Benefits OF Hiring A Fractional cMO
What does a “Fractional” CMO do?
Fractional CMOs (chief marketing officers) are senior-level marketing experts hired to work for a company on a short-term or part-time basis. They offer marketing expertise at a fraction of the time given by a full-time salaried CMO at a fraction of the cost. For example, hiring a fractional CMO can be best if you need assistance with a new go-to-market strategy, a new product launch or organizational structure, or a new hire consultation, all of which are more short-term projects.
Why not hire a full-time CMO?
If you are a small business or simply haven’t reached the level where you need/can afford strategic senior-level marketing direction, hiring a fractional CMO gives you a dedicated marketing lead at a lesser cost than a salaried hire. A full-time CMO can cost $150,000 at the lowest end. That doesn’t even include the benefits and perks a company usually pays for to go along with the salary. Compare that to a fractional CMO, which can be less than a third of the cost on an annual basis.
Plus, a fractional, independent consultant can spend time on only the projects or elements you want and you can determine the amount of time spent. Some companies choose to have an ongoing relationship with a fractional CMO, others hire per project or on a short-term basis.
Key Benefits of a Fractional CMO
- Elimination of trial and error due to applying marketing tactics with a lack of expertise or knowledge
- No more work with agencies who promise more than they deliver. A fractional CMO can help hire the right partners and employees to work on your marketing activities.
- Inevitable Cost-Savings. With a fractional CMO you save money due to the elimination of trial and error and hiring right the first time, whether an agency or employee.
- Less time wasted on marketing activities implemented due to lack of knowledge or expertise
- Better integration of marketing activities on key areas of your strategy. A fractional CMO will onboard new marketing activities with a mind for how the activity impacts other activities and how they can each be leveraged to optimize the impact for optimal results.
What are some of the kinds of projects a fractional CMO can help with?
- Strategy Development & Integration
- Lead Generation
- Annual Strategic Planning
- Marketing Mix/Tactical Marketing Activities
- Sales Tools
- Development of a corporate identity
- Messaging and positioning
- Collateral Development
- Website Content Development
- Leadership on Website Design & User Experience
Voice of Consumer
- Consumer Insights Development
- Trend analysis/Future Forecasting
- Customer journey map creation
- Primary Research and Voice of Consumer feedback loop creation
- Build or align marketing teams & external agencies
- Educate key constituents on marketing activities and plans
- Identification of KPIs
- Communicate with CEO & Board
- Marketing Lead with key corporate partners/clients
- Marketing Dashboard Development