Fractional CMO Show Net New vs. Debt - Casey Stanton - Fractional CMO Show - Episode # 068
Casey Stanton is the Founder of CMOx, a Fractional CMO, and author of the Wall Street Journal #1 bestseller, The Fractional CMO Method. This week, Casey shares a helpful mental model to use when joining a new fractional client and needing to clean up their mismanaged data.
Takeaways:
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There is a vast number of businesses that are trying to run all of their marketing through very basic tools. For example, some companies attempt to use Mailchimp, an effective email tool as their CRM. This results in poor reporting and missing crucial data.
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Fractional CMOs entering such a company often create a new way to organize the company's data to make it usable. As soon as they create the new structure, they incur a "debt"; the "debt" being all of the pre-existing data that does not follow the new structure.
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When implementing a new data structure, "net new" refers to the records created under the new format. For example, net new customer records could have tags related to their purchases, but if those tags are brand new then none of the older contacts have them.
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While there is no one solution for paying off the debt in the prior example, it is still something that you as a marketing leader need to tackle. It's imperative that you spend time thinking about how to balance the net new and debt.
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When you deploy something too early without considering the potential long-term implications that can come from the half-baked rollout.
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For example, if you wanted to use OAuth credentialling for customers across both Shopify and the company forum, but only rolled out the OAuth for the forum, customers would have to create a separate login for Shopify which creates friction.
Quote of the Show:
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"You're the Fractional CMO, but the whole organization always looks at you as the CMO." - Casey Stanton
Links:
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Twitter: https://twitter.com/CaseyStanton
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CMOx Website: https://cmox.co/invite
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The Fractional CMO Method: https://cmox.co/book/
Ways to Tune In:
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Amazon Music: https://music.amazon.com/podcasts/039bc2d6-c1b5-4ced-ac2a-437e69546e7c/fractional-cmo-show
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Apple Podcast: https://podcasts.apple.com/us/podcast/fractional-cmo-show/id1592740671
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Spotify: https://open.spotify.com/show/1HGwnjsXA4c4gYQvj4w53E?si=bd6e0908e25749ec
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Google Podcast: https://podcasts.google.com/feed/aHR0cHM6Ly9mcmFjdGlvbmFsY21vLmxpYnN5bi5jb20vcnNz?sa=X&ved=2ahUKEwjlpNDTveb0AhUXEFkFHaZcDtYQ9sEGegQIARAC
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YouTube: https://youtu.be/usIAT9ke-C4