What is a Fractional CMO?
A Fractional Chief Marketing Officer, or CMO, becomes part of your team on a part-time, short-term, or occasional basis to drive, create, or refresh your company’s marketing strategy. The Fractional CMO operates like a consultant, not a freelancer, ensuring you receive executive-level support without the need to hire a full-time marketing professional.
Does your company need a Fractional CMO? Here are nine signs that one will take your marketing to the next level. If you identify with one or more of these points then yes, you need a Fractional CMO.
Nine signs you need a Fractional CMO
- You are procrastinating on your marketing
You know marketing is vital to your success, but with all the other stresses of running your business, you find creating engaging strategies and researching the best channels to be on the back burner right now. If you’ve been putting off your marketing, a Fractional CMO can quickly get you on the right track. After learning about your business, your target market, and your goals, the CMO will create a long-term strategy that you, your team, or their team, can easily maintain.
- Revenues are down but your need for marketing is greater than ever
It’s been a tough economy for a few years and the COVID-19 pandemic made things worse. With revenues down, many businesses want to follow the examples of Kellogg’s, General Mills, and Pizza Hut, who advertised robustly during harsh economic conditions and were rewarded with increased revenues and market share. A Fractional CMO shows you how affordable, digital marketing strategies are just as – if not more – effective as traditional (and more expensive) advertising. With a CMO, you can have a strong campaign on a shoestring budget.
- You have a small team but cannot afford a full-time senior marketing person
Starting your own business is exciting but after acquiring capital, setting up a workspace, and investing in products, your marketing budget can look a little low. You have a small team (or a single marketing manager) to help you draw in customers and be competitive; hiring a Fractional CMO is a great way to get executive-level support at a fraction of the cost. Not only will your Fractional CMO show you a cost-effective way to increase your return on marketing spend (ROMS), they will also help your team understand the best channels to reach your market so they can apply a winning strategy now and into the future.
- You need executive level, experienced support, beyond what a freelancer can offer
Is a Fractional CMO a freelancer? No. A Fractional CMO becomes a part of the team (without the overhead). Freelancers are great to get expertise for certain tasks, such as having a slogan or logo created. A Fractional CMO’s role, however, goes much deeper and ties together all the branding elements of your company. The CMO works alongside you and your team and actively helps grow the company through customized marketing strategies.
- You need a new perspective
Let’s say you have a full-time marketing team in place. When is the last time they delivered a fresh, new perspective or drew your attention to a new marketing channel? It’s easy to get stuck doing the same thing over and over again, especially if that action is generating results. However, a new strategy may generate even better results. Fractional CMOs are invested in learning the latest and most trending marketing tools. Having a CMO consult with your team can inject fresh energy, drive, and passion.
- You don’t have time to devote to marketing
Success is a double edge sword. Once you achieve it, you must work hard to maintain it. The problem is, as a business owner you are juggling many things at once – even though you started the business because you wanted to focus on the one thing you love! The baker wants to be turning out tasty treats. The accountant wants to be crunching numbers. The maker wants to be creating. Instead of turning your focus away from what you love, delegate. A Fractional CMO steps in, takes your passion, and shares it with the world through your team or their own. You do what you love, the CMO helps bring your buyers to your doorstep.
- Your ROMS are lagging
ROMS is your return on market spend. Marketing is an investment of both time and money. When you are not breaking even, it can feel like a waste. In any economy, a booming or a slow one, a marketing strategy that fails is detrimental to your business. Yet, it can be very difficult to understand why your marketing is failing. If you are putting your business out there but not seeing the revenue your campaigns should be generating, a Fractional CMO can look at your strategy and adjust it to increase your ROMS.
- Networking is a part of your business
What does hiring a Fractional CMO have to do with networking? Everything! Service-based providers rely on networking to grow their brands, so their marketing strategy must include networking elements. From social sharing to LinkedIn engagement, sponsoring events to hosting events, your Fractional CMO can seamlessly blend your marketing with your networking to provide the most impactful results.
- You want to succeed in the ever-changing world of marketing
Marketing is a rapidly evolving world. It can be difficult to keep up with the pace of digital marketing – and even more difficult to shift away from traditional print and static marketing, especially if that is what worked well for your brand in the past. You don’t have to learn an entirely new marketing language. Engage a Fractional CMO. They know all the latest trends and have an eye on new products entering the arena.
Contact us today to learn more
There are a lot of great reasons to hire a Fractional CMO, and if you are ready to see how one can recharge or launch your best marketing strategy, we are ready to consult with you. Contact us today to learn more.