When Your Company Should Consider a Fractional CMO
Fractional CMO – With the field of marketing changing rapidly thanks to the forces of technology and digitization in the industry, many companies are looking for alternative management structures to keep their organization agile and dynamic. Increasingly, rigid bureaucracies and hierarchies are less effective in accomplishing marketing goals in a cost-efficient manner, since the field is evolving so quickly.
To keep up with new marketing tools and techniques, many companies are turning to fractional marketing teams and fractional marketing CMOs. Fractional marketing refers to the practice of recruiting marketing professionals on a part-time or for a limited timeframe. In particular, many companies have opted to recruit fractional CMOs, or Chief Marketing Officers, to manage their own internal marketing team, or bring their own specialized team to tackle marketing challenges.
Fractional marketing is a popular trend for a variety of reasons, but many firms are still unclear about whether this approach makes sense for them. So, let’s explore a few signs that executives should look out for when deciding if it’s the right approach for their company.
One of the primary reasons why companies hire a fractional CMO is because of budgetary constraints. Working with a full-time CMO for a long period of time can be a costly endeavor. Experienced marketing executives who are at the top of their game are extremely expensive to retain, since so many competitors are on the lookout for top marketing talent.
Hiring a fractional CMO is a great way to gain access to the skills, experience, and expertise of high-level marketing executives at a small fraction of the cost. The specific deal that you will strike with a fractional CMO will vary and should depend on the strategic goals of your organization. However, regardless of what you bring on a fractional CMO for, you’ll be able to access world-class marketing executives for a fraction of a cost.
Many fractional CMOs will also offer unique pricing structures and some will be able to serve your business on a contractual basis. Drawing up a customized contract will give you a greater ability to build a marketing team in line with your budgets since you won’t be limited to the traditional, salary-focused arrangements you’ll use with conventional CMOs.
Specific Strategic Goals
Many fractional CMOs can be recruited on a per-project basis. For example, if you specifically need help to create or manage an AdWords campaign for your company, you could consider a fractional CMO with extensive experience with AdWords. That fractional CMO could then lead a team that optimizes your firm’s campaign to maximize conversions and achieve important KPIs and it’s absolutely something you should consider when thinking about how to invest your digital marketing dollars.
Similarly, if your company wants to zero in on an effective Search Engine Optimization (SEO) strategy, you could consider a fractional CMO with extensive SEO experience. Some fractional CMOs might even bring their own team of SEO analysts, writers, and relationships with online publishers to the table when you choose to work with them. That’s absolutely something you should consider when sorting through CMO candidates, said one San Diego Fractional Marketing Agency.
Lack of Internal Expertise
Another sign that it might be time to hire a fractional CMO is if you find that your internal marketing team lacks certain important skills and experience. Since the marketing landscape has shifted so dramatically towards an emphasis on data, online advertising, and interactive media, many marketing departments are not up to speed with the latest tools and resources available to reach consumers.
Many marketers cut their teeth in the age of mass media, and have had a difficult time adjusting their approaches towards data-driven, online advertising. Educating themselves on these new technologies can often be extremely time-consuming and challenging, particularly for marketers that are a bit older and might not be digital natives. Retraining these professionals to become AdWords wizards or social media ninjas can be challenging.
In these sorts of situations, a fractional CMO can be a great asset. Bringing one on could allow you to leave your existing team to focus on what they do best, since traditional mass media advertising certainly still has a role for many companies.
Then you can work with your fractional CMO to retool and modernize your organization’s digital strategy. In some cases, a fractional CMO might have their own team of digital marketers to bring to your organization. Some companies might find that focusing their existing team on traditional marketing approaches and ad buys while bringing on a fractional CMO and his or her team to handle digital marketing makes the most sense for their business.
In conclusion, fractional marketing is a trend that is likely to continue growing since it allows businesses to access the skills of experienced executives with the power to modernize organizations at an affordable cost. Keeping these few indicators mentioned above in mind will give you a good idea if considering a fractional CMO makes sense for your business.