Most small to mid-sized companies do not need or cannot afford a full-time marketing executive/CMO or simply do not want to deal with the arduous process of hiring one. However, because marketing executives bring with them incredible value to a company, many companies are now looking to fractional CMOs to fill in those gaps.
So, what exactly is a fractional CMO?
A fractional CMO is a senior-level marketer that provides companies with their wealth of knowledge and expertise around best practices for customer acquisition, sales development, marketing execution, and company growth in order to drive the company’s results to the next level. A fractional CMO rolls up their sleeves and inserts him-or herself into a company either temporarily or on a part-time basis. The role of a fractional CMO is broad-based and includes a variety of services to their clients including, but not limited to: advising the CEO on marketing related strategies and opportunities, mentoring/coaching lower-level marketing staffers, helping the CEO allocate the company’s marketing budget, and aligning business strategy and marketing tactics for company growth.
How do fractional CMOs differ from full-time CMOs?
Unlike traditional full-time CMOs with a weighted price-tag and possible long-term commitments, fractional CMOs are cost-effective and hired on an “as needed” basis. This is particularly helpful when the scope of challenges a company is faced with needs adept attention and a full-time CMO is not in the company’s budget. As such, a fractional CMO can be hired as a freelancer or on a consulting basis and, therefore, is more beneficial to a company when marketing needs are particularly high only during a certain season of the year.
Who needs a fractional CMO?
Growing small to mid-sized companies that do not want to hire a slew of employees or a full-time CMO/VP of Marketing can benefit substantially from hiring a fractional CMO. An article from Inc. online points out that a part-time CMO could be a better choice than a full-time CMO for factors that many companies may not consider, such as a full-time CMO being: “a poor cultural fit, misaligned strategies, and basic personality incompatibility”. Having someone on a consulting/temporary basis, therefore, allows a company to find another compatible marketing executive without having to go through an onerous, repeat hiring process. Inc. also mentions that the amount of money and time it takes to hire these full-time marketing executives may not be equal to the amount of marketing/branding work that the company needs done. Additionally, the article states that a great thing about a fractional CMO is that they go beyond consulting and become a part of the team but are not an actual employee, and therefore, they produce specific deliverables over a given period of time and are in and out relatively quickly-usually within a year.
Finding the right fractional CMO for you
When looking for the right fractional CMO to take on your business marketing needs, it is important to find the CMO that fits with your team and immerses him- or herself in the culture of your company in order to bring about the most growth to your company. The fractional CMO practice here at DIGITECH understands that in order to bring about success in a company, one must understand the values of the company and what drives the company forward. In this way, the CEO of DIGITECH, Darryl Stevens, takes the time to know your business, therefore, aligning to your company’s objectives and becoming an extension of your team. With over a decade of experience, Darryl can help to increase qualified lead flow and bring more business to your company by translating the CEO’s vision into measurable results.
Sound like something you might be interested in? Get in touch with us and we’d love to see how a fractional CMO could be of benefit to your company.