How to Build a High-Performing Marketing Stack for CMO Success
February 3, 2024
FRACTIONAL CMO IN CHARLOTTE, NC
Charlotte, North Carolina, has become a magnet for tech, innovation, and business growth. Companies like Red Ventures, AvidXchange, LendingTree, and Passport have emerged as key players, driving the city's economic development and pushing the boundaries of their respective industries.
Are you looking for a fractional CMO in Charlotte to bolster your marketing efforts? No surprise. For small to medium sized businesses with $5M-$50M ARR, the marketing strategy of a true C-level executive can drive explosive business growth. Here’s to success in the “The Queen City!”
Fortune 1000
Charlotte, North Carolina, has witnessed an incredible surge in its tech, innovation, and business landscape. A lot of that growth has been driven by big names. And Charlotte is no stranger to big names. According to the Charlotte Regional Business Alliance, Charlotte is home to 18 Fortune 1,000 companies. Companies like Bank of America, Lowe’s, Nucor, Goodrich, Honeywell and Truist Financial are some of the blockbuster brands leading the way.
Relocation to Charlotte
Increasingly, it’s a prime destination for companies seeking growth. One example would be startup unicorn Palmetto, who recently left Charleston, SC, for Charlotte. The cited reason? Charlotte’s talent pool and atmosphere of innovation.
It’s been noted internationally too. Nearly 600 foreign owned companies do business in the Charlotte metro region according to Charlotte Sights. Various notable manufacturers have relocated to the area, such as alpitronic America, who makes electric vehicle charging units. There have been so many relocations to Charlotte, CharlotteSights.com created a relocation guide.
Putting People First
Another standout success story is Red Ventures, a marketing and technology firm. Founded in Charlotte in 2000, Red Ventures has evolved into a multi-billion-dollar company with a diversified portfolio spanning industries like healthcare, telecommunications, and home services. Named one of Charlotte’s Best Places to Work, their CEO Ric Elias has made a point to put people first. As a result, it has become one of the city’s largest employers.
A Haven for FinTech
With such a strong financial services presence in the city, it’s no surprise Charlotte continues to draw FinTech talent. One example trailblazer in the Charlotte FinTech space is AvidXchange. AvidXchange provides “accounts payable automation software helps middle-market businesses and suppliers boost efficiency, accuracy and speed.” They process well over 50 million transactions a year worth $145B. The company itself sought a valuation of about $5B back in 2021.
Yet another FinTech success story from Charlotte is LendingTree, an online lending marketplace founded in 1996. LendingTree connects borrowers with a network of lenders, facilitating access to loans. Its user-friendly platform and commitment to transparency have fueled its growth.
Passport, a transportation payment software company is another example. They provide mobile payment systems for parking and public transportation. Passport’s rapid expansion has solidified its presence in the industry. This brings me to my next point.
The Startup Ecosystem
Charlotte’s startup ecosystem has also flourished. Notable incubators include Revtech Labs (HealthTech, FinTech and InsurTech), Start 100, the IBM Hyper Protect Accelerator, and EO Charlotte, just to name a few.
2ULaundry and Craftwork are a few of the happier names in town, the later of which just received a cool $4M in funding after participating in Y Combinator.
With a thriving community of investors, incubators, and co-working spaces, the city continues to attract and support entrepreneurs. A true hotbed of innovation.
For more thoughts about fractional CMOs for startups, please see our article A Fractional CMO for Startups.
Fractional CMOs Driving Growth
With all the action in Charlotte it shouldn’t be a surprise we have a growing roster of fractional CMOs there. This allows lower middle market companies to “rent the knowledge,” building out a growth engine in 4 months.
Additionally, we have several throughout the Southeast. Due to high demand, their availability will change constantly. That said, our roster is constantly expanding. The best thing to do is to contact us. Let’s talk about your exact needs so we can research who we currently have available that will be the best fit. That said, domain expertise I think is the most important factor in deciding who to choose.
Check out our example Fractional CMOs for B2B, SaaS and startups. Whether you are D2C, B2B, B2C, B2B2C or whatever industry you are in, we’ve probably done it.
Ready to Book a Call?
Ready to talk about how a Fractional CMO can help your business? Click the button below and schedule a free strategy session.
The Downsides of Traditional Recruiting Agencies
Traditional recruiting agencies, typically charge 30-40% of the annual salary for a full-time position. Some agencies are jumping on the fractional Chief Marketing Officer bandwagon, but it’s an afterthought. They really aren’t motivated to focus on fractional roles due to lower profitability.
Fractional Agency Fee Structures
This has opened the door to agencies who specialize at placing fractional executives. But to make it worth their time, these agencies often retain as much as 50% of the fees. Read: double the cost. This high commission can lead to inflated costs for the client or may result in the recruitment of less qualified talent. From what we’ve seen, top-tier executives are deterred by the reduced compensation.
The Importance of Finding the Right Executive
When hiring a Fractional CMO, the focus should be on the individual executive’s qualifications and fit with your company’s specific needs. This is more important than finding a big name agency. The win factor in this partnership rests mostly on the fractional executive’s domain knowledge and their track record with your Ideal Customer Profile (ICP).
This is covered at length in our article Choosing a Fractional CMO Agency.
Alternative Approaches: Matchmaking Services
GROKKETSHIP provides an alternative to traditional fractional agencies by acting as matchmaking service. For starts, we don’t take 50% of the profit!!! Example: fractional exec charges $12K, we charge a temporary flat rate of $2K, client pays $14K/mo. The client belongs to the executive, not us. After 4 months, we are out of the picture.
You get a buffet of highly pre-qualified talent. Fractional CMOs don’t have to do any sales work. No one pays upfront fees for anything. Maybe it’s time to learn more…
Ready to Book a Call?
Ready to talk about how a Fractional CMO can help your business? Click the button below and schedule a free strategy session.
Author Bio
Benjamin Arritt
Global B2B sales & marketing executive that loves a fast-paced, customer-centric, high tech entrepreneurial environment. We help 50+ fractional CFOs and 93+ fractional CMOs find more work. Hire someone who has already done what you are trying to do. Follow me on X: @grokketship
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