Retail Businesses in New York: Is It Time To Hire a Fractional CMO?

It would be an understatement to say that the retail industry in New York City is booming. According to a report by the National Retail Federation, the Big Apple is home to around 267,000 retail establishments. For businesses operating in NYC (and most anywhere), marketing and trying to gain (and keep) customers might be a hurdle. However, it’s easier said than done.

We recommend hiring a New York City fractional CMO who can provide a helping hand with your marketing efforts and take the stress out of your life. 

So, is it time to bring on a New York FCMO? You’re in the right place: That’s what this guide is for! 

By the end of this article (almost as fast as a New York minute), we’ll cover what a New York FCMO for retail marketing does and what considerations to make before hiring one. Plus, Jason has a few points to make on that as well, with this video:

What Is a Fractional CMO?

A fractional CMO is a C-suite level marketing professional with years of experience across different industries. In other words, they’re the real pros who can make a big impact on your company.

Their role is to provide a clear marketing direction for the company and increase the group’s growth and visibility. They bring skills in market research, campaign execution, and a strong grasp of all the different marketing channels to create strategies that align with the company’s goals.

What makes them different from full-time CMOs is they are only hired on a part-time or contract basis, meaning you are only paying for a fraction of their time. This makes them more affordable than full-time CMOs because you do not have to worry about full-time expenses, like monthly salaries, insurance, or other overhead costs.

A fractional CMO’s specialties include, but are not limited to:

• Branding and identity
• Market research
• Competitor analysis
• Customer research
• Campaign execution and analysis
• Marketing leadership

Benefits of Hiring a New York FCMO for Retail Marketing

Many New York businesses have thrived and continue to thrive thanks to the magic (aka science) of marketing. Yours could be next!

Here are a few reasons to say yes to a New York fractional CMO for your retail business:

Strong Branding and Identity

The importance of a digital brand is becoming more apparent with businesses everywhere establishing themselves online. Newer businesses are often trying to find what sets them apart from their competitors, especially in a saturated market.

Fractional CMOs are branding specialists who can help a company develop its own identity. They help brands figure out what makes them special, their values, mission, and vision, and how they can positively impact their customers’ lives.

Along with this, they also help create a company logo, slogan, or other unique visual elements that help your brand stand out.

Proven Marketing Expertise

Due to the lack of experience in the field, retailers might not know how to develop a full marketing campaign. That makes a lot of sense! After all, retailers have so much on their plates with running a business in perhaps the most competitive city in the United States.

Here's another reason to bring an FCMO on board:

Fractional CMOs have a stellar track record working in multiple industries (and the case studies to prove it). Their years of experience and wide skill set allow them to come up with innovative ideas, provide cross-industry insights, and successfully implement effective marketing strategies. 

With their incredible background working with dozens of companies (including Fortune 500 and Fortune 1000) and a rock solid understanding of market trends and technologies, FCMOs are adaptable to any situation. No challenge is too difficult for them to take on and no detail is too small to miss.

Personalized Marketing Campaigns

It’s the fractional CMO’s responsibility to help the company achieve its ROI goals with data-backed and personalized marketing strategies.

A New York FCMO for retail marketing helps think of marketing plans that align with the company’s goals. They also analyze your company’s current situation, identify areas for improvement, and come up with cost-effective solutions.

Additionally, one of the advantages of having an FCMO on your team is they put objective, data-driven ideas into action without relying on bias or guesswork to move the company forward. This makes it easier to measure results, adjust plans going forward, and show you exactly where your money is going.

Market Leadership

Retailers don’t typically have the bandwidth to lead a whole marketing team, a fractional CMO can fulfill that role and provide guidance and mentorship to everyone. Having an expert on your team opens up opportunities to learn new things and improve on current skills.

Fractional CMOs have a natural leadership with experience and credibility that spans years. They take charge of overseeing the entire marketing process and sharing their professional guidance every step of the way, helping your group overcome even the biggest business challenges. 

FCMOs also delegate tasks to the most appropriate team members and work closely with other departments to ensure maximum efficiency. They are also a source of motivation and encouragement to your team of marketers, instilling confidence and the skills to take over when the FCMO is no longer needed. 

That’s one of the great things about FCMOs: As temporary workers, they’re not meant to be there forever. Your team is trained to take over, making FCMOs even more cost-effective.

Increased Flexibility

Businesses in the retail industry often struggle with tight budgets and limited resources, making it difficult to effectively manage everything.

Since the retail industry has a lot of moving parts, FCMOs can strategically allocate available budgets and resources to maximize efficiency. This ensures that every dollar spent contributes to the company’s growth as a whole.

This provides much-needed flexibility, which is a huge advantage for retail businesses. It allows them to adapt to market fluctuations and stay competitive. (Speaking of staying competitive, New York FCMOs can even make eCommerce easy.) 

Who Needs a Fractional CMO?

Here are three signs it’s time to hire a New York FCMO for retail marketing:

You Need Help Maximizing Your Budget

Whether you’re working with a leaner budget or just want to make the most of every dollar, a fractional CMO may be an ideal solution. You have access to professional-level services for a fraction of the cost and without the full-time commitment of a full-time CMO or in-house marketing team.

Aside from that, with an FCMO’s help, you do not have to worry about excess spending. FCMOs help maximize every dollar in your budget. For example, DAP’s FCMO’s work with DecisionLink: 

DecisionLink was facing a high customer acquisition cost and needed to lower that while also increasing their conversion rate. Our FCMO set up a full website redesign with unique videos and images for every page, leading to high-value MQL & SQL leads. The keyword strategy and content work brought in a 178% increase in organic search. 

The overall effect was incredible and proved that FCMOs have what it takes to take their clients to the top.

You Want to Improve Past Campaigns

If you implemented a campaign before that didn’t quite have the desired results, consider seeking a fractional CMO’s help. 

FCMOs bring a fresh and objective set of eyes to a campaign and can pinpoint where exactly things went astray and what to do to get everything back on track. This perspective allows creative leaders to spot details that were previously overlooked. Identifying the problem is only half the battle; FCMOs provide the supercritical other half—the solution. 

You're Looking for Training and Guidance for Marketing Staff

Fractional CMOs aren’t just leaders; they also empower and inspire your current marketers. If you feel like your team could use some encouragement and advice from an industry professional, look no further than a fractional CMO.

Fractional CMOs are like coaches for marketing teams. They bring a wealth of industry knowledge and help team members hone their skills in various areas and identify skill gaps. They also help foster a collaborative and holistic marketing mindset, which ultimately contributes to positive results.

Is a Fractional CMO Worth It?

Whether you need an FCMO now or it’s on the horizon, it can be an incredibly valuable and incredibly easy solution to overcoming long-standing hurdles. 

If you really want to shoot for the stars and make a difference with your brand, then yes, we think a New York FCMO for retail marketing is absolutely worth it.

FCMO services are a practical and worthwhile investment to meet long and short-term goals at a relatively low cost. 92% of companies say they wish they’d have brought in an FCMO sooner, reporting 4.5 times more leads with an FCMO steering the ship.

Need a Fractional CMO? Let’s Talk!

Every retailer deserves a fair chance to take on the Big Apple. One thing is for sure: The chances of success are much higher with a fractional CMO.

If you want to team up with an FCMO, Digital Authority Partners can help you find the right one. We are a New York City digital marketing agency that helps businesses of all sizes and industries improve their marketing strategies with our fractional CMO services.

Let’s set up a time to talk if you have any questions or if you’re interested in a free consultation with one of our New York FCMOs!