If you’re like a lot of small to mid-sized businesses, having a full-time Chief Marketing Officer (CMO) on board can be financially out of reach. You don’t have the capital to make an investment in the salary and benefits that are required to find (and keep) a good CMO – so you do without. But there might be a case for hiring a fractional CMO.
Hiring a fractional CMO affords your business access to high-level marketing expertise without the hefty price tag of a full-time hire.
Let’s explore five reasons why bringing a fractional CMO on board could be a game-changer for your business.
1. Access to Executive-Level Expertise
One of the biggest advantages of hiring a fractional CMO is gaining access to executive-level marketing expertise. A fractional CMO is an experienced marketing professional who has likely worked with numerous companies across different industries. They bring a wealth of knowledge and a strategic vision that can elevate your marketing efforts.
With a fractional CMO, you’re not just getting someone who can execute marketing tasks – you’re getting a leader who can develop a comprehensive marketing strategy tailored to your business’s unique needs. They can help you identify your target audience, craft compelling messaging, and choose the best channels to reach your customers. This level of expertise can be transformative, especially if your current marketing efforts are scattered or lack direction.
2. Cost-Effective Solution
Hiring a full-time CMO can be a significant financial commitment. According to the latest research, the average salary for a CMO comes in around $225,000, not to mention benefits, bonuses, and other perks. For many small to mid-sized businesses, this just isn’t feasible.
A fractional CMO offers a cost-effective solution. Instead of paying for a full-time executive, you pay only for the time and services you need. This could mean bringing in a fractional CMO for a few hours a week or for specific projects.
You get the benefits of top-tier marketing leadership without the full-time cost, making it a smart financial decision.
3. Scalability and Flexibility
Your organization’s marketing needs are likely to change over time. You might need more help during a product launch or less during quieter periods. With a fractional CMO, you can scale their involvement up or down depending on your current needs.
This flexibility means you’re not locked into a long-term contract or paying for services you don’t need. If your business grows and your marketing needs increase, your fractional CMO can take on a larger role. Or, if you’re in a period of tight budgets or less activity, you can reduce their hours or scope of work.
4. Quick Implementation and Results
When you hire a full-time CMO, there’s often a ramp-up period where they need to get to know your business, understand your industry, and build a strategy. This can take time, and in the meantime, your marketing efforts may continue to lag.
A fractional CMO, however, is accustomed to jumping into new situations quickly. They’ve worked with various companies and can hit the ground running. This means they can start implementing strategies and driving results much faster than someone who’s just getting up to speed. If your business needs a marketing boost right away, a fractional CMO can deliver quick wins and start generating value almost immediately.
5. Objective Perspective and Fresh Ideas
When you’re focused on the day-to-day operations of your business, it can be challenging to see things objectively. You might be too close to your marketing efforts to recognize what’s not working or where improvements can be made. A fractional CMO highlights an outsider’s perspective that can be incredibly valuable.
Because they aren’t tied to your business full-time, they can offer fresh ideas and unbiased feedback. They’ll be able to see opportunities or challenges that you might have overlooked and suggest innovative strategies to move your business forward. This objective viewpoint can help you break out of old habits and discover new strategies.
Should You Hire a Fractional CMO?
While we’ve covered five of the biggest benefits of hiring a fractional CMO, you have to decide whether or not it’s the right move for your business. Every situation is different and there will be unique factors that apply to your company and your situation.
With this in mind, take the time to consider hiring a fractional CMO to enjoy these advantages.