Get to know why your business might benefit from hiring a fractional CMO. But before diving into CMO services, let us first look at the marketing aspect. Marketing is no longer limited to advertising in newspapers and magazines. It now encompasses many services, including strategy, data, and growth. However, not all businesses require a full-time chief marketing officer, hence the need for part-time CMO services. Fractional Chief Marketing Officers, also known as part-time CMOs, operate on flexible hours; however, it is essential to note that they are experts in their field and still command a high salary.
In order to understand how fractional CMO services might be beneficial for your business, let’s first clarify the term itself. A fractional CMO has essentially the same role as a full-time chief marketing officer but in a flexible role. A fractional CMO works on a per-hour basis and is not bound to a specific number of working hours. This allows firms to strategize their marketing goals without the long-term commitment of hiring every participant.
The Fractional CMO Recommendations that May Work for You
1. Eliminates the Cost Overhead by Providing Professionals on Demand
Just picture it: Imagine there is an industry marketing professional with extensive experience working with various businesses, who is up to date on industry trends and what marketing strategies would work for your business, and who is ready to spend one thousand dollars with you! Unfortunately, they only charge $1,000, and with organizations of any caliber, fractional CMOs are commonly referred to with less than ideal marketing strategies because they do not own the business. Therefore, there sometimes comes the boardroom CMO to provide you with EXECUTIVE level solutions without having to go through hiring headaches.
2. Pricing with Flexibility Business Model and Scalable Control Utility
For three months, depending upon the requirement, would you require 10 hours a week during the product launching phase? Or how about during the strategy refinement stage, let us say your business model would work better with flexibility and scalability? Depending on the tailored support you require to meet your business goals, it is made so that you can dictate how much monetary compensation you are willing to pay.
When to Hire a Fractional CMO
1. Unbiased Understanding that Sufficiently Drives Change
We are all aware of that cliched phrase, “We’ve always done it this way,” and almost always, people who utter that phrase refuse to budge from this position. A fractional CMO has an unbiased view of the business as they are not inclined toward office politics. They are able to notice gaps and the resources or effort wasted that your personnel may not be able to see clearly.
2. Swift Engagement
Securing the services of a full-time CMO, especially a good one, takes months. A fractional CMO, on the other hand, is available for hire and can contribute immediately, using their past experience. If a marketing campaign hits a wall or a company’s image is unclear, they can expedite the process and tackle the concerns head-on.
When To Get A Fractional CMO To Guide Your Business
Still unsure if this is right for your business? Here are some tell-tale signs that it’s time to bring in a fractional CMO:
1. Your Growth Stagnates, Leaving You Asking Why There’s No More Revenue Coming In
If your revenue and customer acquisition rates have stagnated, as they normally do for businesses, but you’re tirelessly putting in any kind of effort, hold on for a moment and consider hiring a fractional CMO. They will step in, review the marketing strategies in place, and help plan moving forward.
2. No Planning, No Guidance, No Growth: Poor Marketing Approach All Together
Your sales team has not been under any restriction to post on social media or advertising without any plan to do so. A fractional CMO can help you create a strategic plan or strategy that will enable you to grow your marketing.
3. You’re Entering New Markets
Expanding into new regions or targeting new demographics is a delicate process. A fractional CMO can handle issues of regional barriers, customer perception, and entry approach.
4. You Need Leadership for a Marketing Team
While a junior team may be energetic, they may lack the insight and knowledge to fully capitalize on opportunities. A fractional CMO shows how to lead, act as a mentor, and enable the team to achieve outstanding performance.
5. You’re Launching a New Product or Service
Launching a new product involves more than brainstorming: market analysis, target audience selection, product pricing, and ad campaign design. With a fractional CMO, everything will be appropriately done.
Final Thoughts
Marketing is like art and science; exemplary leadership can build or destroy the business. The services of a fractional CMO are the perfect partnership between the two – knowledge without having to sign a contract and having strategic goals without breaking the bank.
If your company has no direction, seems stranded, or is in a position to expand a fractional CMO, that might be what your business needs. So what are you waiting for – it’s time to step out of your comfort zone and hire a person who will help you re-establish your marketing, and they will make you wonder why it took you so long!