If you want to get your product to market, get a COO or CMO as soon as possible.
I talk quite a bit about how the business world is constantly shifting, so before we dive into why you need a COO or a CMO, let’s loosely define what each title means.
COO: oversees an organization’s ongoing operations and procedures.
CMO: oversees an organization’s marketing and advertising initiatives.
While they are not totally interchangeable, one way we could sum up both job descriptions is by saying: Both the CMO and COO oversee the details and make sure things get done right. When it comes to launching a new product and trying to get it to market, there are a lot of details, and it’s easy for those details to fall through the cracks. Which is why you need backup with serious skills.
Automation Is On The Rise, Along With Entrepreneurs & Inventors
Charlene Consolacion, co-founder of Phrame, is a great example of how automation is coming to different industries, to help you make the most of your time. Her product is designed to help you get the most out of your vehicle, a huge asset in your life, while saving you time. Along with the license plate frame (Phrame), Charlene and her partner also provide an app that is nothing short of fantastic. Whether you’re worried about the security of your vehicle, where you can park, whether or not your parking is about to expire, or even to have a package delivered to your trunk… yea, this product + app combination is a huge win. They are just closing their Series A round of funding, and their success can be attributed to working out the details. (See above job descriptions)
Charlene and her partner are one example out of many businesses working towards automation, to, as Alex Moen, founder of Automated Car Care puts it, “Literally go the extra mile for you.” Alex’s business partners with automotive care and repair shops to provide valet services for your vehicle, proving, that time equals money in every way, by taking something off your plate for a reasonable price. The same could be said for bringing in a COO or CMO.
Time Also Equals Money When It Comes To Your Invention
Which is really the ultimate reason to hire a COO or CMO. I’ve worked with a lot of inventors, and one thing I have seen over and over again is how easy it is to waste time. Inventors who are not well-versed in business spend a lot more time sorting out how to complete a task, or completing said task, than someone who has the knowledge and experience and probably even strategies to go in and get it done… right… the first time. As we continue to see a rise in entrepreneurs and inventors, it’s important to think about how those who are new in the product world, can best equip themselves to beat out the competition, or even just survive.
How Phrame Is Seeking Funded
Yes, I mentioned details, but there were a few other strategic decisions Charlene and her partner made that were incredibly important. For instance, they began with equity crowdfunding. Using Manny Fernandez’s platform, Dreamfunded, the Phrame team is seeking to focus on building a network of investors that had a genuine interest or previous knowledge in their sector. You could have all the money in the world, but if others don’t believe in what you’re building, the money won’t matter. They have relied on the process of raising capital to grow their network and professional support team too. Crowdfunding is a great channel to gain visibility, which they then used to zero in on the right investors and the right partners. Did I mention how important these details are? Strategy in growth goes a long way. Through their strategic approach, Charlene and her partner have brought to market the very first smart license frame. Bravo!
Phrame’s tagline is ‘Transform your car to do more for you’ and you should consider a COO or CMO in this light. By adding key players, focused on overseeing the details that matter, you can transform your invention to do and be more, and that should always be the overall goal. Put your product first, avoid getting in the way of your own success, and get backup that counts in the form of a COO or CMO.
Read the original INC article published on April 20, 2017.