Benefits of Bringing In a Fractional CMO
Recently, it’s become more popular to hire a fractional CMO. Many see outsourcing as a viable way to bring expert skills into your business without committing full-time contracts and salaries. But, like many other business owners or board members, you’re probably seeking ways to increase revenue while reducing costs – an outsourced CMO will have a significant impact on this, and we’ll tell you why.
Before we get into it, if you know that outsourcing is the way for you, check out our Las Vegas fractional CMO services for some expert advice specific to your company.
Wondering what a Fractional CMO can do for your business? Watch this video below.
What Is A Fractional CMO?
So, how do you define fractional CMO? Essentially, they are an outsourced, often part-time chief marketing officer. They carry out the duties of a traditional marketing officer – the only difference is they are not employed directly by your business. Usually, they have a track record of success in the in-house CMO role.
What Does A Fractional CMO Do?
Bringing in a fractional CMO means they’ll become the figurehead of your marketing efforts. But, most importantly, they’ll conduct thorough research, analysis, and an audit of your existing position.
Then,, they’ll devise a new strategy to target opportunities, enhance your strengths, and combat weaknesses. But, of course, they shouldn’t get involved in the day-to-day tasks of your marketing team – that’s not why you’re paying them. Instead, their knowledge and expertise should guide and support those individuals fulfilling the marketing plan.
Why Hire A Fractional CMO?
1. Expert Knowledge Without The Commitment
Hiring an outsourced CMO brings a wealth of knowledge and experience that you otherwise may not be able to get into your company. However, employing an in-house CMO is a costly and time-consuming commitment.
Firstly, the recruitment process can last up to 12 months for senior positions, with more extended notice periods being the norm. So, once you’ve found your preferred candidate and they accept the role, you’ve still got to wait for them to join your businesses.
A fractional CMO is perfect because they usually work on a fixed-term contract and are available almost immediately – or sooner than a full-time CMO. Additionally, if you find that the outsourced CMO isn’t making the expected impact or your business can’t sustain the cost, you can easily sever ties.
2. Save Precious Marketing Budget
You probably think the fractional CMO hourly rate is more than an in-house CMO, and you’d be right. However, as they’re part-time, you don’t have the additional overheads such as paid leave, healthcare, bonuses, salary reviews, and hidden costs. Therefore, you will save money by opting for CMO outsourcing with that in mind.
If you’re a newer business growing or an established company that has come upon hard times, a fractional CMO is perfect. As the budget is likely a little tighter than those high-profile cash-rich businesses, this route is ideal for you to access to the best people while protecting your cash.
3. Improved Strategy, Improved Processes, & An Instant Impact
A fractional CMO has often seen much success and has experience working with many businesses. The wealth of knowledge they’ve accumulated over their careers means they can step into your company and have an immediate impact.
Firstly, they’ll optimize your strategy. Then, by focusing on your business objectives, they’ll tweak or rewrite your existing process entirely, giving you the best possible chance of smashing your targets.
Secondly, once you’ve agreed upon the strategy, they’ll refine your processes, aiming to make the most significant possible impact within your budget constraints. Finally, thanks to their experience, they have a wealth of connections within their network that your company will now benefit from, meaning you get the added privileges they receive for being a respected person within the industry.
4. In-depth Insights & Analysis
When bringing in an external third party, you have to be ready to hear some home truths and anticipate that they will want to change things. Nowadays, data-driven marketing is king, and a fractional CMO will use it to conclude your current marketing efforts.
The best part about this is that they will gain insights that you would never have been able to have before. With knowledge of the best tools available, they’ll be able to do a deep dive into essential data that can inform crucial decisions about the future of your business.
5. A Long-Term Impact
While you may only decide you need a fractional CMO for a short period, their work in auditing your marketing and creating a new strategy will stay with your business for years to come. Additionally, the staff members and other third-party agencies they work with during their time will learn a lot from them, meaning their ethos and vision will continue through their work.
6. Flexibility & Business-Wide Benefits
Turning to an outsourced CMO will not only impact your marketing and sales departments, the entirety of the company benefits from outsourcing. The financial constraints of an in-house C-Level executive make it impossible for many businesses to hire for these positions. However, should your fractional CMO be a successful trial run, you could then look to outsource other high-level functions across the company with the money you’ve saved.
Knowing when to hire a fractional CMO is crucial. But unfortunately, it’s often thought that struggling companies are the only ones that need them.
However, those looking for an interim CMO and growing businesses will see tremendous benefits too. Taking this decision gives your business access to knowledge and expertise that you otherwise couldn’t afford, reshape your marketing strategy for the better, and benefit you for years to come.
Don’t be scared of outsourcing a C-level position – embrace it. With the pandemic accelerating remote working and freelancing becoming more popular, the fractional CMO will develop into a more specific role. So jump at the opportunity now before your competition realizes the benefits.
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