Your first step as a CMO should be to establish an efficient funnel that regularly converts people into customers. Once you do that, it’s not always clear what to do next. The next step is to innovate.
You must always be looking for ways to keep moving and innovating to stay ahead of the relentlessly encroaching competition. Other companies will be able to overtake your market share faster than it took you to carve it out.
The deeper you’re in, the more the customer matters. Gaining a better understanding of the customer and their wants and motivations is what inspires innovation. Find all the problems that exist, even if you can’t solve them.
Work with the product team to either develop or find a product that satisfies those other needs. Look for ways to increase the lifetime value of a customer.
The cost of selling an existing customer another product is very low, there’s virtually no acquisition cost and they already have a relationship with the company or brand. You just need to find a way to leverage that relationship.
The role of the CMO is to think through how to solve problems so that the business grows.
Ask yourself, “how do you get deeper with the customer to find additional products or services to extend the customer lifetime value?”
”The lack of innovation is the death of the company“
We are excited to announce the Fractional CMO Community Facebook Group. This aims to be a place where Fractional CMOs or marketers considering becoming a Fractional CMO can connect and share ideas.
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