in sequence. I do in the book because I feel like each and every one builds on one another. And the second thing I will also mention is that it’s never done. We’re always going to be doing this work just like your physical fitness. You don’t work to get a six pack and then eat Cheetos on day 31. It’s something that we are consistently working on and refining as the business is growing and as it’s breaking the processes that we currently have.

John Jantsch (13:55): And I think that’s a key point. Once you get safe fulfillment dialed in, then you have maybe more capacity. So that creates another problem. And so then you have to go revisit sales and marketing. I mean these levels, you’re just coming back to ’em. I mean, you’re revisiting ’em even once, as you say, you’ve got ’em dialed in. But I think there is a little bit of just Maslow talks about, I mean, you can’t even begin to think about profits if you don’t have the basics. I mean, there is some order of things that you have to get certain things done, but you’re right. I mean, nobody shows up in any perfect stage. We’re all one foot in each stage, I suppose, at some point.

Alyson Caffrey (14:36): Yeah, absolutely.

John Jantsch (14:37): So you mentioned it already, but I had it on the list here to talk about because I do think that it’s crucial to making any of this happen in its habits, isn’t it? And so talk a little bit about the daily habits that you talk about, your daily five, I think it is habits, but then just what are some of the things that you’ve seen have really helped move people along because they’re doing 1% better each day kind of thing?

Alyson Caffrey (15:04): And I have to give a shout out to Atomic Habits by James Clear. That is one of my favorite books of all time. And if anybody listening has not read it, it’s worth a read and a reread perhaps every single year because as you grow as a professional and a human being, hearing that information again is just astronomically more valuable every single time you read it. So that’s definitely number one. A lot of my thinking around habits is formed from the expertise of James Clear and that specific book. I think one of the big things that I love to focus on when generating habits first and foremost, is understanding the difference between leading and lagging indicators. So habits really apply to the former, what habits can I keep that really will help me be the person or have the business or have whatever it is that I really want?

(15:50): Those lagging indicators are the outcomes. And I think a lot of folks think that habits are for people who are organized and systematic and have schedules and all of those things, but I’d like to kind of challenge how we think about habits because habits exist. They just do, and we need to reconcile sometimes the first step is really understanding that we do keep habits, but they might actually not be pushing us toward the things that we want, the people we want to be, the businesses we want to have, the lives we want to create. And

John Jantsch (16:21): Bad habits are habits, right?

Alyson Caffrey (16:23): Exactly. But I think a lot of folks think habits and then they’re like, oh, you’re going to tell me some system or some hack about your calendar or whatever else. And really, habits just are right. They’re good, they’re bad, they’re whatever. And I can’t really get any more clear on that. I think a lot of folks need to begin with, okay, what are my habits currently and are they pushing me toward the thing I want? And I think taking a stock of those. So first and foremost, foundational habit kind of creation is to consider what do I literally want? And is every single habit that I keep in my day driving me toward that specific thing? And a lot of that is eliminating some of those things that one of my coaches actually calls it time assassins, and he says it’s like drinking alcohol, watching television, eating refined sugars, even those personal social media.

(17:11): Exactly. Things that literally just rip your time away. And I think a lot of us, as we start to consider, well, I don’t have enough time in the day to let’s just say serve 50 clients versus 20 clients who don’t have the time, the question then becomes is, am I not disciplined enough in developing the systems? Am I not disciplined enough in removing the things that aren’t serving me? And so I think starting there with really just being critical and assessing how you’re spending your time is wonderful. And then really, again, planning those habits at your quarterly planning. So just saying, Hey, listen, if I’m putting on this side of the equals sign the business, I want the life, I want the health level that I’d love to achieve the family life that I love, what does that look like? And then what habits do I need to keep daily?

(17:53): I was actually just doing this exercise with a client of mine, and he was telling me that he wanted 300 new leads into his pipeline every single month. And I told him, I said, well, with your current strategy on doing lots of one-to-one, I was like, you’re going to probably need to do about 900 reach outs every single month. And I was like, here’s what it literally looks like in your calendar and here are the habits you’d need to keep. I was like, do you think that this is sustainable? And he first immediately was like, no. I was like, so this is actually why we don’t hit quarterly goals is because we set the goals and then we don’t literally create the habits day to day and ask ourselves, is this a life that I would want to live and get excited every single day to wake up and do? And if the answer is no, then we need to start to work backwards from there.

John Jantsch (18:42): Yeah, actually, somebody inadvertently showed me their calendar this week. That was the most scariest thing I’ve ever seen. They from about seven in the morning to seven at night had something every 15 minutes growth. I think it’s stage four maybe growth a lot of times happens to people and maybe people you’ve worked with, they’ve gotten some of this other clutter out of the way. And so growth happens and then another problem shows up, quality starts to fade. I mean, how do you constantly juggle those two things that are sometimes in opposition?

Alyson Caffrey (19:13): It’s interesting, I have an entire section in the book about this because that is by far with agency work. The biggest thing I’ve seen. So it’s called, the chapter is called Classic Coca-Cola Quality. And I tell this story about how Coca-Cola launched this thing called New Coke, and it just failed. Epically failed. They tested it, they asked the market, they did all these things around launching this new product, and it was terrible. Folks actually started stocking up on Coca-Cola classic because they were petrified that it was going to go away. And then I was joking about it. I was like, this is either the best marketing scheme ever, or it was just the biggest classic face plant for Coca-Cola to launch this new thing. And really what it came down to was the quality, right? It came down to, well, people preferred this over that and they thought that they were going in the direction of what people wanted, but ultimately they needed to listen to their people.

