In an age where there are thousands of competitors doing what you do, the importance of effective marketing for business growth cannot be overemphasised.
One key marketing resource that your business needs is a Chief Marketing Officer (CMO). Can your business afford to hire one full-time? If not, then you should consider hiring a fractional CMO. In this article, we will discuss what a fractional CMO is and how they can help you scale your business.
What is a Fractional CMO?
Let us start by addressing questions like “what is a fractional CMO?” and “what are fractional CMO services?” If you’re familiar with marketing, you’ve likely heard of a Chief Marketing Officer (CMO) and their role in driving business growth.
A Fractional Chief Marketing Officer is not so different as they perform the same duties as a CMO, but on a fractional basis. Having a marketing team that includes a full-time CMO can be costly for some companies, especially for startups and small-to-medium businesses, to maintain. Hiring the services of a fractional CMO however, can help to mitigate this financial burden.
A fractional CMO can come onboard part-time to lead your marketing roadmap and provide strategic guidance to help your company achieve its objectives. In essence, the fractional CMO job description encompasses all that a full-time CMO does, but on a part-time or contractual basis.
What Does a Fractional CMO Do?
While the general role of a fractional CMO is to lead and oversee the actions of a marketing team, there are more specific roles that the CMO has to take care of. We will highlight some of these roles below.
Your company’s fractional CMO is in charge of:
- Leading and overseeing the operations of the marketing team.
- Solving marketing problems and challenges quickly and effectively.
- Creating a distinct marketing identity.
- Leading branding operations, including design, PR, content, and all media efforts to improve brand presence.
- Working with team members to prepare marketing assets for funding or capital backing.
- Developing and maintaining short-term and long-term marketing strategies and in some cases, product launch plans.
- Planning extensive market research to identify new opportunities and market trends.
- Hiring new employees for various marketing positions. The CMO will also be responsible for training these employees and building a sustainable structure for long-term success.
- Developing and managing a budget with careful allocation of resources to maximise return on investment (ROI).
- Enhancing brand loyalty and engagement through targeted campaigns aimed at reaching and keeping potential customers.
- Using analytical tools to measure and evaluate the success of campaigns, promotions, and other marketing initiatives.
To perform these duties effectively, a fractional CMO must possess both leadership and analytical skills with a proven track record and extensive industry experience. The need for a fractional CMO also arises when there’s limited time or resources for training—you need someone who can step in and deliver results immediately.
Who Needs Fractional CMO Services?
Every business needs a strong marketing strategy to grow. Hence, every business needs a chief marketing officer in a leadership position to provide insight and direction. However, can every business afford to commit to one full-time?
If your business falls under the following categories, then you should consider getting a fractional CMO for your team.
- A small-scale business with limited funding to hire a traditional chief marketing officer.
- A business with a growing team that needs executive-level guidance and leadership.
- A company preparing for a funding round and needs some experience to solidify a marketing plan.
- A company switching between CMOs or experiencing a change in leadership.
- A business with a team looking to explore new channels or strategies.
- Your business spends more time focusing on marketing than other aspects of business.
Benefits of a Fractional Chief Marketing Officer (CMO)
If you are wondering how a fractional CMO service can help you, here are a number of benefits that a fractional CMO can bring to your business.
Cost-Effective Marketing
The cost of developing and executing marketing strategies can be quite expensive. Hence, it is always advisable to cut down on certain costs where you can. Looking at all the costs that your business may incur with a full-time CMO (full salary, training, recruitment, income tax and many more), hiring a fractional CMO can be the most cost-effective solution for the same level of expertise.
A fractional CMO works on a part-time basis, meaning you get the same quality of service at a more affordable rate. This reduced cost helps you allocate more funds to other important areas for your business.
High-Level Expertise
Another benefit that you get from choosing a fractional chief marketing officer for your business is advanced expertise. A typical fractional CMO has worked with many businesses around the globe, providing them with a wealth of experience to handle your company’s marketing strategies. Rather than starting your marketing team from scratch and building experience along the way, you can work with someone with enough experience to transform your business at a faster pace.
