It is almost impossible to deny the benefits of digital marketing today, especially with the way modern technology and the internet have been revolutionizing the world of eCommerce.
Product information and making actual purchases are made readily available in just one click. That said, it is a must for businesses to take advantage of this advancement, to be able to reach and connect with more audiences.
While having a strong and competitive marketing team can help with this, you can also consider employing a Chief Marketing Officer to further maximize this opportunity.
But since hiring a full-time CMO can be costly, especially for new startups or small businesses, you can opt for fractional CMO instead.
Understanding Fractional CMO
A fractional CMO is brought in to lead your business’s marketing function on a short-term or contractual basis. In other words, your business gets to have excellent marketing service without the full cost of hiring a full-time executive-level employee.
Depending on your company’s needs, you may work with a fractional CMO, marketing strategy expert for several hours a week.
That said, here are some signs to help you decide whether you need a fractional CMO.
4 Signs You Need A Fractional CMO
1. Your Marketing Team Needs Reinforcement
As your business expands, the responsibilities and expectations from your marketing team also grow, which can then make it more challenging for them to cope with the demand.
That said, hiring a fractional CMO can help your marketing team keep up with the growing demands of your business and ensure that your team stays organized. With extensive experience on their belt, fractional CMOs can introduce processes and practices that can help improve the efficiency and productivity of your marketing department.
Fractional CMOs can bring the practices and experiences used by larger companies, which can help develop and further improve your marketing strategy. They can lead your internal team by managing the daily operations, overseeing your marketing initiatives, as well as facilitating the execution of these strategies.
2. You Have Budget Constraints
In any business, financial uncertainty and tight budgets are to be expected. Generally, when there are budget constraints, the ideal solution would be to make budget cuts and minimize spending costs.
Fractional CMOs can help your business maximize its marketing approach even if budgets are tight. They can help your marketing team stretch out your marketing budget and still create an effective marketing strategy, and track how well your marketing is doing to attract more clients.
And as mentioned, the plus side of getting the services of a fractional CMO is that since they are on a contractual and consultation basis, you wouldn’t have to shoulder their monthly payroll or offer benefits packages.
3. Your Business Needs New Perspectives
Marketing strategies and plans should be constantly evolving. Even if your current marketing plan is effective and has been generating new leads for years, there’s no guarantee that it will continue to provide good ROI for your company in the succeeding years.
Moreover, doing the same marketing strategy year after year will eventually become incompetent over time. In some way, your campaign can be regarded as stale or predictable, especially since you aren’t exploring new and innovative ways to promote your products or services.
If that’s the case, then you may need a fresh pair of eyes to help you with your marketing plan. That’s where fractional CMOs can be beneficial. They are experts in evaluating your marketing strategies and sharing a new perspective and innovative ideas from their own experience.
Additionally, since fractional CMOs often work in multiple industries and companies, they have a variety of unique knowledge and experience to share.
4. You Need An Interim Leader
At more mature companies, fractional CMOs is often hired to take on short-term positions while the full-time CMOs are on indefinite leave such as bereavement or parental leave. Or in some cases, if your full-time CMO has recently resigned or is about to retire, a fractional CMO can quickly fill in the vacated position while you conduct a talent search and recruitment for your next permanent CMO candidate.
After all, it’s pretty easy and fast to hire a fractional CMO. And in some cases, some fractional CMOs even help businesses to scout and find a full-time replacement.
These are just some of the signs to look out for that may indicate that your business needs a fractional CMO. But regardless of the reason, bringing in an experienced CMO can help provide the much-needed changes and guidance in your marketing needs to further maximize your business potential.