Build a Strong Strategy Foundation for Your Minneapolis Business With an FCMO
Minneapolis has a diverse economy and a high business survival rate. Most businesses continue to thrive after five years of operations.
How do you maximize this potential while overcoming the city’s economic challenges? A Minneapolis fractional CMO helps you build a strong foundation to weather every storm.
This article outlines the benefits of hiring this part-time market-growth leader. It also talks about the following:
- Primary issues you might face as a business in the Twin Cities
- Strategic roles FCMOs play in solving each of these challenges
- How this C-suite leader prepares you for evolving market and consumer changes
- Value of mentorship fractional CMOs provide
The key to surviving the Twin Cities economy is a proper business strategy and execution. Read below to learn how to achieve it with an on-demand chief marketing officer.
Ready to take charge of the Minneapolis market? Our Fractional CMO services are your pathway to 20-30% business growth this year. Experience the difference today!
1. Develop a Strong Company Culture to Attract Top Talent
The ultra-tight labor pool poses immense staffing challenges for new businesses in the Twin Cities. Unemployment sits at just 2.9% as competition for talent across sectors soars.
Several factors drive this imbalance between ample job openings and scarcely available workers:
- The metropolitan area’s baby boomers are ready to retire by 2030. Their exit forces companies to scramble to replace years of institutional knowledge and skills.
- Remote work, nurtured during the pandemic, has led many skilled workers to avoid on-site roles. The “quiet quitting” phenomenon, where employees do only the bare minimum, also contributes to talent woes.
- The disproportionate number of large corporations headquartered in Minnesota heavily recruit and attract many of Hennepin County’s top workers. Companies such as Target devote substantial resources to talent acquisition. Candidates also flock to them for stability, growth, and generous salaries and benefits. This leaves smaller firms and startups struggling to compete.
- Workers with certain high-demand skills also prove extremely difficult to hire locally. Software developers, digital marketers, nurses, and other specialized workers are scarce yet desperately needed.
With such intense competition, you must get creative about tapping into talent. A fractional CMO takes the following approaches to help you develop a strong company culture that attracts applicants and retains people:
- Facilitating collaboration across the leadership team to define and articulate core values
- Ensuring authentic employer branding
- Promoting transparency around strategy and decisions to build trust
- Fostering diversity, equity, and inclusion through education, discourse, and policy
- Optimizing workspace and virtual collaboration tools to enable connection
- Measuring key culture drivers, such as engagement, retention, and employee net promoter score (NPS)
- Coaching leaders to model desired cultural behaviors through their daily actions
The competition for qualified employees in the Twin Cities will only get more intense. With scarce specialized skills, fractional CMOs use creative sourcing, targeted training, and lean operations to scale the team.
2. Strengthen Sales to Manage Costs and Resource Allocation
Running a new business in the Twin Cities comes with good and bad news as far as costs are concerned. On the upside, the area has one of the lowest inflation rates.
The state government is also proactive in helping companies recover from the pandemic. It approved $1.8 billion in funding for the next two years for the Department of Employment and Economic Development's (DEED) work. These projects should boost small businesses and build a resilient workforce.
Additionally, the cost of living is lower than in most large metropolitan areas in the Great Lakes region. For example, rent is nearly 40% lower than in Chicago, according to Numbeo.
Many startups and small businesses also struggle to find an affordable space that meets their budget. Class A office spaces in prime downtown locations cost upward of $30 per square foot.
Talent attraction also drives up costs. According to the Bureau of Labor Statistics, Minneapolis workers earned more than $30 hourly in May 2022. This is 8% higher than the nationwide average.
Managing Costs and Resources by Optimizing Sales Management
An efficient and optimized sales function manages limited resources and controls runaway costs for new and growing Minnesota companies. Most of all, it drives revenue growth in a financially sustainable manner.
With their third-party, objective approach, fractional CMOs develop and enhance sales management in the following ways:
- Review sales metrics and pipeline data to pinpoint areas for improvement.
- Evaluate existing tech stacks and processes to determine new innovations that bolster efficiency.
- Craft measurable sales strategies and goals tailored to the company’s objectives and target markets.
- Help design the sales playbooks to build consistency.
- Conduct sales training programs on pitch development and other critical skills.
- Develop an incentive program tied to key sales metrics and profitability goals.
- Guide sales managers on leading, motivating, and developing their teams.
- Map the ideal customer life cycle to minimize leakage across the entire revenue generation process.
- Enhance marketing support from lead generation to digital marketing campaigns.
- Work with fractional chief revenue officers to grow a shared revenue-driven culture.
Leveraging an FCMO’s sales experience helps companies build more effective sales processes for preparedness and scalability.
3. Strengthen a Unique Brand Identity to Capture a Profitable Market Share
Newer Twin Cities businesses must prepare to fight to get a profitable market share. For one, the fact that the area is home to some of the biggest global brands is just as challenging for capturing market share as it is for recruiting talent. Among the 15 Fortune 500 companies based here are such household names as Target, 3M, Best Buy, and General Mills. These titans have enormous marketing budgets and can easily run multimillion-dollar online and offline ad campaigns.
In addition, much-loved Minnesota chains, such as Caribou Coffee and Wuollet Bakery, have built a loyal following. New brands must convince customers to switch from these familiar options. Promotional discounts may attract initial curiosity among shoppers. However, sustaining share requires true differentiation.
How do you compete? Begin by developing a unique, robust brand. A compelling identity lets you stand out from established players. It also communicates the reasons you are a better choice.
- Creates emotional connections from a narrative built on shared purposes and values.
- Attracts candidates looking for meaning and culture fit beyond just a paycheck.
- Equips leadership with a North Star to guide strategies and actions.
- Entices the right customers, who are more likely to advocate for your brand.
- Establishes and retains your relevance even as markets and technology change.
- Builds customer loyalty.
- Enables premium pricing that supports your financial goals and encourages sustainable growth.
FCMOs use their marketing expertise to conduct deep research. This identifies white-space opportunities that can become your business’s unique selling proposition. They also develop guidelines to ensure the visual identity aligns with and reinforces the brand narrative.
- Design immersive brand experiences.
- Track and measure brand health and equity over time.
- Provide coaching and guardrails to keep leadership decisions aligned with brand values.
- Devise crisis response plans to protect brand reputation if incidents occur.
- Guide product or service innovation and launches to expand the brand foundation.
- Test marketing strategies to find the most effective.
- Manage brand adaptation as growth occurs while retaining its essence.
With patience and FCMO support, build an enduring brand foundation.
The Minneapolis economy presents immense opportunities for new businesses. However, overcoming its unique challenges requires foresight and strategic foundations. A fractional CMO provides data-driven solutions to address them. These range from retaining talent to optimizing sales for sustainable growth.
Their leadership and stewardship help you navigate the changing market complexities, establish roots, and grow something lasting. In other words, they are wise future investments.
Do you want to hire a Minneapolis fractional CMO? Contact Digital Authority Partners (DAP) for a free consultation.
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