(20:08): And so what they did was they launched Coca-Cola classic. So first and foremost, if you’re in a growth stage, keep asking your people for their feedback 100%. That is the best way that you will know and understand and just open up the conversation that, Hey, listen, we’re going through a growth period right now and I still really value your feedback and I want to make sure that you continue to get results, even if there are several missteps in your fulfillment process and you’re still working out some stuff because you’ve opened up that loop with your clients and because they know that it’s important to you that you hear from them, they’re going to be a little bit more understanding if there are a couple of missteps. So that’s number one. Just open up that and listen to your clients. Second thing is to make sure that we’re defining two types of quality.

(20:53): First is production quality. So that’s the timeline through which things are delivered. And the second is outcome, quality. So that’s ad spend. That’s specific outcomes that you are getting for your clients and quality levels there. So defining those metrics are going to be absolutely instrumental. And then just again, do that little equation, right? Consider to yourself, we have 20 clients right now where we can ship websites in about three weeks time at this level of quality, measurable. If we had 50, here’s what that would look like. The clearer you can get on those metrics, the easier it is to run possible resourcing scenarios. And you can kind of hedge these growth points and these friction points a little bit simpler.

John Jantsch (21:38): This is scary idea for some people, but I am always telling you have capacity ahead of demand, because that’s where I see people really get in trouble is like, oh crap, we just sold a whole bunch more work. Let’s go fix it somehow, as opposed to, oh, we’ve got the capacity in our normal systems to deliver. Okay, last question. Last idea is profits and prosper. I dunno about you, but I’m just amazed at the businesses I’ve come across over the years. Were profits in particular just aren’t even part of the equation. It is like, I want to get paid a job and the idea of working profits into it, I don’t know if you’re familiar with Mike Al’s work profits first. That idea is just so foreign to people.

Alyson Caffrey (22:20): Yeah, I love Profit First and I think being disciplined in prioritizing profit, either in distribution to owner and key stakeholders or in early growth years, reinvesting into the business and the professional development of the leaders or both, right? If we’ve got the margins and they’re really strong, is critical. I think it’s John Maxwell does Leader Lid. It’s like a really famous concept and he talks about that the leader or the organization will only grow to the capacity that the leader has professionally and personally developed. And I think if we leave out profits, not only are we doing our business a disservice because businesses exist to be profitable, we exist to make money and reinvest that money into growth and reinvest that money into our communities and into our families and all those things. So understanding that economically, it’s our job to be profitable, I think is first.

(23:13): Second is that we are going to do our business and our community and our teammates a disservice by not reinvesting our profits into our professional development, especially in those early years. And then creating a professional development budget as things start to get a little bit more sophisticated. I mean, hands down has been the absolute leader in why operations agency has been able to grow to the point that it is. And why I’ve been able to confidently lead and be able to get folks unstuck with their operations is because of the level of professional development that I’ve done over the years. And I think a lot of folks forget about that and they think, well, I’m just going to discount my prices in tough seasons and I’m just going to take this project or what have you. But being disciplined and saying, Nope, this is our pricing because this is our scoping and this is our profit margin, I promise. Well, sorry, I can’t make any financial promises probably on a podcast, but I will say that it has been my experience that the more I say no to projects that are hefty discounts or things that perhaps I’m not excited about or don’t fit into our model specifically, I have been rewarded tenfold on the other side with projects that are exactly in our wheelhouse, exactly in our scope, and exactly within the profits that we desire.

John Jantsch (24:24): And had you taken those less than desirable projects, that opportunity may not have come your way. I see that all the time. It’s like, I’m busy doing this work over here, so I can’t see the real thing, the opportunity that’s in front of me. So Alison, you want to tell people who invite people where they might connect with you, find out more about your work, obviously find out about how they can acquire the book.

Alyson Caffrey (24:45): Yeah, of course. Well, the book is on Amazon. I’m most active on Instagram, so you can follow us at Operations Agency and if you dmm me Duct Tape, I’ll send you my five best agency SOPs, absolutely no opt-in, all absolutely free. So that I think will be the really best way for folks to just see what the power of having really clear standard operating procedures looks like in your agency. And I have been totally victim in the past to not being able to actually see the results of something before I get a tiny taste. So I think that’ll be a great place to start. Awesome.

John Jantsch (25:19): Well, again, I appreciate you taking a moment to stop by the Duct Tape Marketing Podcast, and hopefully we’ll run into you one of these days out there on the road.

Alyson Caffrey (25:25): Thanks, John.

 

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Shattering The Mold: Unleashing the Creator Economy in B2B Marketing

Shattering The Mold: Unleashing the Creator Economy in B2B Marketing written by John Jantsch read more at Duct Tape Marketing


The Duct Tape Marketing Podcast with Christie Horsman

The Duct Tape Marketing Podcast Christie HorsmanIn this episode of the Duct Tape Marketing Podcast, I interviewed Christie Horsman, who brings a decade of expertise in both B2B and B2C marketing within the SaaS arena. Currently serving as the VP of marketing at Thinkific, a platform that empowers entrepreneurs to craft, market, and deliver online courses, Christie delves into the burgeoning Creator Economy and how it’s reshaping the marketing landscape, especially in the B2B sector.

Besides leading the marketing initiatives at Thinkific, she is an avid writer on marketing trends for Entrepreneur Magazine, elucidating how modern marketers can break the mold to drive business growth. Her keen insights into leveraging community and human-centric approaches provide a fresh perspective on evolving B2B marketing practices.

Key Takeaway:

The Creator Economy isn’t just a playground for B2C marketers or influencers. It’s a rich, untapped terrain for B2B marketing, offering a humanized and community-centric approach that can significantly contribute to business growth. By embracing the principles of the Creator Economy, B2B marketers can foster a deeper connection with their audience, enhance trust, and drive meaningful engagement.

