fractional cmo

Enjoy the Benefits of a Fractional CMO without Paying a Full-Time Salary

 
fractional cmo

How A Fractional CMO Can Improve Your Business

Your business has grown to the point where you are considering hiring a chief marketing officer (CMO) to take over some or all marketing responsibilities. Realizing that your company has reached this point is exciting; however, it may also cause you a considerable amount of stress. This is especially true if the budget just doesn’t have room to hire and onboard a CMO, much less pay a full-time salary plus benefits. Outsourcing the work to a fractional CMO could be the ideal compromise.

Understanding the Role of a Fractional CMO

The term fractional CMO describes a person who acts in the role of chief marketing officer, but only for a fraction of the time that a full-time employee would work. Fractional CMOs are typically self-employed consultants who offer their services to more than one company at a time. 

Has the Time Come for Your Business to Hire a Fractional CMO?

Knowing that a service is available and making the leap to utilizing that service is not always a simple, linear process. If you are interested in business growth via targeted marketing campaigns and recognize any of the pain points described below, now may be the perfect time to bring a fractional CMO on board.

Your Marketing Department Needs Greater Guidance on What to Execute

Marketing teams often have great ideas on what they can do to generate more business for the company. The problem is that they may lack direction on which steps to take and in which order. Knowing which action to prioritize is a skill that newer teams may not have developed yet.

For example, should the marketing department focus on creating a marketing plan for a new product, content marketing, SEO campaigns, or a combination of these? An experienced fractional CMO can provide the necessary guidance to put plans into action, which gives team members greater confidence to set the tasks in motion. 

Your Marketing Efforts Are Inconsistent Across Multiple Channels

If your company has grown enough to have a brand team, a growth marketing team, and a social media team, that’s good news. The not-so-good news is that the various teams may be actively undermining each other without realizing it. When that happens, a fractional CMO from outside the company can be the ideal person to unify the teams and drive consistent alignment.

You Need Help Managing Your Marketing Agencies

Most companies outsource work to a marketing agency at some point. Unfortunately, leaders of the organization may feel like they are being met with excuses instead of legitimate explanations when the agency fails to meet certain expectations. A fractional CMO, who has experience on both sides of the agency game, is typically more effective at interpreting what marketing professionals from an agency are trying to say.

Department leaders at your organization may have only a vague idea of what marketing agencies do. The interim CMO you hire should know how to ask the right questions, such as:

  • Why did you choose to run that specific campaign?
  • What are the biggest reasons you think it didn’t meet our agreed-upon KPIs?
  • Did you perform split testing for every element of this marketing campaign?

Campaigns that miss the mark are disappointing enough. However, your company won’t learn enough from them to hold the agency accountable for the results if they accept surface-level explanations or deflection techniques on why the agency didn’t deliver as promised.

What Are the Top Benefits of Working with a Fractional CMO?

The financial savings your company realizes by hiring someone to fill this role on an as-needed basis versus paying a full-time salary plus benefits can be substantial. According to Salary.com, the median income for a full-time chief financial officer in the United States was $352,281 as of 2023. Full-time CMOs in the lowest 10 percent of the income bracket earn around $261,322 per year, while those at the 90th percentile command $498,962 annually.

These figures represent only the annual salary paid to CMOs and not the cost of benefits such as medical insurance, retirement savings, and stock options. In contrast, hiring a fractional CMO for an hourly wage and paying only for the services you need could potentially save you hundreds of thousands of dollars each year.

Solutions Customized to the Needs of Your Company

Fractional CMOs typically work with small and mid-sized businesses that cannot afford a full-time CMO but still require the expertise of someone with the same training and skills. Since these highly skilled professionals have worked with marketing departments at many types of organizations, they are accustomed to tailoring their service offerings to what the company needs most. Some have more experience with large corporations, so just make sure you know the type of experience you need when looking for a fractional CMO.

Reduces the Workload of Other Marketing Employees

It only takes one person leaving the marketing department for the remaining team members to feel overburdened with work. After all, they must divide the departing employee’s duties among themselves while still meeting the expectations of their own position. A fractional CMO relieves stressed employees of this burden while providing them with much-needed leadership at the same time.

Fractional CMOs Have Numerous Industry Connections

Because they have worked with multiple clients in various industries, fractional CMOs potentially have hundreds of contacts they can call on to access insider resources and create opportunities for partnership. Their expansive background enables them to utilize insights and best practices from previous successful marketing campaigns in their current assignment. Your company reaps many benefits from this arrangement without anyone needing to spend time cultivating these relationships themselves.

Gain the Insight of an Outsider’s Perspective

People who work in marketing departments often become close-knit and can overlook ways they or their colleagues could improve that are obvious to people outside the company. For example, your marketing department could be sending outdated messages to your customers and be too close to the situation to understand why they are not receiving the ROI they expected.

Whereas team members may not want to disrupt the status quo or make anyone uncomfortable, a skilled fractional CMO won’t be afraid to describe what they see as the biggest problem areas. This fresh point of view could be just what a struggling department needs to turn things around.

