Business Marketing

Telltale Signs That Your Business Needs A Fractional CMO

Editor

Every year your business creates a different set of marketing goals. And I bet your list includes at least one of the following goals:

  • *Making better marketing plans
  • *Implementing the right strategies
  • *Analyzing and tracking your marketing budget
  • *Bringing in more ROI from every penny spent

Well, these are the most common marketing goals for every organization. However, every marketing goal can succeed when driven in the right direction and with exemplary leadership. But who is leading your company’s marketing campaigns this year? If you have a full-time CMO, you can skip reading this article. But if you want to save your cost on hiring an in-house CMO or wish to manage your marketing campaigns without a full-time CMO, read on!

Suppose you want to skip the financial burden of adding a dedicated chief marketing officer to your business. In that case, we are here with the right solution. More and more companies prefer to hire fractional CMOs to manage their marketing campaigns and achieve their marketing goals.

What Is A Fractional CMO?

A fractional CMO is a person who works with multiple clients at a time bringing executive level experience for a lower cost than hiring a full-time marketing executive. If you understand the freelance or outsourcing business, it will be effortless to know how a fractional CMO works. The fractional CMO typically has years of experience in the industry and is able to bring many fresh ideas to you to help your business.

But Does Hiring A Fractional CMO Make Sense?

For many large organizations, hiring a full-time CMO makes sense. The reason is they believe a CMO brings their expertise, experience, and accountability to the table, and thus, companies don’t mind paying hefty salaries for that job role. According to Glassdoor, the salary of a chief marketing officer is more than $150,000 a year on average. The wage might differ depending upon location experience, industry, and other factors.

Hiring a full-time marketing officer is a considerable investment and may not be the best fit for medium- or small-sized companies. As a fractional CMO is not a full-time employee, you can hire them based on the necessity. Sometimes companies hire fractional CMOs for just a few hours, and it cost them somewhere between $200 to $250 per hour. So, can you see the considerable savings?

The responsibility of a fractional CMO remains as same as a full-time CMO. Still, the only difference is that your business doesn’t need to make the same investment against those duties. Innovative companies recognize the importance of a solid marketing campaign created for less than a 6-figure salary.

Signs You Need A Fractional CMO For Your Business

You Are Low In Budget

Undoubtedly a fractional CMO is budget-friendly. As financial uncertainty is a part of your business, you need to stay prepared and save money where you can. When it comes to marketing, there is nothing better than getting great results through fewer investments. A fractional CMO can help your business grow with the right marketing tactics, even on a tight budget.

You Are Looking For An Addition In Your Marketing Resource

You can dedicate unlimited resources to your marketing campaigns, and every marketing campaign requires a different team. But if you want to align your resources with your overall marketing budget, sometimes hiring higher-level executives can be a wrong decision. Hiring a fractional CMO can be a massive boon for your organization.

You Are Looking For High-Level Guidance For Your Marketing Strategy

If you are a startup or want to get your marketing done within budget, this is a sign that you need to hire a fractional CMO. If you have hired multiple people for your marketing and want to lead the team, a fractional CMO is a perfect fit. The job role includes the responsibilities such as creating a plan, allocating budget, managing marketing staff, and figuring out the ROI of every marketing effort.

The position of a fractional CMO is high in demand. And if you want to go out of the box from your same old hiring process, you can think about getting a fractional CMO on board. This can be an innovative and forward-thinking hire and the service of a fractional CMO will benefit you.