 

Questions I ask Christie Horsman:

  • [01:10] How are creators changing marketing, especially in B2B?
  • [02:08] How do you define the “creator economy” compared to traditional economic models?
  • [03:44] Some creators do quirky things for attention. What can B2B brands learn from this?
  • [05:28] Brands are teaming up with influencers. What’s good or bad about this approach?
  • [07:02] Successful creators have personal branding. How can a brand adopt this idea?
  • [09:39] B2B and B2C marketing are blending. How are authenticity and personal branding playing a role?
  • [11:51] In the creator economy, how does shifting from push to pull marketing work for product exposure?
  • [13:13] How should a B2B person measure the impact of creator economy strategies on engagement and community?
  • [15:45] Thinkific is a creator tool. What’s your advice for B2B brands considering such platforms for course creation?
  • [19:16] How is Thinkific adapting to the demand for community engagement?
  • [21:55] Where can our listeners connect with you to learn more about today’s topics?

More About Christie Horsman

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Connect with John Jantsch on LinkedIn

John Jantsch (00:08): Hello and welcome to another episode of the Duct Tape Marketing Podcast. This is John Jantsch. My guest today is Christie Horseman. It’s over 10 years experience in the B two B and B two C SaaS based. She is the director, mother and teacher based in Vancouver, British Columbia currently serves as the VP of marketing at Thinkific, a software platform that enables entrepreneurs to create, market, sell, and deliver their own online courses. And she also writes about marketing for Entrepreneur Magazine. So Christie, welcome to the show.

Christie Horsman (00:40): Thank you so much, John. I’ve been a listener for many years, so it’s very exciting for me to be here.

John Jantsch (00:46): Well, I appreciate that. I appreciate you listening for many years. Many I

Christie Horsman (00:51): Know.

John Jantsch (00:52): So you recently wrote an article and it appeared in Entrepreneur Magazine, four Ways to Create Four Ways Creators Are Revolutionizing Marketing and How Big Brands Can Benefit. So let’s start there a little bit because we are really going to talk about change in marketing, change in B two B marketing. I want to bring in the whole creator topic. So it seemed like that just kind of teed it up for us. So talk a little bit about the primary point you were trying to get across in that article.

Christie Horsman (01:20): Yeah, I think that just coming from my career in B two B marketing and the way the B two B marketing has evolved over time, and one of the biggest, I think impacts to B two B marketing and how people are approaching it today has been through the creator economy and just the change in marketing because you have so many people that are able to open their phone and talk to their audience, talk to people, talk about their point of view, talk about their passion, their unique genius, and how companies are scrambling to get into that mindset of what the creator brings to their marketing tactics and their business and what that means for businesses that have typically been a little stiffer in their marketing.

John Jantsch (02:08): So let’s define a term there. You used the term creator economy, and I’m guessing it’s a pretty buzzy term, but I’m also guessing there’s a lot of confusion about what that means or misconceptions even frankly about what that means. So how do you define that or how do you define that as being maybe different than traditional economic models?

Christie Horsman (02:28): Yeah, so I think there’s a lot of, I’ve read, heard being in part of the creator economy ourselves at think of it, and there’s a lot of definitions out there of what it is and the way that we define it and the way that I kind of look at it is anybody who is out there really using their unique genius, their unique point of view to influence, to attract, to create either a community, a group of people, an audience or sell something through that community or audience. So it’s really just, I think a lot of people would say are creators, are you see these YouTube creators? Are they entertainers or are they educators? And actually think of it, we look at these two categories and define them as such. There are people that are out there that are just creating for the sake of entertainment purposes, which is amazing. And then there’s people out there that are creating for education, and that’s how we kind of look at the lens of the creator economy. I think last time I read, and I think it was in a Forbes article a couple of weeks ago, there was this estimate of what are the creator economy worth? And it’s somewhere between a hundred billion to 700 billion, which is depending on how you define those people that are within it, but it’s growing every day, obviously with the advent of social media.

John Jantsch (03:44): So I think for a lot of people, they see some of the folks that are really doing what seem kind of goofy things that are getting them a lot of attention and maybe making them a lot of money. And I’m sure that big brands B brands particularly are looking at that and going, well, that’s not for us necessarily. So what is the lesson that might come to play that would be practical, usable, relevant for that B two B brand particularly?

Christie Horsman (04:09): Yeah, and I think exactly when you look at, I always look at Mr. Beast for instance, and brands aren’t going to go out there and start trying to jump 1300 motorcycles in a row or something like that, and so do something crazy. But what the dilution, if you bring it down to it that even creator entertainers and educators have in common is it’s this human element. It’s this trusted element and it’s something that brands like big brands really have always been striving for, right? To be that trusted brand, to have that element of yes, come to us for the product or service that you want or need. And it really boils down to that human and that trustworthy element. They’re putting themselves out there so much. We know so much about these creators and they’ve created this humanity as part of towards their audience, as part of their brand that big brands really need to look at and say, how do I emulate this? How do I bring this into our messaging and our core values?

John Jantsch (05:11): So it seems to me there would be a couple logical paths if somebody’s saying, yeah, that’s kind of a missing piece of ours. Obviously they could go create their own connection of some form to their, they’re not fans yet. I guess it would be their customers even or their community. But also a lot of brands are exploring, let’s get one of those influencers, if you will, or somebody that’s a creator that has a big audience, let’s get them associated with our brand. Is there a better way? Are there pitfalls to one way or the other?

