If you're a growing company concerned about costs and want targeted marketing leadership, Fractional Chief Marketing Officer (or FCMO or Fractional CMO) services make strategic sense. Forbes defines a Fractional CMO as “a marketer who works with businesses for a fixed amount of time in a given month, often just a handful of hours.” So, is this a solution for your organization?
And the truth is, it really depends. Businesses can use the expertise of seasoned marketing experts flexibly with Fractional CMO services, customizing their engagement to fit their unique requirements and budget. Accessing a plethora of knowledge and experience without incurring the overhead costs of hiring a full-time executive is one of the primary benefits of Fractional CMO services. With their years of experience in various industries and marketing specialties, Fractional CMOs can offer insightful advice to organizations of all sizes.
Furthermore, scalability is another benefit of Fractional CMO services, which lets companies increase or decrease their marketing budgets as necessary. Fractional CMOs can adapt their ideas and methods to suit a company's needs, whether introducing a new product, breaking into a new market, or dealing with unforeseen obstacles. This will help to ensure ongoing success.
Fractional CMO services also offer outside knowledge and a new viewpoint that can assist companies in overcoming typical marketing obstacles and spurring expansion. By partnering with a Fractional CMO, companies can access industry knowledge, best practices, and creative ideas they might not have within.
So, if this all sounds great, then you need to ask yourself:
Why Turn to Fractional CMO Services?
Here are some of the biggest advantages for a business looking to outsource their marketing to a Fractional CMO service provider:
- More Money in Your Pocket: you only pay for the services you need without the massive cost of a permanent executive salary and benefits package.
- More Flexibility: have the opportunity to pivot as your business needs change, instead of having a full-time chief marketing officer who may not be fully utilized 24/7 or who may not have the depth or breadth of subject matter knowledge you need.
- Specialized Expertise: the opportunity to leverage unique and niche skills acquired from past roles.
- More Objectivity: Fractional CMO service providers can impartially audit your marketing efforts and provide strategic direction based solely on growth goals since they're able to take the point of view of an unbiased outsider.
- Quick Ramp-Up: their years of experience and knowledge allow them to hit the ground running from day one.
- Adaptability: you have the ability to change your FCMO as your needs shift (i.e. you need to bring in someone with expertise in AI to help you manage your updated marketing strategy) versus having to terminate and replace a full-time staffer.
When Are Fractional CMO Services Needed?
Now that you know what Fractional CMOs can offer to you and your business, it's time to decide if this is a good fit for your organization. Think about hiring a Fractional CMO if your business:
Can't justify or afford a full-time CMO salary.
Hiring a full-time CMO is a major investment in time, money, and resources. Rather than a fixed annual salary, a Fractional CMO offers experienced marketing leadership on a flexible, as-needed basis - allowing your businesses to tap executive guidance without blowing your budget.
Needs strategic guidance or extra capacity for a new product launch.
With intimate knowledge of your industry, an experienced Fractional CMO can optimize messaging and launch integrated campaigns across channels to maximize awareness and uptake at market introduction.
Is going through rapid growth and needs to scale its marketing efforts.
The fractional model provides seasoned leadership to map high-impact strategies and tactical plans through an on-demand executive resource.
Has skills gaps in certain areas.
Seasoned Fractional CMOs on temporary assignment can uplift organizational marketing capabilities through targeted knowledge transfer in areas where existing staff may have developmental shortcomings. Their outside wisdom strengthens talent benches while propelling businesses forward. It’s a flexible way to round out expertise fast.
What Attributes Should a Fractional CMO Have?
Now that you are convinced using a Fractional CMO is the ideal solution for your company, you may be wondering how to select one. Of course—this is an important position to fill! The qualities you should look for include:
- Familiarity with the opportunities and pain points within your specific market. These industry insights can create targeted strategies with proven traction that won't blow your marketing budget on costly mistakes.
- Vision to inform planning combined with practical skills in current tactics and technologies. Your ideal FCMO will have the insight to guide high-level frameworks with your existing marketing team and the acumen to help implement them.
- Marketing leadership that is grounded in metrics, KPIs, data analysis, and measurement. This focus on quantifiable outcomes should permeate all marketing processes to maximize ROI.
- Communication skills that engage audiences from the C-suite to customers through simple, compelling narratives.
- The leadership to coordinate implementation across multifunctional groups like creative, digital, analytics, etc.
If you're seeking strategic guidance in your marketing endeavors without being tied down to a full-time commitment, consider enlisting the expertise of your local WSI Consultant as your fractional CMO. Our comprehensive services check off all the necessary criteria. Reach out to us today and get started on achieving your marketing goals!
