Croom Lawrence | Fractional CMOs & The 90-Day Win
This video is a podcast interview with Croom Lawrence discussing the role and strategies of fractional Chief Marketing Officers (CMOs) in achieving significant business wins within the first 90 days of engagement.
Conclusion
Fractional CMOs focus on helping scientific founders understand commercialization, building the necessary capabilities, and driving revenue with limited budgets. Effective communication, understanding the business landscape, and strategic planning are crucial for success.
Key points
🔍 Understanding Commercialization: Educating scientific founders on what commercialization means and its various components.
📊 Full-Service Launch: Creating a full-service launch capability on a limited budget using AI and digital tools.
🗣️ Effective Messaging: Developing the product’s brand and messaging to align with market needs.
📈 Early Wins: Focusing on the least amount of investment for the biggest impact in the first year to prove traction.
💡 Open Communication: Founders need to be open about details and timelines for effective collaboration.
🤝 Team Collaboration: Building relationships with the existing team, being respectful, and understanding their skills and capabilities.
🚀 Sales Support: Marketing should primarily support the sales organization and help drive sales outcomes.
👥 Onboarding Advice: New fractional CMOs should be patient, listen, and respect the existing team’s loyalty and skills.
🧠 Strategic Planning: Understanding the CEO’s expectations and aligning marketing goals with business objectives.
📋 Long-term Objectives: Setting realistic and achievable goals that align with the company’s capacity and culture.
Summary
- Introduction: The podcast introduces the topic of fractional CMOs and their impact within the first 90 days.
- Croom’s Background: Croom Lawrence discusses his focus on scientific founders with new medical breakthroughs and helping them go from concept to market.
- Understanding Commercialization: Croom emphasizes the importance of educating founders on what commercialization means and the necessary steps to achieve it.
- Full-Service Launch: Creating a full-service launch capability on a limited budget using AI and digital tools to drive leads and revenue.
- Communication and Openness: Founders need to be open about details and timelines to help the fractional CMO plan effectively.
- Cadence and Time Management: Scientific organizations work at a different pace; transitioning to the speed of the market and customer needs is crucial.
- Respecting Existing Teams: New fractional CMOs should be patient, listen, and respect the existing team’s skills and capabilities.
- Supporting Sales: The primary job of marketing is to support the sales organization and drive sales outcomes.
- Advice for New Fractional CMOs: Croom advises new fractional CMOs to be patient, listen, and respect the existing team’s skills and capabilities.
- Balancing Work and Life: Croom discusses the importance of balancing work and personal life to maintain a healthy and productive team culture.
Quotes - 00:41: “My focus is on scientific founders that have invented a new medicine or a new diagnostic or some medical breakthrough.” – Croom Lawrence
- 01:00: “The first thing is helping them understand what commercialization really means.” – Croom Lawrence
- 01:11: “Often it’s standing up what I like to do, a full-service launch capability on a very limited budget.” – Croom Lawrence
- 01:55: “The least amount of investment for the biggest impact for year one to prove traction.” – Croom Lawrence
- 02:38: “Scientific organizations have a different cadence… when you get to commercial, now you’re working at the speed of the market, the speed of the customer.” – Croom Lawrence
- 02:59: “A lot of CEOs and founders don’t really know how much time it takes to develop a marketing or sales capability.” – Croom Lawrence
- 03:43: “Early-stage companies tend to have a very loyal team. They’ve been with a founder from the very beginning; they’re family.” – Croom Lawrence
- 04:15: “Be patient, go slow, listen, be respectful of the skills and capabilities that are there.” – Croom Lawrence
- 04:58: “Support the sales organization, build the sales team as an ally, and help drive sales outcomes.” – Croom Lawrence
- 05:50: “Respect that founding team, or you’ll hit a political or loyalty barrier that can be potentially existential.” – Croom Lawrence
- 06:22: “Understand that the CMO is probably traveling at the board of directors level, working with the CEO every single day.” – Croom Lawrence
- 06:45: “Try to keep the CMO out of the weeds, help them have time to focus on the bigger boulders.” – Croom Lawrence
- 07:15: “I love this question because it’s really about understanding that the CMO is not just there to fix things but to bring strategic insight.” – Croom Lawrence
- 08:45: “It’s not a marathon or a sprint; it’s a cadence that works for that team and culture.” – Croom Lawrence
- 09:55: “Balance work and life to maintain a healthy and productive team culture.” – Croom Lawrence
- 10:15: “The CEO comes to you and says, ‘Hey, I want your help interviewing and vetting the last round of candidates for head of sales.'” – Croom Lawrence
- 10:45: “Green flags are an immediate sync with the sales team, understanding roles, and working symbiotically.” – Croom Lawrence
- 11:22: “Red flags would be any disconnect in understanding the importance of marketing’s role in driving sales outcomes.” – Croom Lawrence
- 12:15: “If sales reps hate the bureaucracy, it’s about enrolling them in the benefits and working together to find a solution.” – Croom Lawrence
- 13:02: “The biggest crime is when there’s a cure or something transformative, and it just sits on the shelf because the founder can’t get it to market.” – Croom Lawrence