Marketing is one of the most crucial aspects of growing a small business, but implementing it efficiently has never been an easy task. Businesses that have limited resources find it more challenging to market their products and services effectively. Moreover, choosing the right expert to guide them through the process of marketing can be confusing. While it may seem like a matter of semantics which type of marketing expert you hire, the real difference comes down to the services you’d like to focus on. This guide will help you understand which approach matches your needs.
Let’s dive in, starting with some definitions.
What Is a Fractional CMO?
A Fractional CMO (Chief Marketing Officer) is a part-time executive who takes on the role of a traditional, full-time CMO without being tied to the organization on a full-time basis. This professional is typically responsible for developing and managing a company’s marketing strategy, ensuring alignment with the company’s overall business objectives. A Fractional CMO is an ideal option for small to medium-sized businesses that require high-level marketing expertise but may not have the resources or the need for a full-time executive. With their experience and strategic insight, they can help a company drive growth and achieve their marketing goals more effectively.
For instance, let’s consider a startup technology firm that has just secured its first round of venture capital funding. The firm has an innovative product and a clear target market (product-market fit), but lacks the marketing knowledge and experience to effectively get the word out and generate sales. With limited funds, hiring a full-time CMO isn’t a viable option. This is where a Fractional CMO can step in. With their extensive experience, they can quickly understand the business, identify the most effective marketing channels, and create a robust marketing strategy. This allows the firm to benefit from high-level expertise without the expense of a full-time executive, ensuring the firm can effectively grow its customer base while managing costs.
Key Differences:
• A Fractional CMO should be a long-term engagement.
• Fractional CMOs will focus on long-term growth strategies
• Having a Fractional CMO available as part of the executive team ensures marketing gets representation from the management level.
What is a Marketing Coach?
A Marketing Coach is a professional who provides guidance, support, and advice to business owners or marketing teams to improve their marketing skills and strategies. Unlike a Fractional CMO who oversees and manages an entire marketing strategy, a Marketing Coach typically works more closely with individuals or teams, helping them to develop their marketing skills and knowledge. This enables the business to handle their marketing efforts more confidently and efficiently, fostering growth and success. A Marketing Coach is a great option for businesses that want to build in-house marketing expertise or for those with a marketing team that may need guidance to maximize their performance.
For example, a business that has just launched a new product line might benefit from a Marketing Coach. The business already has a marketing team in place, but this is their first time managing a product launch of this scale. The team is enthusiastic and talented, but they lack experience in certain areas, such as digital advertising and content marketing. In this case, a Marketing Coach could provide invaluable guidance, teach the team new skills, and help them navigate the challenges of the product launch. By leveraging the expertise of a Marketing Coach, the business can ensure a successful product launch while simultaneously enhancing the skills and capabilities of their marketing team.
Key Differences:
• A Marketing Coach focuses on developing the skills of your in-house marketing team
• If you know you want to eventually have a high-functioning marketing team, a Marketing Coach is probably right for you.
• When choosing a Marketing Coach, make sure they have the appropriate skillset and management style to be embraced by your marketing team.
What is a Marketing Consultant?
A Marketing Consultant is an external advisor who brings specialized expertise in marketing to a business. Unlike a Marketing Coach, a Marketing Consultant generally takes a more hands-on approach in a project-based manner. They delve into the company’s current marketing strategies, identify areas for improvement, and devise comprehensive marketing plans to achieve the business’s objectives. Consultants are typically hired for specific projects or initiatives, such as a rebranding effort or market entry strategy. They analyze market trends, competition, and the company’s standing to provide actionable insights and recommendations. While they may provide training as part of their services, their primary role is to drive strategic marketing initiatives for the business.
A small business, let’s say a local organic food store, might choose to hire a Marketing Consultant for several reasons. For instance, despite having a loyal customer base and strong product offering, the store may be struggling to expand its reach in a highly competitive market. A Marketing Consultant would conduct a deep-dive analysis into the store’s current marketing efforts, assess the competitive landscape, and evaluate market trends in the organic food industry. With this data, the consultant could devise a targeted marketing strategy, perhaps focusing on digital channels to reach health-conscious consumers beyond the local area. This hands-on, project-based approach would allow the small business to leverage expert insights and recommendations, potentially leading to increased brand visibility and market share.
Key Differences:
• Businesses that engage marketing consultants typically have a specific need or project that they need to fulfill.
• Businesses hiring a Marketing Consultant should focus on specific area expertise. For example, a pay-per-click consultant should have deep experience in this type of advertising, and an impressive record of quantifiable results.
Can a Marketing Expert be All Three?
I’m definitely biased, but the answer is a resounding yes. It’s all about the focus of the relationship, which goals are most important, and the right mix of experience for your needs. So while I consider myself adept as a Fractional CMO, I would approach that engagement differently than I would a Coaching engagement (which I am also adept at, because I have a long history of developing exceptional talent). Similarly, I would take on some jobs as a Marketing Consultant that match my particular skills and experience (overcoming lack of resources with bigger ideas and smarter tactics, go-to-market strategy, brand strategy, etc.)
What Next?
When hiring a marketing expert, it is important to take the time to properly vet them and ask questions about their experience and expertise. Ask for references from past clients and make sure that you communicate your expectations clearly. A good marketing expert should be transparent, experienced, and have a proven track record of success. Once you find the right professional for your business, you can start implementing and executing your marketing strategy.
If you’d like to gain even more clarity about which role is right for your business, feel free to contact me for a free assessment.