Christie Horsman (05:43): Yeah, I think the only pitfalls I see when looking for, I think hiring creator influencers to represent your brand is great. I think that it’s a great way to bridge and find a new audience. If you understand your core customer, where your core customer is digesting content and who they’re looking up to and the creator sphere, it’s a great way to bridge that and gain that new audience. I think where sometimes it falls flat. And this is where again, that kind of trusted component is a lot of the times creators, we always say, they say it’s an ad, they say it’s sponsored and everyone knows that it’s a sponsored deal. And that’s how creators, realistically, a lot of creators make the majority of their money is through these big brand sponsorships. And lately we’ve seen some of that fall off as brands have pulled back a little bit because they’re seeing that, yeah, it’s great for eyeballs, but maybe it’s not always driving the sales they want to see. And so I think that it’s definitely important to align yourself with creators that align with your values and that make sense for your brand. But I would also say that for brands to take the tactics that creators are using and try to employ them themselves to create more of an authentic humanized element for their brand without having to go through that creator or that third party. Right.

John Jantsch (07:05): One of the hallmarks I suppose of a popular influencer or creator is it’s basically personal branding. I mean, they’ve gone out there and established themselves as a voice that does this, or as a person that does this or a person who shares amazing information or how to stuff on a certain topic, how does a brand really adopt that mentality? Because I think that’s real tricky for ’em, isn’t it?

Christie Horsman (07:33): And I think that’s where people have gotten stuck a lot of the time. They think that, and especially I think when we think of B2B traditionally has been very broad strokes in terms of our marketing. We’re trying to capture a broad audience. We’re also trying to be a little bit elusive because we really actually just want you to talk to our sales team who’s going to get you more details. And I think that we need to go away from that and what the creator brings and what brands can start to emulate in terms of tactics are when we think about creating that human element and connection, it’s really about, I’ve seen companies use their employees in a lot of their advertising, for instance, and not just for hiring for actual campaigns. We did this actually last year with our Meet the CSS campaign and we wanted to humanize our customer service team, and we used actual customer service reps in the campaign.

(08:27): And I’ve seen other brands do this where they’re like, look, we’re not good at commercials and we’re not good about talking about this, but what we are good at is actually being customer service reps and here’s why. But it humanizes the brand because you’re bringing in that element of people. And that’s the thing that the creator does is they bring themselves the creator’s life story, their family, sometimes their kids, their dog. And the more that you can do that as a company with your employees to bring them to the forefront really humanizes the brand because it is a company, but it’s also a company that’s made up of actual people with actual lives.

John Jantsch (09:02): That’s one

Christie Horsman (09:02): Way that I see.

John Jantsch (09:04): We’ve certainly for the last few years, particularly as hiring has become more challenging for a lot of companies, we’ve really put their employee or employer branding on the forefront of marketing just because it’s a great marketing message too. I mean, the fact that you have employees that love where they work probably is a good marketing message as well. Not to mention that they obviously are on the front lines of really interacting with customers anyway. So I think a lot of people, I’m thinking makeup for example. A lot of makeup is sold directly to consumers through the creator economy. It’s probably one of the bigger categories. So that model has that model. As B2B folks try, I mean that’s typically a B2C play. They’re not trying to sell to stores. So as that model really something that is influencing or maybe even blurring the lines, there used to be the, oh, I sell only b2b. I mean a lot of marketers are like, I’m a B2B marketer, or I’m a B2C marketer. And sort of blurring the lines now because a lot of the same ideas are being employed, authenticity, personal branding, those things.

Christie Horsman (10:11): And I think the makeup one’s such a good example because it really did open the doors for people to say, this is how I apply this, this is how I do this, this is how I use this. And you can actually see a foundation go on in a video using real people. And I think the interesting thing that how I’ve seen it kind of manifest in B two B has been in the veil being lifted on the product or service that you’re selling. So for instance, I think I’ve seen a couple companies, ourselves included, we’ve played with this a little bit and I think that we have to get better at it. Everyone does, but it’s offering real people those customer stories of how they’re using the product, what does the product look like on the inside, showing more of the product upfront and having real customers talk about it in an unfiltered way.

(11:01): We’ve done this in terms of LinkedIn lives where we just have customers come on and talk about their journey and their company or their personal brand and then how they use the product. And we actually show the product being used. And I think that it’s bridging. We have to figure out how to open that door a little bit more. But it is, I think that’s the transition where we’re saying, look, we not having this, you’re not going to see the product until you’ve had three or four sales calls. We’ll finally show you the product. It’s like, no, we’re going to show you the product up upfront. It’s in our marketing, it’s right here. And it’s being used by real people.

John Jantsch (11:36): It is probably an antiquated terminology, but I think it still means something. But a lot of B two B brands used to spend some money sampling, for example, spend some money on getting directly to the consumer, even though that consumer was only going to go to the store now and ask for the product. So we used to call that pulling sales as opposed to pushing sales. So does the idea of this creator economy that way apply, in other words, get exposure for your product even though you’re then going to tell them go to Macy’s and get it, or whatever, wherever it’s sold?

Christie Horsman (12:08): Yeah, I think that it’s one of the, it’s for me, I think that’s one of the best things about the creator economy is that they’re bringing that audience in. They’re pulling people in and bringing that audience in, that’s the right fit audience. So again, finding the right creator to pair with based on your brand, your objectives, your product service. But from a B two B perspective, it’s even, I think more important because a lot of these companies have such a core ideal customer profile that if you know it, you can go out there and really pull people in with interesting content through these creators because they’re talking about it. And I think about, for us, we talk a lot to people in customer education and these roles and people that run these communities where customer educators are living and talking about their day-to-day problems of how do I make this content? How do I create these programming? And so we’re going out there and trying to pull those people back in into the conversation through those creator communities that they’re building with these really engaged audiences.

John Jantsch (13:13): Alright, let’s talk about R O I or metrics in general. I think because initially sort of a creator economy plays have kind of focused on engagement and building community and things that sometimes are hard to measure. I think that those have obviously, I think people are putting metrics to those, but what do you say to a B2B person that’s just like, how’s that going to move the needle?

