You have a successful business. You have expanded to provide your services online, but you need marketing that you don’t have the time to focus on. You know that with the correct marketing approach, your already successful business will grow and become a force to be reckoned with within your industry. You are gaining ground on your competition, but need something that pushes your business ahead of the pack, and you just can’t build the marketing you need on your own. In this article, we will explore how your business can benefit from a fractional Chief Marketing Officer focusing on the marketing of your business.
The Fractional Chief Marketing Officer (CMO) – What Is It?
Essentially, a Fractional CMO provides your business with the high-level marketing guidance you would expect from a full-time CMO without the added expenses of a CMO on staff. That means your company receives all the advantages of a full-time CMO without paying for a salary, medical/dental coverage, and other incentives that full-time employees typically receive. How? The Fractional CMO working for you also works for several other companies, providing them with the same services your company is receiving. That’s the “fractional” part – the CMO spends a fraction of their time working for you.
The Benefit of a Fractional CMO
Because your Fractional CMO is “shared” with other companies in different industries, the person filling that role comes to you with a fresh perspective. Although this person may already have a strong understanding of your industry, the well-rounded knowledge that comes from working with countless other executives marketing different products and services helps them to bring unique strategies and operations to the table. The Fractional CMO is also qualified to take on many different roles to ensure that marketing plans are executed correctly and your company receives the best bang for its buck.
Then there are the savings to your company. HubSpot estimates that a company that hires a virtual or on-demand CMO can save up to 74 percent compared to hiring a full-time CMO as an employee. To put that into perspective, the average CMO salary is up to $170,000 per year. The savings come in part from new technology such as video conferencing, online software, project management tools, and other methods that do not require a Fractional CMO to be on-site or have office space within your building to complete their tasks. It also means that you do not have the limit of seeking only someone local for the job.
What Can You Expect From A Fractional CMO?
If you are seeking to boost the force and results of your marketing, a Fractional CMO has the skill set that will provide your business with a unique and powerful direction. Some of the deliverables to expect from a Fractional CMO include:
- A sales, marketing, and operational strategy that increases business growth
- A market strategy that is measurable and supports the goals you have for your business
- Agile implementation for fast results and empowerment of your team
The Fractional CMO Working Arrangement
Because you are not hiring a full-time employee but are working with a shared fractional marketing expert, you can plan on having a working relationship that will last from a few months to a year and a half. According to this article from Digital Authority Partners, it depends solely on the size and scope of the project. You would be in regular contact with the Fractional CMO during that time via phone, Zoom, in-person, or at a third-party location.
Does Your Business Need A Fractional Chief Marketing Officer?
Here are four questions to ask yourself to determine your need for a Fractional CMO:
Question #1
Does your existing marketing team require guidance, perspective, or leadership from an executive-level participant?
Question #2
Does your executive team need an independent, off-site perspective on your business and the marketing currently in place?
Question #3
Are you considering hiring a full-time employee to handle all marketing plans and want to get a leg up on competition immediately?
Question #4
Have you recently hired a business professional and are looking at ways to get the word out to attract new customers or suppliers?
How To Choose The Right Fractional CMO
The process of selecting the right person for the job hinges on three main criteria: your budget, the professional expertise of the candidate, and the cultural fit of that candidate within your company. Let’s break those down further.
Your Budget
Your marketing budget will have to include the cost of a Fractional CMO. Plus, you will require a large enough budget to cover the cost of all operational tools required to communicate with the Fractional CMO and enable that person to complete their tasks.
Professional Expertise of the Candidate
With remote work becoming more commonplace due to the pandemic, it may be difficult to correctly identify the right person for the job. This is where a resume that outlines past experiences that are similar to your goals helps to narrow the field.
Cultural Fit of the Candidate
The Fractional CMO will become the first person you contact when something needs doing in the marketing and promotion of your business. Forming a trusting, open relationship early on helps this person address the professional demands you make of them.
Final Thoughts
Marketing is essential to the success of any business. However, marketing in today’s digital landscape takes a lot more time and effort than traditional marketing. For many business owners, this is too big a task to take on and juggle with the day-to-day operations of the business. With a Fractional CMO, you get the benefits of a full-time marketing employee without the cost as you are “sharing” this person with other businesses.
You still get what you need but save money in the process, which improves your bottom line and keeps your business successful. If marketing is a daunting task for you and your business is not prepared to hire a full-time CMO, the Fractional CMO is a logical, practical solution worth exploring.
