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What is a Fractional CMO?
Thu, Jun 30, 2016 — A Fractional CMO is a marketing executive to help with customer acquisition, sales development and company growth. Your company gets executive experience without the full-time cost. The idea of a mid-sized company hiring a fractional executive is not new. Virtual CFOs, for example – pioneered by companies like Tatum and vcfo – have been around for decades. They can bring incredible value to companies where having a full-time CFO wouldn’t make sense, either fiscally or even practically due to the typical scope of challenges needing attention. Yet, as one private equity principal once shared with me, “I know what I’m going to get with a fractional CFO. But I don’t have that same level of clarity if I hire a fractional CMO.” It’s no wonder. Marketing, as a discipline or an activity, has a wide range of definitions. For example, most of us consider “marketing” as the activities we deploy to take our products and services to market, or attract customers to our business or offerings. Or in short, marketing is largely promotional activity. Yet consider someone who gets their MBA in Marketing. A syllabus from The University of Texas (PDF) shows most of the coursework is focused on disciplines not directly related to promotion. So what gives?
Top 12 (Plus 1) Leadership Skills I Learned from Boy Scouts
Tue, Feb 2, 2016 — Robert Fulgrum reminded us that “All I Really Needed to Know I Learned in Kindergarten” when he published his book of the same name. We’re told that if we: Share Everything Play Fair Don’t Hit People… …along with 13 more basic principles we will surely have a successful life. Well, he didn’t exactly say that, but certainly he asserts our lives would be more peaceful and our society less caustic.
Hiring the Right Marketing Consultant: A Quick Guide
Tue, Oct 20, 2015 — Different Kind of Hiring Hiring a marketing consultant is not exactly like hiring an employee. Here’s why: A consultant should bring value more quickly to your company The problem you are trying to solve is likely finite, not on-going You should expect a consultant’s fees to be disproportionate to a salary So in a nutshell, you should be on the lookout for a firm with an individual who has the experience and track record to quickly add value, and expect this impact will come at a premium as compared to hiring an employee.
CEOs: Want More Energy? Manage These 5 Buckets
Mon, Sep 22, 2014 — The annual “fill-up” for my leadership bucket comes every August when I attend the Global Leadership Summit – an event that reaches 180,000 leaders around the world. With presentations from amazing leaders – this year including Geoffrey Immelt, Carly Fiorina, Tyler Perry, Patrick Lencioni, plus a number of faith-based CEOs and even pastors – the event covers the gamut for honing leadership skills. Bill Hybels, the man behind this 20-year happening and whose messages are always a highlight, released his new book “Simplify” coincident with the Summit. The premise of the book is this: Leaders who focus on 5 simple areas of their lives will find more clarity and activate more energy to accomplish their God-given purpose on earth. Wow.
The Beatles CMO - Change Agent
Wed, Feb 12, 2014 — In 1997, Paul McCartney said, “If anyone was a Fifth Beatle, it was Brian.” In my own reflection, manager Brian Epstein could also be called The Beatles CMO. Discovering the band in November 1961 in Liverpool after their many years in Hamburg, Germany playing mainly American rock songs, wearing their jeans and leather, Brian practically turned a miracle with his vision for their potential. Even after being rejected by virtually every record label of the day, Epstein found a way, earned more than any manager of his day (up to 25% of earnings after expenses) and helped build a legacy that seems to be without end. Foundation in Knowing the Market Brian Epstein ran a record store as part of his family’s business. He had the benefit of years of understanding the tastes of the buying public. From this purview, he watched fads ebb and flow.He also had plenty of opportunities to see bands live. He was so successful in his role as at NEMS music store, that when he finally met the Fab Four after a performance at The Cavern, it was Brian who held the most prominence. Reflecting on this meeting with The Beatles, Brian said, “I was immediately struck by their music, their beat, and their sense of humor on stage – and, even afterwards, when I met them, I was struck again by their personal charm. And it was there that, really, it all started.”