Christie Horsman (13:37): Yeah, so I think even I have struggled in the past with, we love working with some of these creators, but to your point, the measurement of the metric that we’re trying to move is brand awareness, which we all know is you can try and try to put some numbers to it, but eventually that there’s something there that you can’t quite measure. So what we like to do is when we’re working with creators or we’re thinking about working with these communities, for instance, we love to think about depending on what it is, but for instance, we held a community kind of roundup event where it was like a mingle event and then it was a bit of a, let’s talk about round table kind of topics and the R O I on events like that. For me, obviously there’s an element of just getting the brand out there and having those conversations, but it’s also about how many people are coming in and actually wanting to have a conversation.

(14:33): So thinking about how many conversations the sales team was able to capture, how many net new names do we get on to our list? And then going all the way down is obviously how are we making that into a sale and tracing that back into these events that we hold. A lot of it’s around influence pipe that influence pipe number for b2b. And then a lot of it for some of our creators is we have a really excellent affiliate program, so we entice them to bring people in and sign them up with the product on our self-serve side. And we have really great payouts on that affiliate side. So that’s kind of the two sides of it. There’s definitely, again, that middle layer of brand awareness. How do we measure that? And obviously we look at things like media and share of voice, but we try to think about that influence pipe on the B2B side and then thinking about that we have those hard numbers on the affiliate side of how we’re driving signups.

John Jantsch (15:25): So think if it naturally was created as a tool for the creator economy. I mean a lot of influencers, a lot of creators needed beyond YouTube, they needed a paywall and they needed ability to have courses and to expand access to them in a paid way. What are you seeing? So I think that it’s well established. That’s a great tool for that. So what are you telling or what would you tell B two B brands now who are like, well, we don’t courses. Does that make sense for us? What would you tell them in terms of their creation?

Christie Horsman (16:03): And to start on how Thinkific was our founder, we actually have a really great founder story, a creator himself. He has a course that’s still today, you can take it, it’s an LSAT prep course. That’s how it started. And he wanted to be able to educate the massive sounds

John Jantsch (16:15): Awful.

Christie Horsman (16:16): Yeah, I know. But that was how we started. And so we really have been through the pandemic, we went through this boom and then we started thinking companies really could benefit from having courses to expand their reach to their customers. And I always think about this when we talk to companies on sales calls even and say, look, do you want to have customers or do you want to have fans? Do you want to have people who are extremely loyal and engaged with your brand? And the way you can do that is through customer education programs, you’re educating your customers to better use your product. You’re creating exclusive communities sometimes in this case. So you’re creating these fans that are incredibly loyal to your company and your brand and that eventually are going to a create more word of mouth and better referrals for your company. But also you’re creating a very loyal group of customers that are fully educated in your product, which is some B2B SaaS. One of the trickiest things is getting people to make sure that they’re using your product when your customers buy it. So

John Jantsch (17:22): More features they use a less churn. Right,

Christie Horsman (17:24): Exactly. And I think in today’s economy too, we see that acquiring customers right now is tough. And so you want to keep the customers you have. And one of the best ways to do that is through customer education programs. We’ve got really good example is Hootsuite, which is a social media management software, and they have Hootsuite Academy and they have built Hootsuite Academy from just a few courses on social media certification to this is a standalone revenue set for them outside of their core. So they’ve got a secondary line of revenue and they’re driving customer loyalty, customer education within the product, but the actual users, end users of their product. But they’re also, they’ve created this certification where it’s like, Hey, I’m Hootsuite certified. I am ready to be your social media manager. So it’s this twofold. And I think for me, when I see companies like that be so successful, and we have a lot of really great customer stories around that, I’m like, why aren’t all companies doing this? Take this education piece that’s happening and bring it into your B2B customers. It just makes sense. And you see that success.

John Jantsch (18:33): Yeah, I think you make a great point. I’ve been using for years when I talk about the customer journey, for many people it stops at buy, but certainly content stops at buy quite often. And I think you’re right. I mean even if it’s just orientation and onboarding and then obviously through what you said, repeat business and referral business, those are great reasons to create content. And obviously that’s a whole category of content that most businesses aren’t even thinking about. You also mentioned a couple times, and I think that B2B brands are really waking up to this idea of community. I think a lot of brands are waking up to this idea of community because for the reason you said it’s sometimes tougher to get eyeballs or keep customers and community is one of the greatest ways to do it. How would you use a platform like Thinkific really as a community model? I mean, there’s a lot of community tools coming up. Circle is one, for example. How is Thinkific addressing, because I believe you were created as a pure content creation and not necessarily as a community tool. How are you addressing that engagement amongst members?

Christie Horsman (19:40): So because we saw when we were, to your point, coming up through content engagement, online education, really that learning management software tool, we saw early on that community was such a hand in hand thing with these groups of people that were wanting to learn together to take courses together. And even if in an on-demand setting, you’re by yourself, community was a way for people could talk about it and learn more and discuss. So we launched our own community product last year and it’s been such a great add-on for both our creator educators, which we call our B two C side, as well as some of our B two B customers, which we call ’em think fake plus because it does bind those people together and it gives you a place where you as a company or you as a creator can kind of moderate the conversation and create more engagement post courses.

(20:35): Because a lot of the time you’re taking an on-demand course, you’re sitting your home by yourself, you don’t get that engagement. The community is a way to bridge that engagement aspect. And it’s been really exciting to see. I actually love our think of a community. I’m in it almost daily talking to our creators because it’s just such an interesting place to be. And one thing for us being obviously B2B and B2C SaaS, we launch a lot of products in there. First we’ll put stuff in there and then we make that exclusive feeling for our community, but also we’re getting such amazing intel back from them as the end users of the product.

