There's no question that dealerships are increasingly looking for fractional CMOs to help them manage their day-to-day operations and grow their businesses. According to a CA Technologies Institute study, companies with Fractional Chief Marketing Officers perform better than those without.
A fractional CMO provides unique perspectives and strengths to help your dealership achieve its strategic objectives. This position falls into a new category of executive leadership within the marketing organization and requires a different skillset and perspective than traditional full-time CMOs. Below are some signs that your dealership may need a fractional CMO :
You're Not Generating Enough Revenue via Strategic partnerships or Acquisitions: A fractional CMO can help identify and explore new revenue opportunities outside of the dealership's normal sphere of operation. If you find yourself struggling to generate new revenue, this might be a sign that it's time to reassess your business strategy and tap into new markets.
Your dealership is growing slower than you'd like it to. For a dealership to grow, it needs to generate more revenue and expand its reach into new markets. However, if your dealership isn't expanding quickly enough, this could indicate that there are areas of your business where you could focus more attention in order to accelerate growth. A fractional CMO can help identify areas of growth potential and take appropriate action accordingly.
You're Not Focused on Customer Retention or Engagement: A fractional CMO can help focus your marketing efforts on key customer segments and ensure that your messages reach the people who need them most. This will ultimately lead to higher customer retention rates and increased engagement with your brand.
Your PR Efforts Aren't Bearing Fruit: When it comes to attracting attention from the media and driving positive word of mouth, a fractional CMO can provide essential support. If your PR efforts aren't resulting in the desired results, it might be time to reassess your strategy and focus on more effective channels.
Your dealership doesn't see value in New Technologies or Business Models: A fractional CMO can help identify which new technologies or business models resonate with your customers and help you capitalize on this trend. If you're not seeing a high adoption rate for new products or services, this could be a sign that you need to rethink your marketing strategy or reconsider your business model.
There Is Limited Oversight or Management of Resources Within Departments or Areas of Strategy
This could mean that departments within your business are operating without any oversight or management from above; this can lead to chaos and confusion. Fractional CMOs help to establish clear priorities and track progress against those objectives. This allows leaders to make better decisions and allocate resources where they most need them.
Activities Are Being Initiated Without Clear Strategy.
If activities are initiated without a strategic plan, no one will know how to get them done or where they should go next. With a strategy, your company can stay caught up with opportunities. Fractional CMOs can help create a roadmap and assess progress along the way. This ensures your company is taking the right steps forward and benefiting from the current plan.
The dealership's Business Model is Evolving or Uncertain
If the dealership's business model is constantly evolving or it's unclear what the dealership plans to do next, a new CMO might be necessary to help guide the dealership in the right direction. If there are doubts about whether the current strategy will succeed, it might be time to make a change.
There Are No Standard Processes or Practices Across Multiple Business Areas. A lack of standard processes can lead to inconsistency and chaos across different parts of an organization. This disrupts the workflow and ultimately inhibits efficiency. Fractional CMOs work with teams to create standardized processes that help everyone in the company operate more effectively and efficiently.