How We’re Going To Make $1 Billion (for the US Economy)
Mon, Nov 11, 2013 — “You Can Be a Millionaire and Never Pay Taxes” – Steve Martin, circa 1974 Okay. So I’ve used this reference before, but it really fits this story. It’s one of my favorite Steve Martin gags, when he says, “YOU can be a MILLIONAIRE and NEVER pay taxes.” How? “First, get a million dollars.” In some small way, the sketch makes this point: it takes money to make money. So, what’s it going to take to make $1B? As it turns out, only $200,000. And we know where it’s going to come from.
Small Business Thrashing: When Nimble Makes You Numb
Thu, Nov 15, 2012 — Opportunities Galore… This small company is 15 years old, and has a few million in sales. The founder has returned from semi-retirement to help lead and reinvigorate the team. In the past year or so, the firm introduced a number of innovative new services, including its first consumer-direct offering. It has also partnered with several adjacent industry players and is leading the effort to capture yet another clear opportunity. The small staff works tirelessly to support every new initiative while keeping the wheels on its core offering that delivers 85% of its revenue. While sales overall are not expanding and no one has received a pay increase in years, there are no complaints. These are good people. And they know the power of working nimbly and collaboratively. …But Hungering For Growth Like many of businesses of their size and age, this company hungers for faster, more predictable growth. They are tired of being small when they are part of a market that seems so promising. During our first meeting, it was immediately clear that the company leadership consists of a sharp group of professionals. In our exploratory work session (90 minute complimentary consultation) everyone engaged, all contributing, respectfully listening to new ideas, and adding value to our conversation.
The 3 Distinct Advantages of Vistage
Sat, Sep 15, 2012 — Leaders of mid-sized companies are pretty impressive people. As leaders, they bring insight, determination and courage to work every day. So where do the great CEOs of these companies go to get better? Some 16,000 mid-market leaders worldwide have figured a way to get expert advice – from each other. As a Vistage member, a roomful of CEOs during any given monthly meeting may be directing their focus on your business. Over time, they’ve gotten to know how you tick. And they’re providing insights; offering their experience; even holding you accountable from one meeting to the next. That’s the core value that Vistage brings its members. Chair Leadership The concept of CEO peer groups isn’t unique. But it’s highly effective. And Vistage has honed the practice to an art. By recruiting top business leaders still in their prime into the role of Chairs, then assembling “boards” of CEOs of similarly sized non-competitive companies, Vistage orchestrates an environment that is unmatched by any other CEO peer group organization that we’ve encountered at Chief Outsiders. Patrick “Pat” Mulligan of Austin knows the value of Vistage inside and out. As a young CEO, he joined Vistage in 1987 and learned firsthand how a peer group of business leaders could improve performance. Now, Pat is putting his decades of experience to use as one of the founding Chairs in Austin, and leader of 3 peer groups. There are several dynamics in his peer groups that work together to ensure value for his members:
9 Disciplines to Activate Collins’ 20-Mile March
Wed, Jul 25, 2012 — Discipline is Good, Right? In Jim Collins’ “Great By Choice” this pyramid model provides a framework for his trilogy-logical discussion. I’ve read this book wearing two lenses – one, as a principal in our firm, and two as a marketing executive. As a business leader, I aspire to a higher level of discipline in my leadership as well within my personal work ethic. As a marketer, I recognize – primarily from the past 10 years of expanding digitally-dominated marketing and dynamic market ecosystems – that discipline is indeed the capstone of success. Goes Against My Instincts The 20 Mile March is “Jim Collins code” for consistent, methodical and metered execution. He correctly calls it out as a choice or decision, even a strategy, for securing sustained growth. The argument goes against several mantras ingrained within me – “strike while the iron’s hot” “leverage your opportunities” “capture the moment”. No, instead, his research observed that companies win (and south pole explorers survive) when they meter their progress. How might this apply to our business at Chief Outsiders? Perhaps we should add one new major market a year to our firm, regardless of the market conditions. If it’s a tough year, we add one new market. If the economy is rocking and highly favorable, we still add only one new market. Collins’ research tells us the benefits of steady pace outweigh the opportunistic instinct to lunge ahead in good times or hunker down in tough times.