John Jantsch (21:12): Yeah, I’m sure more and businesses will wake up to this, but I’ve certainly seen it firsthand. We certify agencies in our methodology and they go through and they love it. They get a lot of great training, but we have agencies that have been with us 10 years and they’ll tell you point blank, I stay for the community. I don’t need John and his team anymore. I stay because I’ve made friends here. And I think that’s a huge element for business, isn’t

Christie Horsman (21:35): It? It’s that peer to peer communication that they get that’s hosted by, if you’re smart, it’s hosted by you. The other thing is, I think a lot of companies don’t realize is there are communities out there about their product or service, and if they’re not in the conversation, it’s happening without them.

John Jantsch (21:52): Yeah, absolutely. That’s great point for good or bad. Right. So Chris, I appreciate you taking a moment to stop by the show. You want to tell people where they can connect with you and find out more, a little more about what we talked about today?

Christie Horsman (22:03): Yeah, so I’m obviously on LinkedIn. It’s Christie Horseman, VP of Marketing at Thinkific. If you’re looking for Christie Horseman’s and you can always come over to thinkific.com, you can check out the products and service there. And also we’ve got links on there to our social and our communities, which all of my team run. So I’m always hopping in our community if you need to, you want to join there as well.

John Jantsch (22:24): Awesome. Again, I appreciate you taking a moment and hopefully we’ll run into you one of these days out there on the road in beautiful Vancouver.

Christie Horsman (22:32): Thank you so much, John. Appreciate the opportunity.

 

This episode of the Duct Tape Marketing Podcast is brought to you by the DeskTeam360

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How to Become a Fractional CMO

How to Become a Fractional CMO written by John Jantsch read more at Duct Tape Marketing

Ever heard of a fractional CMO? If you’re shaking your head, buckle up because it’s the future. Imagine wielding the power of a marketing wizard without having to afford their six-figure salary. That’s exactly what becoming a fractional CMO is all about.

You see, as marketers we often forget that less can be more; but not when it comes to knowledge and expertise! By choosing to become a fractional CMO, you bring expert-level skills into multiple businesses at fraction of the cost and time commitment required by full-time roles.

Does that pique your interest? Keep going! Discover how you can shift from being an ordinary marketer.

Table Of Contents:

Understanding the Role of a Fractional CMO

The role of a fractional CMO, or Chief Marketing Officer, is one that’s growing in popularity. But why? And what exactly does it entail?

Defining the Fractional CMO Role

A fractional CMO works part-time for a company instead of being employed full time. A fractional CMO can be a major asset for businesses needing expert guidance and execution but without enough tasks to employ someone full-time.

Fractional CMOs typically bring their wealth of experience to guide marketing efforts, helping companies refine their brand messaging, identify ideal clients, improve client retention and more. Their job involves aligning business objectives with current marketing strategies while also staying abreast with changes in the digital marketing landscape.

This kind of professional might also spend time working on improving your sales pipeline or expanding your customer base by targeting new markets – whatever is needed most to help reach business goals. As they are not tied down by set hours like full-timers, they can adapt quickly as needs change.

Companies find value in this flexibility because it allows them access to expert advice without bearing the cost associated with employing someone at such level permanently; hence saving on overall CMO costs which could otherwise be prohibitive especially for startup companies.

Fractional CMOs usually juggle multiple roles across different companies giving them a broader perspective about industry trends and best practices from various sectors, thereby enabling innovative problem-solving approaches within each organization they serve.

Interestingly, the fractional CMO model is gaining traction. The value they bring to businesses has led to a rise in their popularity with companies seeking top-tier marketing strategy and execution without the need for a full-time commitment.

Key Takeaway: 

 

A fractional CMO is a part-time marketing leader who brings their expertise to help businesses refine strategies and achieve goals. They offer flexibility, adaptability, and cost savings for companies not needing full-time executives. Juggling multiple roles across different sectors also lets them introduce innovative problem-solving approaches.

Transitioning into a Fractional CMO Role

Becoming a fractional CMO requires more than just a change in job title. It’s about adopting new strategies, adjusting to flexible work hours, and often dealing with multiple companies at once. The transition from full-time to fractional isn’t always smooth, but it can be made easier by understanding the demands of the role.

The shift starts with realigning your marketing strategies. As studies show, companies that align their business objectives and marketing plans are three times more likely to reach their goals. This means you’ll need to spend time learning each client’s unique target market, sales pipeline, and current marketing efforts.

Finding Your Niche as a Fractional CMO

In order for your consulting role to truly shine, find an industry or two where you already have solid experience and connections. For instance, if you’ve spent years working on startup companies’ digital marketing campaigns, then that might be your ideal client base.

Your niche will also dictate how much clients are willing to pay for your services, so consider this when determining your fractional CMO cost structure. Remember though: while potential clients may balk at higher rates initially, they’re typically willing to pay premium prices for proven expertise within specific industries.

Gaining Certifications & Expertise

You don’t necessarily need formal certifications, but becoming a certified fractional CMO can lend credibility when attracting potential clients – especially those unfamiliar with what exactly ‘fractional’ entails. Check out our Fractional CMO Certification and License, which offers training and tools specifically tailored towards budding marketers wanting to transition into the world of the Fractional CMO

Maintaining Flexibility in Your Schedule

Retaining flexibility in your schedule is a major benefit of fractional work, as it’s typically done on a retainer basis, allowing you to set hours that suit your lifestyle and work with multiple companies at once. This means you can set hours that suit your lifestyle and work with multiple companies at once.

The key to successfully managing this type of schedule? Having excellent project management skills and being able to prioritize tasks effectively across all your clients’ projects.

Key Takeaway: 

 

Transitioning to a fractional CMO role involves adjusting your strategies, embracing flexible hours, and handling multiple companies. It’s crucial to align business objectives with marketing plans for success. Finding your niche enhances the value of your services while gaining relevant certifications can boost credibility. Effective project management skills are key in managing a flexible schedule.

