The CMO is the captain of your ship. As your Chief Marketing Officer, their job is two-fold. To manage and oversee all current marketing strategies. And also predict what steps your company should take in the future.
Yet, Forbes shows a recent shift from CMOs to a Fractional CMO. So what is a Fractional CMO, and why should you hire one?
Do you need a Fractional CMO?A Fractional CMO is a part-time Chief Marketing Officer. They do the same thing as their full-time counterparts, but at a lower price. If you want an expert to help drive customer acquisition, sales development, and company growth, try hiring a Fractional CMO. They can especially add a lot to mid-sized companies looking to compete in a bigger market.
What does a Fractional CMO do?Some of the tasks a Fractional CMO can take up include:
What are the benefits of hiring a Fractional CMO?
1. Cost-Effective - Hiring a Fractional CMO will save you money. But, when it comes to growth in business, your goal is never to spend less money. It is to maximize results. So, you shouldn't hire a Fractional CMO because you think they're a cheap replacement. You should do it because it's the smarter cost-effective choice overall.
As a small to medium business looking to compete in a larger market, you want to maximize the output from your resources. This means you shouldn't dump a significant amount of your marketing budget into a CMO. Instead, hire an expert Fractional CMO and give him the best possible resources to grow your business.
2. More experience - A big reason for the rise in Fractional CMOs is the changing workplace landscape. With remote working becoming the new normal, a lot of high potential workers are rejoining the market. Most CMOs spend their entire lives working with directors and CEOs in high-pressure office environments. Many such individuals reach a point in their careers where they don't want to work full-time in an office.
However, they still have a wealth of knowledge and expertise. It is these experts that transition into Fractional CMOs. So, the whole idea that Fractional CMOs are somehow less experienced is simply false. In fact, more often than not, they come with a rich CV and quality branding insight.
3. Creative outlook - Increasing profits isn't just about creating an A-plus marketing strategy. Any CMO can come up with a quality strategy. But, how do you execute it with your limited resources? That's where a Fractional CMO comes in.
These expert freelancers are used to looking outside the box for creative solutions to problems. Their history working for big firms gives them insight into the best marketing strategies on the market. And working with midlevel businesses prepares them for the restrictions that come with a smaller budget. It is this approach that makes them perfect for your business.
4. Provides direction - As a small business owner, you probably handpicked each of your employees. The process likely took weeks, and now you're dumbfounded at your company's lack of progress. The truth is that you can have the best team in the world and still not get any results.
And it isn't just because your employees are incompetent. They're trying their hardest. But, they don't have any direction. Most people are really good at their jobs and really bad at innovative thinking. So your employees are probably great at the job you hired them for. But, they can't look at the bigger picture or project your business upwards.
That's where you need a Fractional CMO. Like all the other tasks you hired professionals for, you also need an expert dedicated to sales development. It's as simple as that.
5. Minimum risk, maximum results - Marketing is as much art as it is science. So, the most experienced CMO is useless if they can't understand your brand identity or function in tandem with your team. And if you hire a bad one, you're stuck for at least some good months. This can set your business back by a lot.
Luckily with a Fractional CMO, you're only committing to around 90 days. This gives them enough time to work their magic, and you to check analytics and monitor progress. That means, no time wasted and minimum risk to your company's growth.
Overall, the benefits of hiring a Fractional CMO far outweigh those of a regular CMO. And to put the cherry on the cake, your company benefits monetarily from the influence of a marketing expert.