Whether your company is just starting and trying to figure out how to scale quickly or whether it has been hit hard by the epidemic and is downsizing by letting go of marketing executives and employees, Fractional CMO services may be the solution to many of your concerns.
If you have read our prior posts, you probably have a fair notion of whether a Fractional CMO suits you. You may only hire a part-time marketing executive once you have more information about what to expect from such an arrangement.
Seriously, a lot. The stakes are high, and let's have a look.
A lack of strong leadership can make marketing appear to be a game of "throw everything at the wall and see what sticks." You might need a head or leader who can guide you through the process and always keep an eye on every work you do. With fractional CMO services at the helm, you can rest assured that your business will continue to go forward, regardless of whether your firm is an up-and-coming brand or has recently seen layoffs.
You can't give up on a marketing strategy, whether you're starting to grow or trying to keep your marketing momentum going through staff changes. With a leader, your marketing could stay intact to the point where you're barely moving forward. Having an experienced marketing executive on board, even part-time, is essential for figuring out the most important goals and how to reach them.
Instead of the "one foot in front of the other" method that many businesses without marketing leadership use, Fractional CMO services can ensure a process to carry out the strategy and meet your marketing goals. This process has been developed and fine-tuned over many years by Fractional CMOs who have worked with marketing teams at large companies, often Fortune 500 or even Fortune 100 brands.
Small or shrinking businesses will have to pay a lot to get this process and experience, but it is possible with fractional CMO services in charge.
Whether you already have a marketing team, Fractional CMO services usually come with a group of experienced professionals who are always available. This team can either help your existing marketing team do a better job or fill in some gaps that have opened up because of layoffs or rapid growth.
These team members have a lot of experience working for companies of all sizes and types, which has given them a lot of skills. With just one hire—the Fractional CMO services—you'll have access to their digital marketing experts, content marketers, video marketers, social media experts, publicity and media experts, print and broadcast marketers, strategists, branding experts, copywriters, designers, so on.
These benefits are enormous, and you can only get them if you hire a full-time CMO. But if you have a Fractional CMO, you might be well on your way to success... and for a lot less money and in a lot less time.
A lot goes into hiring a full-time executive with a lot of experience. This includes making ads, sorting responses, interviewing candidates in multiple rounds, and more. If everything works out, that's great, but the company has to start over if it still needs to.
Most companies work with fractional CMOs based on a clearly defined contract, often for a short period. If everything is going well and both parties are happy with the relationship, the contract can be easily extended when the contract ends. If things get tense, the contract is over, and much less damage could be done.
A fractional CMO agency only spends a small amount of time on each client, so they only get a small amount of the pay that a full-time CMO would usually get. If a company carefully and accurately figures out what it needs and then looks for a fractional CMO who can meet those needs, it should be able to save money without sacrificing effectiveness.
A fractional CMO is often just as qualified as a full-time CMO, but because they spend less time on one company or share their expertise with more than one, they can get those qualifications for less.
And because fractional CMOs aren't employees, they won't expect expensive benefits like health insurance or a 401(k) plan from the company. They won't ask for any company stock, either.
As soon as a fractional CMO agency is hired, the clock starts to run. Most people are hired for a particular time and often to reach a specific goal. Since their pay will depend on meeting these goals during the contract term, they will be motivated to reach them before the contract ends.
This means that full-time CMOs are still motivated, though. Most of them are very motivated. But sometimes, a company's work can be distracting enough to make it easy to lose sight of what's most important.
As we've already said, not all businesses have the exact marketing needs. That doesn't mean that marketing isn't essential to them, but if testing over time has shown that some marketing efforts are essential while others aren't or are even worse, it may be wise to hire people on a more "a la carte" or limited basis. There's no point in paying for skills that aren't needed.
Many CMOs are willing to scale their responsibilities to meet the needs of their clients. Their limited commitment and the pay that comes with it may be a better way for many companies to do business.