In 2020, we saw marketing budgets slashed dramatically in response to the pandemic. While it may be tempting to do the same in response to an economic downturn, it’s important to resist the urge. Studies have shown that companies that maintain or increase their marketing spend during a recession actually outperform their competitors when the economy recovers. The key is to be strategic about how you utilize the budget you have.
If your end goal is to sell your company or go public, you will need to do more than bring in new business. Yes, revenue is a primary driver for valuation. However, to maximize your return, you’ll need a comprehensive strategy that catapults your brand into a must-have asset.
The average tenure for CMOs fell to 40 months in 2020, the shortest it has been since 2009, according to research from leadership advisory firm Spencer Stuart. Why? Sometimes it’s just hard to find the right fit. It’s no doubt expensive to recruit a CMO and more so if they leave. The rise of the Fractional CMO makes sense in today’s gig economy and can be a great option for companies of any size and industry. Here are four questions to ask to know if one is right for YOUR business.
Having a CMO can be critical to your business planning process and gives your marketing team the strategic oversight they need. But if your budget doesn’t accommodate hiring a full-time CMO, a fractional CMO can provide the same benefits without the high costs.