Crack the Code: How Fractional Executives Can Thrive in Today’s Challenging Market

Feeling the squeeze of a sluggish market? With fewer funding opportunities and widespread layoffs, fractional executives and small agencies face unprecedented challenges. But there’s hope. Dig into our blog to uncover the secrets to not just surviving, but thriving, in today’s tough market. Learn game-changing strategies to stand out and secure a steady stream of clients in a fiercely competitive landscape. 

Understanding today’s market: why acknowledging reality is crucial for success‍

It's important to recognize the harsh realities of the current market. This understanding allows us to set practical expectations and encourages us to innovate and differentiate ourselves. Interestingly, while many are struggling, some are finding abundant opportunities. What’s their strategy? In my daily discussions with fractional executives and agency owners, I’ve noticed that successful individuals focus on building strong networks, differentiating their skills, and consistently delivering exceptional value.

Building and leveraging a powerful network

A strong professional network is essential for securing opportunities. Knowing the right people who can hire you with a click of a button keeps you busy. However, building such a network requires dedication and effort.

To effectively expand and nurture your network, start by meeting new people. Attend industry events, join professional groups, and actively seek out new connections. It's equally important to nurture these relationships by staying in touch, offering help when possible, and keeping your network informed about your latest projects and successes. Connect with industry leaders, join discussions, and share valuable content that showcases your expertise.

For targeted networking, focus on adding decision-makers and key players within your ideal customer profile (ICP). In the fintech SaaS industry, for example, seek out founders, COOs, owners, presidents, chairmen, advisors, and investors. Tools like Mylance, SalesNav, and Apollo can help you find these contacts. Mylance offers a curated approach for $99 a month. Additionally, you can manually reach out, hire a virtual assistant, or use automated tools like Expandi or Duck Soup. Personally, I use Expandi, which helps add 30 to 40 new people daily, or about 150 a week.

Standing out in a crowded market

In today's competitive market, it's crucial to find ways to stand out. One powerful method is by combining various skill sets to create a unique value proposition. Consider the difference between saying, "I'm a fractional marketing executive, and I help you grow your business efficiently," and, "I'm an analytics marketing wizard. I specialize in analyzing all your marketing channels, identifying the most and least effective ones, and then helping you triple down on the best-performing channels using metrics like CAC, LTV, and CAC by channel."

The second introduction immediately communicates clear value and expertise, while the first is vague and lacks specificity. This distinction is important when engaging with clients, pitching your services, sending emails, or even crafting LinkedIn content (more on that to come).

Leveraging unique experiences

Another powerful way to differentiate yourself is through varied experiences. Recently, a marketer on the Mylance platform stood out because of her specific international expertise, allowing her to help U.S. companies expand globally. Here are other valuable experiences:

• International expertise: assist companies in global expansion.
• Fundraising experience: guide startups through capital raising.
• Founding experience: offer insights from starting and growing a business.
• Sales experience: drive revenue growth with proven strategies.

Combining unique skill sets with varied experiences creates a compelling value proposition. For example, my business partner and I brought immense value to our consulting clients through our extensive network in the freight industry. His relationships allowed us to make valuable introductions to large customers, enhancing our business development efforts.

By layering your expertise and leveraging unique experiences, you can create a multifaceted profile that addresses a variety of client needs. This approach not only makes you stand out but also positions you as an invaluable asset in today’s competitive market.

Showcasing your expertise: a dual approach to business development

Having expertise is one thing, but showcasing it effectively is essential. My favorite business development tactic involves two complementary strategies that I've used successfully for years at Mylance. 

First, grow your community on LinkedIn by introducing yourself and building relationships online. This involves adding new connections, conducting outreach weekly, and consistently creating engaging content. Write articles, record videos, and post polls to increase visibility. As your network grows, more people will see your content, building trust and familiarity over time. 

It’s incredible how many people have told me, "I've been following your content for nine months and really resonate with what you're saying." By then, they know my story and are ready to buy. This process, while requiring patience and consistency, pays off significantly.

Showcasing your unique value add

To differentiate yourself, revisit your unique value add and ideal customer profile (ICP). Identify the pain points your target companies face. For example, an early stage fintech SaaS company might be growing slower than expected and lacks transparency in their marketing performance. With your analytics expertise, you can address their need for clear insights and optimized strategies.

It's crucial to showcase this unique expertise. Demonstrate your value through case studies, detailed content, and specific examples of your work. This helps potential clients see the benefits you can bring to their business. It's one thing to have expertise; now you need to show it. By effectively highlighting your unique skills and experience, you position yourself as a valuable asset in the market.

Effective follow-up without the sales pitch

When following up, avoid the typical sales pitch that often gives sales a bad reputation. Instead, engage genuinely to build a relationship. This non-salesy approach establishes trust, making future business discussions more natural and effective.

Pushing a sale without knowing if the person is a good fit is disingenuous. You haven’t qualified them, and you know nothing about their needs. A quick introduction with a call to action starts many conversations. You can offer a lead magnet, a free assessment, free advice, or simply propose a virtual coffee chat if you're in the same industry.

Next, create content that resonates with your audience. As a marketing analytics expert, share insights, wins, mistakes, and growth experiences. Offer free value in your content—don’t worry about giving away too much. Reading about your methods is different from executing them. Decision-makers will appreciate your content and are more likely to connect with you because you've validated your experience.

By doing these two things in tandem—building genuine connections and sharing valuable content—you'll differentiate yourself in the market. You'll transition from just another marketer to a sought-after expert, with clients eager to work with you.

The LinkedIn landscape‍

I recently searched "marketing" on LinkedIn, and it returned just under 60,000 results in the U.S. alone. So, when someone says nobody's hiring, that seems like a negative outlook. The market is tougher, but many people and agencies are thriving. Thousands of companies are hiring and fundraising, just not at previous levels. This forces us to improve, showcase our skills uniquely, and add value. Once we do this, we must connect with decision-makers, showcase our value, ask questions, and help solve their problems.

Mylance

This value-added article was written by Mylance. Mylance specializes in identifying the highest quality, most curated leads for your fractional business. We use 5 different criteria to identify companies and decision-makers who are likely to need your expertise:

1. Matches your niche / unique expertise.
2. Likely to have the budget.
3. Gaps on their team in your function.
4. Are fractional-friendly.
5. Have warm connections from your network.

To apply for access, submit an application and we'll evaluate your fit for the service. If you’re not ready for lead generation, we also have a free, vetted community for top fractional talent that includes workshops, a rates database, networking, and a lot of free resources to support your fractional business.