Unlock New B2B Markets with Fractional Help
This article was published on September 3, 2021
Categorized in: Digital Marketing
When a Fractional CMO is hired, it’s often with the general guideline to run the marketing department for the company. This is the general role a Fractional CMO could take. However, beyond that, companies have additional desires and goals, and one of them could be the desire for them to find new B2B markets. This is a comprehensive, often time-consuming endeavor that usually takes a lot of prep and research. Here’s a look at some of the things a Fractional CMO could do to unlock new markets:
Gain Insights through Market Research
The market research phase of finding new markets could take a while, and this task is best delegated to the Fractional CMO, rather than using any of your in-house resources. This is what the research phase would entail:
- Market Research. Conduct market research themselves or develop frameworks for others in the staff to conduct it.
- Customer Analysis. Now is the time to analyze customer habits, behaviors, and pain points.
- Know the Competition. Determine what your competitors are doing and if you can find any gaps.
This process could take anywhere from a few days to several months. It all depends on the existing state of the business, the industry, and how long the company has been in business. Once the research phase is complete, the Fractional should be able to find at least one or two new markets to try.
Develop a Strategy to Move Into the New Market
Once it is clear which market the Fractional CMO will work on getting your company into, it is time to develop a strategy. For a Fractional, this is a lot more of a comprehensive process than you night realize. It takes a strategic perspective to really get it done correctly. It includes:
- Strategy Development. Make sure it aligns with overall company goals while also finding a way to carve a space in the new market.
- Target Audience. Consider the audience to target because this is the backbone of the new market – the audience could behave different than what you are used to.
The Fractional CMO needs to develop the strategy and communicate with other departments on the part they can play to accept the changes needed to move into the new markets.
Scale More Effectively with a Fractional CMO
Let’s say you hire a Fractional CMO with the sole purpose of having them help you get into a new market. Once that project is complete, you realize it is nice to have a CMO on your staff to help you run the marketing department. Rather than hire a full time CMO, you could keep the Fractional CMO on staff and maybe reduce their hours.
You can scale up or down, depending on what is going on with the company and the tasks they are needed for. If you just need them to run the department with no special projects or tasks, you won’t need as many hours. The nice thing is that it is scalable.
As you can see, a Fractional CMO can absolutely help you get into new B2B markets, among other things. The nice thing about having a Fractional is that it is scalable and you only pay for what you need.
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About the Author: Brick Marketing President, Nick Stamoulis
Nick Stamoulis is a digital marketing expert and President of Brick Marketing. With 25+ years experience, he specializes in solving complex digital marketing challenges through SEO, content marketing, social media, PPC, email marketing, SEO for AI (GEO) and conversion optimization.
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