Benefits of Hiring a Fractional CMO

If you’re a business owner, the thought of hiring a full-time Chief Marketing Officer (CMO) may have crossed your mind. But have you considered going fractional? A fractional CMO can offer some compelling benefits.

Cost-Effectiveness of Hiring A Fractional CMO

The cost difference between hiring a full-time and fractional CMO is staggering. In fact, opting for a fractional route can be significantly less costly than its full-time counterpart. You only pay for what you need – this flexible model lets companies save on overheads while still benefiting from top-tier marketing expertise.

Apart from savings in salary expenses, businesses also reduce costs associated with benefits and other employee perks that are usually provided to permanent hires. This makes it an affordable option especially for startups or small to mid-sized firms that want expert guidance without burning through their budget.

This financial advantage extends beyond just cost-saving; it’s about value maximization too. With no long-term commitment required, businesses can tap into seasoned marketing professionals’ skills and knowledge base as needed – getting maximum bang for every buck spent.

Fractional CMOS bring years of experience across multiple industries which means they’re quick off the mark when designing effective strategies tailored to specific business objectives. They understand current marketing trends like digital media landscape shifts or customer preferences evolution because they work with various clients across sectors concurrently.

In essence, hiring one is like having access to several experienced marketers at once but at higher rate efficiency. These specialists provide comprehensive solutions rather than disjointed efforts typical within large organizations where departments often operate in silos – making them great additions particularly if your company lacks an established marketing department yet needs strategic direction.

And let’s not forget about the flexibility. Unlike a full-time CMO who works standard office hours, fractional CMOs operate on a retainer basis. They can adjust their schedule to meet your company’s unique needs – providing extra support during product launches or scaling back in slower periods for instance – ensuring resources are optimally utilized at all times.

So, if you’re looking for different methods…

Key Takeaway: 

 

Choosing a fractional CMO over a full-time one can be an affordable, value-packed move. You get top-tier marketing expertise without hefty overheads and flexible support that adjusts to your business needs. Plus, you tap into the wealth of experience from multiple industries for effective strategies tailored to your objectives.

Skills and Expertise of a Fractional CMO

A successful fractional CMO is more than just a marketing expert. They possess the capabilities to think strategically, resolve issues, construct teams and direct businesses. But what exactly sets them apart? Let’s dive into their unique skill set.

Tech Savvy

The digital landscape evolves rapidly; therefore it’s crucial for fractional CMOs to stay ahead of the curve. Knowledge in key resources such as digital tools for day-to-day tasks can significantly impact their success.

Versatility

Fractional CMOs typically juggle multiple companies at once, adapting strategies to various markets and customer bases with ease. This ability to switch gears swiftly while maintaining effectiveness is an invaluable trait that comes from extensive marketing experience.

Strategic Approach

An effective fractional CMO knows how to align current marketing strategies with overall business objectives – a task three times more likely to yield goal achievement according to studies. Strategic thinking combined with a deep understanding of the client’s target market drives great results in this role.

Salesmanship & Client Retention Skills

Beyond crafting stellar campaigns or setting up an efficient sales pipeline, these professionals also need excellent consulting skills – being able not only attract potential clients but keep them engaged over time too.

Pricing Strategy Development

An overlooked yet critical part of the job involves determining fair pricing structures based on value delivered rather than hours worked. This higher rate strategy allows businesses access top-level expertise without bearing full-time costs.

Leadership & Management Skills

Fractional CMOs are often tasked with leading the marketing team or department, requiring strong leadership skills. The ability to guide a group towards shared goals while fostering an environment of growth and learning is paramount.

In conclusion, stepping into the shoes of a fractional CMO isn’t just about mastering traditional marketing roles. It’s all about welcoming change and smartly using technology to drive business success.

Key Takeaway: 

 

A successful fractional CMO is a tech-savvy leader who can juggle multiple companies, adapt strategies swiftly, and align marketing with business objectives. Their skills go beyond crafting campaigns – they’re also excellent consultants who develop fair pricing based on value delivered. It’s not just about mastering traditional roles; it’s about embracing change and leveraging technology for success.

Scaling Your Fractional CMO Business

If you’re a fractional CMO, growth is always on your mind. But it’s not just about gaining more customers; it is also essential to provide superior services and make sure clients stay. Scaling requires optimizing every facet of your business from acquiring new clients to delivering top-notch service.

Adopting Value-Based Pricing Models

The pricing model you adopt can significantly impact the scalability of your business. One strategy that many successful fractional CMOs use is value-based pricing.

In contrast to hourly rates or fixed retainer fees, value-based pricing models focus on the tangible results you deliver for your clients rather than how much time you spend working for them. This approach lets businesses see exactly what they’re paying for and allows fractional CMOs to scale their revenue without necessarily increasing workload.

You might be wondering how this ties into scaling a marketing agency-like operation where multiple companies are being served simultaneously by one chief marketing officer? Well, let me tell you – with such an arrangement comes great job responsibility but also higher rate earning potential. With this strategic approach in place, potential clients often feel more secure knowing they’re getting bang for their buck while certified fractional CMO’s get paid commensurate with the outcomes they drive rather than simply trading hours for dollars.

This shift towards outcome-driven work isn’t just good news for us marketers – it benefits our customers too because we become more focused on driving real change within their organization instead of ticking off tasks on our daily list. It helps create stronger relationships built around mutual success which leads to increased customer loyalty and therefore long-term sustainable growth both parties benefit from.

Remember, becoming a fractional CMO doesn’t mean you have to sacrifice the quality of your work or client relationships. By adopting strategies like value-based pricing and focusing on results-driven services, you can effectively scale your business while continuing to deliver top-notch marketing leadership.

Key Takeaway: 

 

Growth Strategy: As a fractional CMO, scale your business not just by adding clients but delivering quality services and retaining them. Optimize all facets of your operations.