Flexibility and Scalability
The marketing needs for any business can fluctuate from time-to-time. This means that you may not need the same service from your marketing team all year round. For example, you may only need the active service of a CMO when you have a product launch, promotional campaign, or for an upcoming expansion. You can easily make flexible plans with a fractional CMO around your needs rather than committing to a long-term contract.
Objectivity & Focus
Having a fractional CMO in your business also provides you with an objective view on your company’s operations. Unlike an in-house CMO, a fractional CMO is more of an outsider, which means that they see things in a different way. This benefits your business because you can cut out on internal politics or bias and focus on the goal. A fractional CMO will also help to point out inefficiencies that could have been easily overlooked. In the end, this brings about better growth opportunities and positive impact for your business.
Faster Results
Imagine the time it would take to get a marketing team together and to have them producing results from scratch. Compare that to having someone who has the required experience and level of expertise it takes to lead a team. This is the benefit that you get from having a fractional CMO in your company. A fractional CMO is ready to make an impact from the start. Hence, making it easier and quicker to deliver results.
How to Find a Fractional Chief Marketing Officer?
Seeing how beneficial a fractional CMO can be in helping improve and accelerate your business, its time to look for one that aligns with your business objectives. As much as your business needs a fractional CMO to make your marketing output more effective, finding and hiring one can sometimes be tricky, especially if your business has a specific marketing need.
For example, your SaaS business needs a SaaS fractional CMO, not just a generalist, to drive outcomes specific to your industry. It can be quite a challenge to find the right CMO with the right background and experience required.
Here are some tips and strategies to help you find the right fractional CMO for hire for your business:
- Start by determining what your need for a fractional CMO entails. The more detailed your needs are, the better it is to streamline the options you have and find a perfect match.
- Clearly define what your business goals and marketing objectives are.
- Check out recommendations from other business owners. Referrals are a great way to find what you’re looking for.
- Check out freelance platforms, fractional CMO agencies, and networking websites.
- Once you have a pool of options, do your due diligence and evaluate whether their values align with that of your business.
- Conduct an interview and ask the right questions to examine their critical thinking and other necessary skills. Look through their credentials to ensure they have a proven track record and marketing expertise.
- Ensure you clearly communicate your company’s requirements and its uniqueness. Make sure they can design a unique strategy to cater to your company’s needs.
- If the main reason you are hiring a fractional CMO service is budget, ensure you do not leave that out of your hiring process.
Final Thoughts: Why You Need a Fractional CMO For Your Business
The world of marketing has changed quickly over the years, from being a single person’s role to being an entire department. The chief marketing officer leads and directs this department and a fractional CMO is who you should hire if you want the best outcomes for your business, but on a budget.
If you are looking for a cost-effective way to improve your company’s marketing strategies, get better insights, and strengthen your brand, then you should definitely consider hiring a fractional CMO. The Brand Project is a fractional marketing management agency who can provide your business with a range of affordable fractional marketing packages that offers both strategy and execution with your marketing roadmap.
Frequently Asked Questions
How much does a fractional CMO cost?
A fractional CMO’s rate depends on various factors such as years of experience and time required. However, fractional CMOs generally charge between $200-$350 per hour.
What is the difference between a fractional CMO and a fractional marketing consultant?
While both a fractional CMO and fractional marketing consultant work with companies on a part-time basis, their scope of work differs. While a consultant offers advice and suggestions without commitment or accountability, a fractional CMO is more integrated in the marketing process of the company. In essence, the fractional CMO takes on a more active role than a consultant in a company.
Is a fractional CMO worth it?
For many businesses, hiring a fractional CMO is worth it. When you compare the costs and the level of effort that goes into hiring or training a full-time chief marketing officer with what it takes to find a fractional CMO, the margin is wide. A small-scale business can get the same value from a fractional CMO as a large business with a full-time CMO but at a more affordable cost and with more flexibility.
