Market spend can be an immensely-scaled expense to the tune of millions of dollars annually for businesses. However, marketing dollars can end up wasted on trivial social media campaigns and lackluster marketing ads that don’t produce revenue or generate qualified leads.
That’s where a Fractional CMO comes in.
What is a Fractional CMO?
The term may be new to many business owners/operators but the concept is one perfected by marketing experts globally. A Fractional CMO (FCMO) is described as an executive-level or C-suite marketing professional providing short or long-term consultation and strategy implementation when hiring a full-time Chief Marketing Officer is not a wise institutional resolution.
Companies spend a “fraction” of the total costs associated with their productive hours as FCMOs can consult and strategize with multiple companies simultaneously.
Fractional CMOs are often needed when an existing marketing team – or lack thereof – is not consistently producing the targeted results and requires proven leadership in the industry to steer them in a revenue-producing direction.
Additionally, FCMOs frequently hold expertise in analyzing marketing metrics to ensure campaigns are profitable – strategizing the need to pivot as the market demands.
Organizational Marketing Challenges
Companies across the globe struggle with marketing challenges that could be solved through the consultation and expertise of a Fractional CMO. Performance issues, the lack of time to strategize efficiently, and a lackluster marketing plan are just a few of the many obstacles that plague business owners.
Performance Issues
Launching a market-tested campaign is the first step in bringing awareness to your target audience but it is far from the final step in securing new clientele for any business. Many companies fail to track marketing performance to ensure it’s reaching the correct prospects, to understand which tactics are productive and which efforts are underperforming, and the essential steps to remedy any marketing mishaps.
Tracking marketing strategy implementation is a critical stage in the process and one that is analyzed expertly by a Fractional CMO.
Executive Time Crunch
At times, other executives like a CEO or COO within a company are tasked with overseeing the execution of marketing strategies with little-to-no experience in the marketing realm.
Not only does that add the undue burden of understanding an entirely new role, but also limits the amount of remaining time C-suite executives have to perform their primary function sufficiently. An FCMO frees up their valuable time while bringing specific experience and expertise to the role.
Underperforming Marketing Strategy
Companies worldwide often struggle with devising and executing a fail-proof marketing approach using verified techniques and adequate research. An FCMO not only adds a much-needed marketing strategy to the executive team but can assure that marketing activities are properly aligned with the overall corporate objectives.
Benefits of Working with a Fractional CMO
Award-winning marketing leader Dan Zarrella once said,
“Marketing without data is like driving with your eyes closed.”
Marketing without a Fractional CMO who has mastered the art and nuances of building scalable and success-driven relationships is like running a business without a business plan. There are an immense number of benefits in working with an FCMO.
Seamless Integration
A Fractional CMO has the leadership qualities to slide into an organization’s current marketing division seamlessly – providing guidance and expert oversight without disrupting team culture.
Hiring a full-time, permanent Chief Marketing Officer requires an extended compensation commitment, lengthy onboarding, the development of sustainable inter-departmental relationships, and mastering company core beliefs – which could consume months of time. A Fractional CMO is hired on a contractual basis and places their focus solely on marketing efforts, not interpersonal relationships.
Procedural Efficiency
A Fractional CMO concentrates on marketing improvements and designing unique projects that drive results – instead of the day-to-day tasks commonly involved with being an employee.
There will be no time wasted with an FCMO. They work to deliver efficiency in both your firm and in their own B2B enterprise.
Outside Strategic Perspective
Oftentimes, marketing professionals employed with a business become emotionally attached to their theories, objectives, and methods to generate leads and boost earnings for the company but with that unstinting effort comes the inability to abandon the endeavors when necessary.
Fractional CMOs can look beyond the initial enthusiasm surrounding a current marketing campaign to recognize whether it’s working, if it has the capability of being profitable in the future, or whether to completely disregard it and begin implementing something new.
A fresh, outside perspective based on executive-level knowledge and experience can lead your marketing department into a revenue-streaming direction.
Long-Term Strategy with Short-Term Cost
Fractional CMOs’ expertise falls within the realm of creating a long-term marketing strategy that can continue long after the contractual agreement comes to a close. Without the need to budget additional salary requirements for an FCMO, each business that partners with them can expect a growth strategy alongside a short-term cost.
Increased Scaling Speed
When the focus lies on business development and revenue expansion through cutting-edge marketing tactics supplied by a Fractional CMO – the potential speed at which growth could be realized increases exponentially.
For business owners who do double-duty, acting as the head of every department, hiring a contractual Fractional CMO can free them to focus solely on other revenue-generating enterprise sectors.
There is no one-size-fits-all approach to marketing when the ultimate goal of revenue growth for your company is at the forefront – but contracting with a Fractional CMO offers a possible solution to any gaps left by the existing marketing team – without the need for additional budget-busting salary additions. You’ll gain expert-level work for nominal costs with a Fractional Chief Marketing Officer.
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