The decisions made in the formative years of a firm can have major consequences further down the track. For example, if a software brand is launched with a positioning of being the ‘cheapest on the market’, it can be difficult at a later stage to reposition in a premium segment where deep functionality is required. Or if the brand’s trademarking has not been carefully considered, you might just find yourself facing a legal challenge from a similarly branded firm.
Nevertheless, for software firms that are either in start-up mode or growing rapidly, taking the time to hire a marketing resource may not seem attractive. The emphasis is often on getting the first beta clients on board, debugging the software or adding further functionality. Marketing can often become a ‘side show’ for the CEO or even administrative staff with an interest in the area. Hiring a full-time CMO may also be financially impossible, and it might be hard to know when it’s time to commit to investing in a FCMO.
If you haven’t considered the benefits of hiring an outsourced Chief Marketing Officer for your fintech company, now is the time; you commit a fraction (fractional) of the cost of a full-time Chief Marketing Officer, paying only for the time used, e.g. a few hours a week long-term, short-term contract or for specific projects. This enables your company to experience the expertise of a CMO without committing to a full-time marketing executive.
In this six-step checklist, we guide CEOs within fintech firms through our process of devising and implementing a marketing strategy as a fractional CMO.
