Why Fractional CMOs Are Attractive to a Mid-Size Business (DAP)
Hiring a full-time Chief Marketing Officer (CMO) can be quite expensive. If you are a mid-size company, you might not even need a full-time CMO — t...
Recently we’ve seen a cultural shift, likely driven by younger generations. Nowadays, people have visions, dreams, goals, and aspirations that they’re willing to go out and get. Also, previous cultures of toxic workplaces that have a negative effect on your mental health are no longer acceptable. With 11.5 million people quitting their jobs in April, May, and June alone, you could say The Great Resignation is in full swing.
However, as the unemployment rate continues to fall, clearly people are finding it easier to swap jobs and head to another business. Gone are the days of being appreciative of just having a job. Businesses need to adapt and appreciate that many job roles could be a revolving door if not handled correctly.
Those most impacted seem to be CMOs and their marketing departments. However, this sector and industry are most equipped to combat the revolving door – many businesses just don’t know it. Creating a fractional marketing team will give you all of the skills, expertise, and knowledge you need to make your marketing department a success without the risk of full-time in-house employees – read on to find out how.
What is Fractional Marketing?
Fractional Marketing is the outsourcing of the most strategic marketing function to a team of experts, helping to define, prioritize and manage the execution of key tactics designed to grow a company.
Access To Expert Knowledge & Skills
More often than not, an in-house marketing department is populated by those with a broad skill set that is able to complete all day-to-day marketing activities to a good standard. However, rarely do you find a marketing team with specialists in every area unless you’re a large enterprise. With a few individuals responsible for so many marketing tasks, you leave your business exposed should one or more of them tender their resignation.
However, if you turn to fractional marketing, you needn’t worry about resignations interrupting your marketing efforts. For example, if you decide to work with a digital agency to enhance your SEO, you’ll be assigned an account manager who is an expert in your field to skyrocket your Google rankings. Should your account manager give their resignation to the agency, you’ll be assigned a new account manager with the same level of expertise without the hassle of notice periods, having to interview and re-employ another person.
Less Risk & More Reward
Fractional marketing is a relatively new term that, once explained, many business leaders will be afraid of. However, it’s actually incredibly risk-averse compared with employing an in-house team. With your own employees, you have the cost of a full-time salary, benefits and are tied to them even if they underperform. Whereas working with a fractional marketing team, they work on a contract or hourly basis, you pay them for the work they actually produce, and you can switch to another digital marketing agency whenever you like.
As mentioned above, your fractional team are experts in their field, meaning you’re swapping an in-house team that costs substantially more for a team that reduces your outgoings while increasing your marketing performance.
A Fractional CMO VS A Fractional Marketing Team
It’s possible to have the best of both worlds, in turn reducing your risk of being susceptible to The Great Resignation. Firstly, you could opt to employ a Fractional CMO to guide your in-house team. They’ll immerse themselves in your business, provide leadership, formulate a strategy, and initiate actions from your in-house team to work toward the business goals. Opting for an outsourced CMO removes the largest overhead from your marketing department. However, you’re still at risk of losing in-house team members.
Alternatively, an in-house CMO heading up a fractional marketing team removes the risk of losing the people who perform your day-to-day marketing activities. Too many businesses employ a CMO, pay them an incredible salary, and offer great benefits, then leave them to do the job of a marketing assistant after they’ve created a strategy.
A fully fractional team including CMO offers the least risk, is amazingly cost-effective, and gives you access to an unlimited wealth of expert knowledge. However, it is a big transition to make, and you run the risk of communication breakdown. However, if you hire a Fractional CMO with experience managing a fractional marketing team, this approach can offer tremendous value and see your marketing efforts reap rewards like never before.
In Summary
Building a fractional marketing team consisting of experts across all your important marketing channels mitigates your exposure to resignations and raises the level of skill within your marketing department. By turning to an outsourced approach, you will save your business a tremendous amount of money while improving the output of your department.
With a fast-growing culture of regularly switching employers, agencies are often in the driving seat for attracting the best talent. In addition, freelancing is on the rise, with more individuals seeking the freedom that it brings. Go where the talent is, and your business will reap the rewards.
To learn more, check out our San Diego Fractional Marketing Agency, where we can assist you with the transition to outsourcing. Alternatively, if you’re seeking to improve specifically digital, our San Diego Digital Agency are the experts that will take your business through a transformation like no other.
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