Can you take a moment and picture a lighthouse in the middle of the sea? Just imagine how its light shines so brightly that you can’t ignore it. Now, that’s what a proper marketing strategy does for your brand. It puts you in a position where many people are able to see you even when they are not looking. It also allows you to stand out among your competitors, which is a big deal in today’s competitive business landscape.
As crucial as marketing is for business, sometimes it can be challenging because there is more to it than just a Facebook or Instagram post of your product or service. With the ever-changing trends, tighter budgets and crazy competition, you need to stay alert and adaptive.
And that is where a fractional chief marketing officer comes in handy. They can deliver those big marketing ideas and make them happen while saving you the full-time costs because they work part-time or on a project basis. But do you really need one this year? Let’s find out.
So, what exactly is a fractional Chief Marketing Officer?
Understanding who a fractional CMO is and what they do will help you make a better decision as to whether your business needs one or not. These are marketing executives who work with your business on a part-time basis to help you refine your marketing strategies in order to better your sales. Actually, statistics show that the revenue of companies that use fractional CMOs grows at an average rate of 29%.
In those times in business when you need fresh eyes in your marketing department, you can opt for a fractional CMO because they are known to deliver big results for a smaller commitment. They will lead your marketing team in seeing how best you can effectively reach your target audience and convert them into customers.
Since most of them are good at what they do, they can help you come up with power strategies to boost your sales for a new or pre-existing product. They analyze in detail what has been working and what has not so as to come up with solutions that improve your marketing campaigns. In fact, 67% of the companies that use fractional CMOs see improvements in strategic directions and execution.
Did we mention that they also optimize your marketing budgets to ensure that you are getting proper returns on your investment? They achieve all that at a fraction of the cost you would incur if you hired a full-time CMO. Actually, a report by Chief Outsiders revealed that hiring a fractional one can save your business up to 60% compared to hiring a full-time one.
When is a fractional CMO necessary?
The role of these marketing gurus can be quite beneficial when your business is in its early stages. Fractional CMOs help startups and small businesses to know whether their target market needs that product before they invest a lot of money. They also boost the business growth without having you break the bank. In fact, about 70% of startups and small businesses hire them to access top-notch marketing expertise that they otherwise could not afford.
If you feel like your campaigns are not doing so well or that your marketing is stagnating, a fractional CMO could come in handy with their fresh touch to give you that push you need. They can also help your marketing team catch up with the latest online marketing methods.
During transitional periods, such as rebranding or expansion, you may need their expert assistance to navigate strategically to avoid costly mistakes. They have likely handled something similar in their experience, so their guidance would help you transition more smoothly and deal with the hiccups along it effectively. Whether you are entering new markets or launching new products, you can get premium help without investing in a full-time executive.
In the highs and lows of business, sometimes the budget tightens, and the resources become limited, but things have to keep moving. At such times, getting a fractional CMO would be more workable than getting a full-time one or an agency. They can come in and offer short-term assistance but achieve long-term results for the business.
Advantages of a fractional CMO
By hiring a fractional Chief Marketing Officer, you can access some of the best marketing expertise minus the expenses of a full-time salary and benefits. Actually, their rates are approximately 50-75% of the annual salary plus benefits of a full-time CMO.
Their role is also very flexible because you can hire them for a particular project, or to stand in the gap for some time. That means they can adapt to the specific business need you have at the time in matters of marketing and still yield results.
What’s more, you can benefit from an outside, experienced perspective, which can help you identify opportunities or issues that you and your team might have missed. With such benefits, it is no wonder that more businesses are trying it out. Actually, a Chief Outsiders survey conducted in 2023 showed that the adoption of fractional CMOs had increased by over 60% in five years.
People are adopting fractional CMOs as their secret weapon so that they remain steps ahead of their competitors cost-effectively. The idea that you can get expert help when you need it and at a reduced cost, all at once, doesn’t sound bad for business. So, do you think your brand needs a fractional CMO this year?
