Did you know that CMOs earn between $175,000 and $186,000 per year? But most growing companies don’t have the in-house resources or funds to hire a full-time CMO.
You need help with marketing, but you’re not sure what’s working (and not), what’s necessary for your marketing strategy, and how much budget is appropriate. You’ve tried working with freelancers or marketing agencies, but they’ve had had disappointing results.
Fractional CMOs are a great option for companies in this situation. Keep reading to learn everything there is to know about Fractional CMO and how they can boost your business.
What Is Fractional CMO?
The term fractional CMO is thrown around a lot these days, and for good reason. Companies are starting to realize the benefits of having a Chief Marketing Officer (CMO) on staff, but they may not be ready or able to commit to a full-time position. This is where fractional CMOs come in.
A fractional CMO is someone who comes in and consults on marketing strategy and initiatives on a part-time basis. They usually work with companies that are either in the early stages of their growth or who don’t need a full-time CMO.
Benefits of Hiring a Fractional CMO
There are several benefits to hiring a fractional CMO. They include:
Access to Expertise and Experience
When you hire a fractional CMO, you’re getting access to someone who has a wealth of knowledge and experience in the marketing field. This can be invaluable for companies that are just starting or who don’t have much experience with marketing.
Flexibility
One of the great things about fractional CMOs is that they can be hired on a project basis or for a set period. This gives companies the flexibility to bring in help when they need it, without having to commit to a long-term contract.
Cost-Effective
Fractional CMOs are like part-time CMOs, providing expert marketing advice and guidance on an as-needed basis. This can save businesses hundreds of thousands of dollars per year, making it a more cost-effective option for smaller companies.
Scalability
One way to meet the challenges of growth is to scale your marketing efforts. Fractional CMOs can help you do this by providing the expertise and resources you need to reach a larger audience.
They can also be helpful in times of transition, such as when you are launching a new product or entering a new market. By working with a fractional CMO, you can ensure that your marketing efforts are aligned with your business goals, making it easier to achieve success as you grow.
Objective Perspective
A fractional CMO can provide an objective perspective on your company’s marketing efforts. This is because they are not emotionally attached to the marketing campaigns or initiatives and can provide an honest and unbiased assessment. This can help identify areas where you may need to make changes or adjustments.
What Do Fractional CMO Services Include
Now that you know what a fractional CMO is, it’s time to answer the question, what does a fractional CMO do? Here are some of the things you can expect from a fractional CMO:
Strategy Development
One of the most important things a fractional CMO will do is help develop a marketing strategy for your company. This will involve setting goals and objectives, and figuring out how to best reach your target market.
Tactical Execution
Once the strategy is in place, the fractional CMO will help with its tactical execution. This includes creating and implementing marketing plans, as well as overseeing day-to-day operations.
Measurement and Analysis
Fractional CMOs also track results and analyze data to see how effective the marketing efforts are. They then use this information to make adjustments and improve results.
These factors are good to keep in mind as you’re considering hiring a fractional CMO. A great CMO will be able to take the data from your market strategy and help you plan your growth for the future.
Consulting on Marketing Initiatives
Fractional CMOs provide expert opinions and analysis on various marketing initiatives. This allows companies to get a second opinion on ideas, as well as get insights from someone with extensive experience in the field.
Implementation of Marketing Plans
Not only do fractional CMOs help with the development of marketing plans, but they can also assist with their implementation. This includes coordinating with different teams, setting timelines, and making sure everything stays on track.
Budget Management
Fractional CMOs can also help with managing and tracking the marketing budget. They can make recommendations on where to allocate funds and how to best use them to achieve desired results.
Team Management
In many cases, fractional CMOs will also be responsible for managing a team of marketing professionals. This includes hiring, training, and supervising staff, as well as setting goals and objectives.
Reporting
Hiring a fractional CMO provides regular reports on the status of various marketing initiatives. This helps companies track progress and identify areas that need improvement.
These are just some of the things you can expect from a fractional CMO. Every CMO will have their unique skills and experience, so it’s important to find one that is a good fit for your company’s needs.
Try Fractional CMO Services for Your Business
If you’re thinking about bringing on a CMO, fractional CMOS is a great option for companies that don’t need or can’t support a full-time executive. They provide all the benefits of having an experienced Chief Marketing Officer without the high price tag or long-term commitment.
If you think a fractional CMO could be right for your business, contact us today to learn more about how we can help your marketing team.