 

Value-Based Pricing: Making a shift from hourly rates to value-based pricing can be game-changing. This model gives you rewards based on tangible results, not just the hours worked. It’s an approach that allows your revenue to scale up.

Building Networks as a Fractional CMO

Networking is vital for any fractional CMO. It’s like the roots of a tree, spreading out to support growth and stability. Building professional relationships with other marketing leaders can open doors to new opportunities, help you stay updated on current marketing strategies, and provide key resources when needed.

Your network might include fellow fractional CMOs who understand your role intimately. They can offer advice based on their own experiences and even refer potential clients if they are unable to take them on themselves. Having a robust network of other fractional CMOs creates an ecosystem where everyone supports each other’s success.

The power of networking doesn’t stop at just connecting with peers though; it extends into the business world too. Your connections could be prospective clients or people who can introduce you to ideal clients within your target market.

Finding Networking Opportunities

To build these important connections, you need places that attract like-minded professionals in the field—marketing events (both online and offline), seminars, workshops are great starting points. But don’t forget about digital platforms. Social media sites such as LinkedIn make it easy for certified fractional CMOs typically involved in multiple companies simultaneously to connect across geographies.

An active presence here lets others see what kind of work you’re doing which adds credibility – because seeing is believing.

Nurturing Relationships

A well-built relationship requires more than just exchanging business cards or adding contacts on LinkedIn; nurturing those relationships through regular interactions is essential. This involves sharing insights from your consulting experience regularly or providing helpful feedback – remember that giving often receives.

The Payoff of Networking

Investing time in networking might seem like a daunting task with no immediate returns. By taking the time to build your network, you can create a strong support system for yourself when dealing with changing marketing trends and open doors to new clients or partnership opportunities.

Networking might just be the key to landing your next big client or unlocking a profitable partnership opportunity. It’s a must to concentrate on creating those ties.

Key Takeaway: 

 

As a fractional CMO, think of networking as the roots supporting your growth. It opens doors to new opportunities and keeps you in touch with current marketing strategies. Not only fellow CMOs but also potential clients are crucial parts of this network. Remember, places like marketing events or digital platforms such as LinkedIn can be excellent hubs for building connections.

Future Trends in Fractional CMO Practice

The practice of fractional CMOs is not static; it evolves with the ever-changing marketing landscape. It’s no secret that technology advancements and market growth are shaping this evolution, making for exciting future trends.

One major trend to note involves digital transformation. Today’s digital age necessitates tech-savvy leaders who can navigate the sea of data analytics, AI-powered tools, and automation platforms. This demand aligns perfectly with a key strength of fractional CMOs: their vast experience across multiple companies gives them an edge when implementing new technologies or refining current marketing strategies.

Fractional CMO services are also growing due to economic factors like budget constraints and fluctuating business needs. For startups seeking high-level marketing leadership without the full-time cost commitment, a certified fractional CMO fits right into their strategic approach.

Tech-Driven Marketing Strategies

A big part of future trends revolves around how we use technology to enhance our marketing efforts. The power vested in advanced analytics allows us marketers to pinpoint ideal clients better than ever before by evaluating customer behavior patterns down to minute details—giving rise towards more personalized messaging strategies.

Growth Potential Highlighted By Ad Spend

To understand just how much potential there is for growth within the field itself, consider this stat: Global ad spend is expected to exceed $1 trillion by 2024. That figure underscores the potential of the fractional CMO business. As ad spend grows, so too does the need for experienced marketers who can strategically allocate those funds.

Consulting Experience Pays Off

Many fractional CMOs have a consulting background, which provides them with a unique skill set to navigate changes in the marketing landscape. The ability to adapt and provide expert guidance is essential as new trends emerge—be it shifts in consumer behavior or advancements in MarTech tools.

So, if you’re eyeing career paths that can stand strong against economic ups and downs and tech advancements—consider a Fractional CMO role. It’s an option that offers stability in uncertain times.

Key Takeaway: 

 

With your consulting background, you’re well equipped to adapt and strategize fund allocation in this fast-paced market. Navigating data analytics, AI tools, and automation platforms becomes a breeze with your cross-industry experience. As we approach an era where ad spend is projected to skyrocket past $1 trillion by 2024, the demand for seasoned marketers like you who can tactfully navigate these waters has never been more vital.

FAQs in Relation to Become a Fractional Cmo

How do you become a fractional CMO?

To morph into a fractional CMO, amass experience in marketing leadership roles, master the latest strategies and tools, then offer your services on an as-needed basis to businesses.

How much do fractional CMOs make?

The cash pull for Fractional CMOs can range widely. Based on their skills and client base, they may bank anywhere from $60k to $200k yearly.

How much should you pay a fractional CMO?

Forking over between $1.5k-$10k monthly is typical when hiring a Fractional CMO; however this depends heavily on their expertise level and your business needs.

What does it mean to be a fractional CMO?

A fractionally-employed Chief Marketing Officer provides top-tier marketing strategy part-time or per project rather than full time – helping businesses cut costs while maintaining quality.

Conclusion

Cracking the code to become a fractional CMO isn’t as complex as it seems.

The role is all about flexibility, impact and mastery in marketing. You’re stepping into multiple businesses, helping them align their marketing strategies with business objectives without requiring full-time commitment or cost.

You’ve learned that transitioning from a full-time CMO to a fractional one requires certain skills – strategic thinking, experience in various industries, proficiency in digital tools – but brings significant rewards too. Cost-effectiveness for your clients and scalability for your practice being just two of them.

Beyond this though lies networking opportunities with other professionals who are walking similar paths; sharing insights can help you navigate future trends and market growth potential more effectively.

You can build all of this on your own or you can license our entire Fractional CMO system and start scaling your business today.