This article will outline the main reasons why you, a business owner, should hire a fractional CMO. A fractional CMO is not for every business, however, it is a brilliant option for many SMEs. Most businesses in the United States are SMEs, hence why the position of the fractional CMO is growing at a rapid rate.
A fractional CMO is a role in which the part of the chief marketing officer is executed by an individual who operates with several businesses, who do not need a full-time CMO, however, the business requires the competencies and responsibilities of chief marketing officer. Depending on the requirements of the business, a fractional CMO can expect to dedicate anywhere from 5-80 hours per month to a business.
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A comprehensive strategy is required to achieve growth goals
You have growth goals, like any business worth its salt. Having a goal is one thing; realizing that goal is another. So, the question begs “How do you achieve your growth goals?” There are several answers to what the exact path and milestones required are, but there is one requirement that cannot be debated: a plan.
You need a comprehensive marketing strategy. What steps must you take and how do each of these steps denote progress? That is where the role of chief marketing officer comes in.
The CMO or fractional CMO is the person responsible for designing the roadmap and has a clear destination in mind. Then, the fractional CMO can define the milestones that show success, confirm you are on the right track, and, show how to go from one milestone to the next.
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Execution
“Ideas are worthless. Execution is everything.” – A brilliant quote from Scott Adams, a famous cartoonist. This quote is applicable to various disciplines and industries but rings true regardless.
Once your marketing team is on the path as laid out by your strategy, you need to make sure that your team is led competently. This is another area in which the fractional CMO thrives for your business: managing your marketing team. Your business needs a leader for this team, otherwise, the alternative can be inertia or failure.
You know you need someone who is experienced, knows the territory, and knows what is needed in order to achieve results. Thanks to the inception of fractional CMO, this role is not just exclusive to Fortune 500 companies or businesses with marketing departments of 20+ people.
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A process with predictable results
Because the fractional CMO you hire should be experienced, preferably in your industry, he/she will bring a process with predictable results. This links back to what I said above about how the fractional CMO will know the territory. Many businesses have a ‘cookie-cutter’ business model. And, sometimes marketing consultants or decision-makers will simply apply what has worked for other companies and set it out for your business.
Now, this might work, and often does. However, a highly competent business leader will take what has worked from others, but not be reliant on it. The fractional CMO will use widely accepted concepts and tactics but be incredibly wary of over-reliance on these and innovate when required.
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Short-term commitment
A fractional CMO has the benefit, like a marketing consultant, of not being a huge financial commitment to bringing in a new member of the team. 3 months, then a rolling contract is standard.
This provides amazing flexibility for the business. Flexibility is often needed for SMEs because they don’t have the luxury of $100M dollar budgets and can’t afford to waste team members’ time, ad spend, or energy.
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Leadership
I have touched on this topic in the article but it gets its own section as a way to emphasize its importance. One issue that smaller companies face is that their marketing team lacks leadership. Often the business will have great leadership in the CEO, however, that is different from marketing leadership. A marketing team needs a marketing leader, without one the team will underperform.
If any of these reasons speak to you, then head over to cmox.co to find the right fractional CMO for your business.
Interesting related article: “What is a Chief Marketing Officer?“