Could hiring a Fractional CMO be your next best move? Successful small and mid-size enterprises (SMEs) often look for ways to take their businesses to the next level. Growth comes down to using the correct marketing and sales alignment strategy, which in larger companies, usually falls under the responsibility of a traditional Chief Marketing Officer (CMO).
What is a Fractional CMO?
A Fractional CMO does everything you would expect an in-house CMO to do but on an interim basis. Businesses can gain valuable insights from a senior marketing executive at a fraction of the cost of a full-time, permanent CMO. Hiring a fractional CMO provides your business with expert knowledge to design and implement strategic marketing programs that help companies achieve long-term growth.
Why Do You Need a Fractional CMO?
You are budget-restricted.
A common problem with hiring a “traditional” CMO is that they tend to be expensive to hire and keep on the payroll. SMEs may not have the budget to support a permanent full-time employee in that position. Outsourcing a CMO for an interim engagement will be a more cost-effective way to deliver the structure and skills to help your company grow.
You don’t have an experienced individual that can manage your team.
Maybe you’ve downsized and don’t have experienced marketing leadership. Your marketing initiatives may come from team members with great vision who lack expertise and need guided direction. As a result, your materials may not align with your brand image or sales team. A Fractional CMO will organize the process and create a clear strategy, crafting your vision into a reality.
You only need help to create an overall strategy.
Maybe you want to launch a new product or service and need extra guidance, or you struggle to position yourself correctly against the competition. Perhaps you want to take your company in a new direction and don’t know where to start. Someone unbiased can step in and assess your needs with transparency, giving your brand a fresh new perspective.
What are the benefits of hiring a Fractional CMO?
Expertise: A Fractional CMO will deliver value quicker by taking control of your marketing campaigns and helping you through planning and implementation. Your Fractional CMO for hire is a digital marketing expert with experience in setting clear goals by driving sales initiatives, team building, and training strategies to achieve results.
Experience within multiple industries: A Fractional CMO can leverage knowledge and a breadth of experience from previous campaigns that have succeeded in similar industries. They understand how you compare to the competition, and their analytic skills can be invaluable in improving and maintaining future growth.
An objective, outsider’s perspective: It is often difficult for in-house employees to see what’s right in front of them when bias and company politics are involved. A Fractional CMO can come in and look at the big picture. The objective vision of an outside perspective often produces out-of-the-box thinking. Your business may need honest feedback from a trained and impartial eye to foster new ideas and implement change, and because they aren’t a permanent part of your team, they can be very candid.
Time to Value: When you hire a fractional CMO, you pay for the highest quality marketing elements without wasting energy on day-to-day tasks. They know how to get to the basis of your issues and maneuver through the clutter to drive key strategic initiatives. You will save time with clear objectives and action plans to reach your goals more quickly.
Stays up to date with the latest trends and best practices: An in-house CMO must be conscious of the latest trends in the market. A fractional CMO may be better positioned to recognize and capitalize on those trends than an executive wearing multiple hats. Your company will have the flexibility to explore new marketing approaches without a long-term commitment.
- Cost Effective: A Fractional CMO provides extensive value far more affordably than paying an in-house team or hiring someone full-time. In addition to reducing costs significantly, you can pour these savings into new marketing initiatives developed with the aid of your interim leader.
What Skills Should You Look for In a Fractional CMO?
Strategic plans require a firm understanding of key sales metrics to lower costs, track conversion rates, and improve growth. Your marketing plan directly correlates with your sales funnel, and an experienced interim CMO will know how to analyze and leverage critical data to drive business.
Business Experience and Compatibility
This person must have industry-specific skills with the ability to learn about your business rapidly. Additionally, they must align with your company’s values and vision. A skilled leader who understands your company will work well with your team and learn how to create a customized strategy that adheres to your long-term goals.
Proven Methodology and Skill Set
A Fractional CMO must be able to formulate a plan while also being hands-on in the daily execution and direction. Your team members require support and driven initiative, so you must identify someone who can do both tasks simultaneously. The work they’ve done in the past has yielded results, and they have the metrics to prove it. They’ve acquired tools and methods which will pass down to your company.
Open Path: Your Fractional CMO Company
Every business is different. At Open Path, we step in at various stages and ensure that the strategy and execution are tailored to your business and drive the goals you want to achieve. We take pride in offering personalized, modern marketing solutions on your terms.
What do you do if your business can't afford a traditional CMO?
A Fractional CMO might be what you’re looking for; let us be your guide on how to proceed to help you reach success.