Sometimes, a marketing team isn’t enough; you need an expert to turn things around, to help you drive sales, and to improve your return on investment (ROI). You need someone to inspire, to ignite your ailing marketing efforts. To deal with all your marketing efforts, you need a CMO, a chief marketing officer. But a chief marketing officer is too expensive to keep full time and not feasible for a small to a mid-size company. A new trend in marketing preferred by mid-sized companies is fractional marketing. Let’s find out what fractional marketing is, how it works, and how you can use it to improve your marketing efforts.
Fractional Marketing Defined
Just like the name implies, fractional marketing is delegating a portion or a fraction of your marketing efforts to an expert. It’s outsourcing part of your marketing needs whether or not you have a marketing team. With fractional marketing, you hire a part-time CMO instead of a full-time CMO at a fraction of the price. There are many benefits to hiring a fractional CMO aside from saving you money. A fractional CMO may be the marketing expert you need.
Here are some ways that a fractional CMO can help you and your business.
Affordable Rates
A fractional CMO provides the expertise without the costs associated with a full-time employee. You can hire one to handle your marketing as-needed and part-time. This means you only pay for the hours they worked or an agreed-upon rate for the project, and this rate is cheaper than paying for a full-time CMO.
Versatile Expert
No matter what marketing campaign you’re working on, you can count on a fractional CMO to provide expert marketing help. Good CMOs are versatile, have updated knowledge and skills; they have the qualities needed to boost your marketing efforts.
Efficient Leader
You have a talented marketing team, but it is not meeting your expectations. You need a fractional CMO to efficiently lead your team. A CMO can work with your team on different marketing projects. Your team will benefit from having an efficient, experienced leader who can generate leads and preserve customer loyalty.
Take Over Crucial Marketing Roles
A fractional CMO can fill in if a team member is not up to a task or already has too much on their plate. If you need to replace a member of your team for any reason, a fractional CMO can also do the work until you find a suitable replacement. CMOs are versatile and experienced to take on vital roles in your marketing team so that there’s no time wasted and no task unattended.
Strategic Decision-Maker
A fractional CMO can make a crucial decision on behalf of your team. They understand all the aspects of your marketing campaign and, thus, can make strategic decisions on the fly. Minimize interruptions or setbacks by hiring a fractional CMO.
Fresh Eyes – New Marketing Trends
Stumbling blocks in marketing campaigns are unavoidable, and they can be a setback for many businesses. During these times, you need someone with fresh eyes and new insights into new marketing trends and a marketing leader who can point out your team’s shortcomings and avoid costly mistakes.
Signs Your Business Needs a Fractional CMO
After learning the many benefits of hiring a fractional CMO, you might still be wondering if this marketing strategy is for you. The good news is, all companies, businesses, and organizations can benefit from a fractional CMO. But how do you know you need one? Watch out for the following signs that your business desperately needs a fractional expert ASAP.
Your marketing team lacks direction.
A successful campaign requires a team effort. Every member must do their best to perform their tasks and complete team marketing goals.
If your team is starting to lose focus, missing deadlines, and submitting sub-par work then this is the right time to hire a factional marketing leader. Don’t wait before things get out of hand!
Your marketing efforts are going down the drain
Missed marketing campaigns? If your marketing efforts are not making sense, you’re just wasting your money. Marketing trends change from time to time and if your team is not updated with the latest strategies, they could be wasting precious time, effort, and money.
A fractional CMO will make sense of your marketing strategies, use the latest trend and updated marketing information to come up with a successful campaign.
Your engagement and revenue are dropping
After a review of your latest marketing campaign, you find a very noticeable drop in engagement. Your gross and net margins are decreasing and your sales are declining. There are no new clients and worse, you’re losing customers.
You can still turn things around by hiring a fractional CMO. A CMO has excellent skills in organizing and directing. He can assess your marketing strategies as well as the strength and weaknesses of your team to come up with the best results. Don’t wait till it’s too late. Assess your team’s performance regularly and take time to evaluate your campaigns. If you notice these signs early, don’t hesitate to work with a fractional CMO.
You can’t afford a full-time CMO
You’re a small business or startup and you’re still trying to make ends meet. But you can’t overlook marketing now that you want people to recognize your brand, your products, or your services. If you don’t have the budget for a full-time expert, you can hire a fractional CMO instead.
You can hire a fractional expert even with a tight budget. Full-time employees need full-stack compensation and benefits whereas a fractional CMO costs only a fraction of this amount.
Companies who have used fractional help in other departments like technology, human resources, finance, and other business areas know that a fractional CMO can save you money as they can provide expert support even for a few days a week. Fractional CMOs are for businesses who want to create marketing campaigns strategically and sustainably.
Your marketing strategies are obsolete
Many marketing strategies stood the test of time. Strategies like email marketing and social media marketing have long been the top engagement drivers. However, some techniques that were once very popular are now questionable techniques.
Strategies like cold calling, keyword stuffing, and not using analytics are not just outdated but can lead to costly problems in the end. If your business is still dependent on outdated marketing techniques then it’s time to embrace the help of a fractional CMO.
How Much to Hire a Fractional CMO?
It’s costly to maintain a marketing staff. You are responsible for their wages and benefits but also job training costs. You have two options with fractional marketing: (1)hire an expert to help you with small marketing projects regularly but part-time, or (2) hire a fractional CMO to work with your team on more significant projects. Both options are convenient and affordable. Because a fractional worker only works part-time or on a project-based contract, there’s no need to spend money on training, additional compensation, or employee benefits.
How to Get Started?
To start with fractional marketing, you need first to assess your business’s marketing needs. Answer the following questions:
- Are you a small to medium-sized business or an established big business?
- Do you have complex or straightforward marketing campaigns?
- Do you have a full-time marketing team?
- Do you have a specific budget when hiring a fractional marketing expert?
Once you have decided on hiring a fractional marketing expert or CMO, consider the following qualities when reviewing candidates:
- Previous CMO work
- Employment experience, including industries worked
- Work references
- Knowledge of the latest marketing trends relevant in your field or industry
- Knowledge of the latest software and tools relevant to your business (if you use any tools or software)
- Critical thinking skills
- Leadership skills
- Mentoring skills
- Creativity
- Educational background
- Relevant marketing training or courses taken
You’ll find candidates to fill your fractional CMO position in most online recruitment sites like LinkedIn, Upwork, and Indeed. You should expand your search to multiple sites.
Digital Authority Partners suggests that it’s best to come up with at least six candidates. Then, compare them according to work experience, industry or market expertise, recent projects, knowledge of software, and other skills. Take time to talk to each candidate to assess their capabilities.
