As businesses continue to evolve and grow, it’s essential to have a marketing strategy that aligns with the overall business goals. However, not all businesses have the resources to hire a full-time marketing team, let alone the key figure in leading business growth – the Chief Marketing Officer (CMO). That’s where fractional CMOs come in. A fractional CMO is a part-time or contract-based Chief Marketing Officer who helps businesses develop and implement effective marketing strategies. In this blog, we’ll explore what a fractional CMO is, what they do, what they don’t do, and why outsourcing your marketing is a more effective and efficient solution.
According to a report by The CMO Survey, in 2021, companies are spending approximately 11% of their revenue on marketing, and this percentage is set to increase in the coming years. With the increasing emphasis on marketing, businesses are looking for more cost-effective and efficient solutions. Fractional CMOs are becoming increasingly popular as a solution for businesses that can’t afford a full-time CMO but still need strategic marketing expertise.
WHAT IS A FRACTIONAL CMO?
A fractional CMO is an experienced marketing executive who works on a part-time or project basis with companies to provide strategic marketing guidance, oversee marketing operations, and help businesses grow their brand. They can work remotely or onsite, depending on the needs of the business, and are typically hired by companies who do not have the resources or need for a full-time CMO. Fractional CMOs can bring valuable expertise to companies of all sizes and industries, from startups to established enterprises.
WHAT THEY DO
Fractional CMOs work with businesses to develop and implement marketing strategies that align with the overall business goals. They provide strategic marketing leadership and work with the business’s internal marketing team to develop and execute marketing campaigns. Some of the specific duties of a fractional CMO may include:
DEVELOPING MARKETING STRATEGIES:
Fractional CMOs work with businesses to develop marketing strategies that align with the overall business goals. They take into account the target audience, competition, and current market trends to develop a comprehensive marketing plan.
DEVELOPING BRAND MESSAGING:
Fractional CMOs help businesses develop a consistent brand messaging that resonates with the target audience. They work with the internal marketing team to develop brand messaging that reflects the business’s values and unique selling proposition.
DEVELOPING MARKETING CAMPAIGNS
Fractional CMOs work with the internal marketing team to develop and execute marketing campaigns. They take into account the target audience, marketing channels, and budget to develop effective campaigns that drive business growth.
ANALYZING MARKETING DATA
Fractional CMOs analyze marketing data to measure the effectiveness of marketing campaigns. They use data analytics tools to track key performance indicators (KPIs) and identify areas for improvement.
WHAT THEY DON’T DO:
It’s important to note that fractional CMOs are not just consultants who provide advice and recommendations, they are also hands-on marketers who oversee the implementation of marketing strategies. However, there are some things they typically don’t do. For example, they may not be responsible for managing day-to-day marketing operations or executing tactics like social media posting or email campaigns. They are more focused on the big picture and ensuring that the marketing efforts align with the company’s overall objectives.
WHY OUTSOURCING YOUR MARKETING IS A MORE EFFECTIVE AND EFFICIENT SOLUTION:
Now that we’ve explored what a fractional CMO is and what they do, let’s talk about why outsourcing your marketing can be a more effective and efficient solution. Here are some reasons:
Hiring a full-time CMO can be expensive. According to a study by Glassdoor, the national average salary for a CMO in the United States is over $170,000 per year. Additionally, there are other costs associated with hiring a full-time CMO, such as benefits and overhead. By outsourcing to a Fractional CMO, businesses can access high-level marketing expertise without the cost of hiring a full-time employee.
Fractional CMOs are senior-level marketing executives with years of experience. They have worked with a variety of businesses and industries and have a deep understanding of marketing strategy and execution. By outsourcing to a Fractional CMO, businesses can access this expertise and ensure that their marketing strategy is sound.
Businesses may not need a full-time CMO. They may only need a CMO for a specific project or for a certain amount of time. Fractional CMOs offer flexibility in terms of time commitment, allowing businesses to access high-level marketing expertise when they need it.
Internal marketing teams may be too close to the business to have an objective view of marketing strategy. Fractional CMOs can provide an outside perspective, bringing fresh ideas that channel industry or competitor trends without being influenced by the historical trends or limitations of the current business model.
In summary, a Fractional CMO can provide a fresh perspective and new ideas that can help your business grow. They bring in years of experience working with different companies and industries, which can help you identify and address gaps in your marketing strategy. They can help you create a solid marketing plan that aligns with your business goals and objectives, and they can help you execute it effectively.
SAVE TIME AND RESOURCES.
Instead of spending time and effort on recruiting, training, and managing an in-house marketing team, you can leverage the expertise of a CMO who can hit the ground running. They can help you streamline your marketing efforts, optimize your budget, and deliver results faster.
STAY AHEAD OF THE CURVE.
With the rapidly changing landscape of marketing, it can be challenging to keep up with the latest trends, technologies, and best practices. A CMO can help you stay abreast of these changes, and help you adapt your strategy accordingly.
FIND CLARITY AND PEACE OF MIND.
Most founders and CEO’s are stuck juggling multiple responsibilities, especially the growth and scalability of the company. This overwhelm can lead to burnout. Delegating to a trusted advisor and executive level leader like a Fractional CMO can alleviate the burden and hand the reigns to someone who is dedicated to delivering measurable results.
Outsourcing your marketing to a CMO can be a game changing move for your business. It can help you gain a competitive edge, save time and resources, and achieve better results. If you are looking to take your marketing to the next level, I highly recommend considering outsourcing to a CMO.
Originally Published – Vanquish Media
Chase Friedman, Founder & CEO of Vanquish Media Group, is an impassioned Brand Storyteller and Marketing Strategist who believes in the potential for business’s to Do Good AND Do Well. Chase has bridged the gap between inspired branded content and digital marketing activation transforming audiences into brand ambassadors. With a diverse client portfolio including VC-backed Startups, Fortune 500, and non-profits, Chase provides strategic brand marketing leadership resulting in sustainable growth and societal impact. Having produced over 1,500 branded content assets, with over 500 million views, resulting in +$45 million in revenue and donations, Chase has proven the potential for any business to profit with purpose.