Executive Spotlight: Matthew Simpson
In the Venturous community, we discovered that fractional executives are looking to connect and engage with like-minded individuals. Our executive spotlights aim to feature the awesome talent in our community and share insights and tips based on experience that are beneficial to all executives and leaders.
To kickoff these Executive Spotlights, we spoke to Fractional CMO, Matthew Simpson.
Matthew has been in marketing for 20+ years. He started consulting in direct and digital marketing. This path led him to numerous full-time positions spanning from audience growth at New York Daily News to SVP of marketing at EHE Health. About seven months ago, Matthew decided to return to consulting and fractional work where he gets to work on a variety of projects and prioritize the work he chooses to pursue.
Q&A: Fractional CMO, Matthew Simpson
Q: When you started in fractional roles, what surprised you most? What tools and practices were essential?
A: I didn't realize how important it would be to position myself in certain verticals or areas as opposed to being a generalist. One thing I’ve realized is you have to find your niche. You have to find your value props, and how you communicate to potential clients. Clients as a whole solely understand how you fit into their world. If you’re trying to serve everyone, you serve no one.
Q: Pricing and determining value is difficult, especially in fractional positions. What factors do you consider when making these decisions?
A: I understand my experience has a certain value. When I come and approach a fractional role, I think if I were doing this full-time, here's what I expect out of it and here's what I could do on a daily, weekly, monthly basis. If I break that down into fractional periods, here’s what I would expect to get out of it, and here’s what I can expect to do.
I don’t think there is an exact science to it, and I try to be flexible with my clients.
If you do your job right there's additional revenue potential in the long run whether it be through increasing scope, increase in rate, or the power of a referral.
Q: What about healthcare gets you excited to work in this market?
A: My specific verticals that I tend to go after are definitely healthcare, HR Tech, and insurance. I think all of those wrap themselves together quite nicely.
They're all verticals that you can really make a big impact from a marketing standpoint. They're perhaps a little bit on the periphery when it comes to marketing and creativity. I am a big believer that if you can find success in challenging verticals such as healthcare or insurance, it's really fruitful for your own personal growth. I like that challenge. I like working in challenging environments such as healthcare and insurance where there are HIPPA concerns and compliance concerns. You have to find ways to work in those environments and be successful.
Q: What are your strategies for embracing and staying knowledgeable on technology to support your marketing practices?
A: It all comes down to the curiosity that I have. It is part of what makes me analytical. It is part of what makes me want to do better in my own business but also for my client’s businesses. I want to understand if there is a better way to do this. Is there a more efficient way — is there something I can apply that will save me time, clients time, their team time, etc.
Q: What is your superpower as an executive — the thing that sets you apart?
A: Understanding how brand and demand marketing work together—how they can both live and operate in a certain vertical. The reality is if you really want to grow a business beyond just the in-market interest you need to develop a brand as well.
Q: Any other tips for executives who are looking to go fractional?
A: You have to commit to it. I always had my foot halfway in the door. Ultimately, when I decided what was going to be the better use of my time, I had to jump in 100% to the fractional side to really make it work.
I have been consistently at 50 or 60% capacity since I started, and I make practically the same if not a little bit more than what I made full-time. I have more time with my two young kids. I get to be a little bit more thoughtful in the work I pick up. I’d love to be at 100% capacity sometimes, but sometimes it doesn’t make sense. Being in a position that makes more sense for you is pretty powerful.
Q: Are there any specific highlights that you would like companies to know about you?
A: I’m just awesome. Hah, no. One of the challenges over the course of my career and even now is I don’t like selling myself. I like to prove what I can do through the results. When I talk to a new client, I try to listen to their needs and understand what they’ve been doing, and I try to offer how I would approach it. And you know sometimes it makes sense for them, and that's what they want to do. Then we can build a working relationship. Sometimes they have different thoughts, and maybe it's not my skill set or my approach.
I think the proof is in the pudding. I’ve been a part of two transactions. I’ve been a part of three companies growing to 50 plus million in revenue. I’ve been a part of numerous companies where I’ve built up a team, and I have a passion for what I do.
Q: What is the number one thing that specifically seed or series A companies need to be thinking about when it comes to marketing?
A: I had a former mentor who shared this. He used to say, “The internet ruined a whole generation of entrepreneurs.” And his thought process at the time was that it made it so simple to do certain things in marketing, and then just trust the results. I take it a step further. I mean the internet is great, but I think the internet does narrow founders’ approach and other marketers’ approach. The reason for that is the first place they look to spend money is Google and Facebook. I think it was about five years ago when they said that 60% of fundraising for new companies went directly to Google and Facebook, and I was like wow. I don’t think I ever worked for an organization where I put 60% of my marketing dollars towards just one or two platforms.
You have to be more omnichannel. You have to take a broader view of how you’re going to reach and engage your customers. If you’re only focusing on a narrow view, you’re not growing. You’re only reaching a very small subset, and your potential is limited.