Finding the Ideal CMO for Your Organization

Before you sign a contract with a fractional CMO, it is vital to assess your company’s needs and make sure that the person you bring on can meet them. At the very least, make sure that your strategies align in the following areas:

  • Establishing credibility among your competitors and authority within your industry
  • Generating high caliber leads
  • Increasing brand awareness and engagement
  • Increasing the lifetime value of each customer
  • Increasing revenue
  • Increasing website traffic
  • New customer acquisition

Lastly, make sure that you and the fractional CMO you are considering signing a contract with are on the same page regarding pay, scope of the work, and what each party expects in terms of deliverables.

For a free consultation contact us below. 

FRACTIONAL CMO

 
Fractional CMO services

What To Expect From Your Fractional CMO

Our fractional CMO packages includes a wide variety of services to meet all your digital marketing needs. 

Every business has unique marketing needs. While a specific combination of marketing options may work for one company, it may not be the right mix for another. Finding the right options based on your target audience, products or services, and other factors is important. It is a process that can take a long time without the right marketing training and skills. For many companies, it also takes trial and error, which can be costly. An experienced CMO helps improve marketing strategies much quicker and can provide help with monitoring the plans. CMOs know how to maximize the efficiency of marketing strategies by evaluating outcomes and making adjustments to increase efficiency and effectiveness.

Another fantastic opportunity that a CMO presents are identifying growth patterns, collecting the right type of data, and being ready to enact new plans. 

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Fractional CMO Services

“With our Fractional CMO services we listen to you and put our extensive online knowledge to work on a plan that will improve your business goals. Your business is unique, your marketing should be too. Our comprehensive selection of services across all marketing channels allows us to tailor a custom solution to fit your needs.”

How Our Fractional CMO Service Works

With our custom services, a fractional CMO consults with you directly. The CMO learns more about your business, operations, budget, and marketing goals. Based on several factors, such as your target market and budget, the CMO develops a customized strategy that includes multiple channels. Since there are many more ways to reach potential customers today, a CMO helps you understand which ways are right for you. Whether you are developing a marketing strategy for the first time as a new business, or you need to improve an existing strategy, the CMO helps you optimize your approach.

fractional cmo services

Benefits of a Custom CMO Strategy

Experienced CMOs understand how to find, analyze and use valuable information on different markets or consumer groups. With a custom strategy that is tailored to fit your needs, you have more growth potential. These are some of the top benefits of our Fractional CMO packages:

  • Verifiably improve your ROI by measuring KPIs that relate to your specific needs.
  • Build or strengthen your brand with impactful messages, images and more.
  • Enjoy an agile and adaptable strategy that is completely customized for you.
  • Communicate with marketing professionals who help you focus on increasing your reach.
  • Develop powerful content that is optimized for your audience and search engines.
  • Leverage your company’s strengths and communicate value more effectively.
  • Mitigate potential market threats or disruptions, and take advantage of potential opportunities.
  • Gain access to valuable insights on consumer trends and your market.
  • Manage customer lifecycle through innovative retargeting strategies.
  • Increase conversion potential with proven tactics.
  • Access data-driven solutions that can help your business grow.

With our services, you have a Fractional CMO in charge of your account at all times. The CMO oversees everything to ensure that your digital marketing strategies align with your goals and needs.

Fractional CMO Responsibilities

There are many responsibilities that an experienced CMO is expected to perform on a day-to-day basis, the primary of which extend to:

Renaissance Digital Marketing fractional CMO

  • Leading the entire marketing department, which requires inspiring team members
  • Developing short-term and long-term marketing strategies
  • Solving various marketing problems that invariably arise and must be resolved in an efficient manner
  • Working alongside outsourced agencies
  • Identifying the ideal marketing strategies that work best for a business
  • Hiring employees and creating a team that’s built for success

A CMO may decide to focus on a wide variety of marketing strategies that include everything from podcasts and content marketing to SEO and paid advertising. The CMO should have ample managerial and marketing experience to effectively perform all of the aforementioned tasks.

Along with leadership qualities, fractional CMOs must be on the level of a C-suite marketing strategist who is able to assist companies in reaching their existing and future marketing goals. Fractional CMOs work closely with the company’s leadership team as well as any marketing professionals who are responsible for performing basic marketing techniques and tactics.

Reasons a Company Requires CMO Services

There are many reasons why a company needs to obtain these CMO services. Some of the top reasons include:

  • Marketing strategy – Your business might require an extensive marketing strategy that suits your industry and specific niche. Fractional CMO services
  • Marketing leadership – The head of your marketing department needs to have leadership that comes from a reputable and experienced professional. This leader must also be able to make core marketing decisions on a regular basis.
  • Part-time CMO – You might require the skills of a CMO but not as a full-time employee who works for 40+ hours each week. Instead, you could opt for a fractional CMO who works anywhere from 6-30 hours per week depending on your needs.
  • Reporting and KPIs – If you need to directly monitor the progress and strength of your marketing campaigns, this type of CMO can manage these tasks and hold regular KPI meetings with the marketing team.
  • Experience – If you have staff members who can implement marketing techniques but don’t know how to create strategies, it may be necessary to have a professional on hand who can provide this level of expertise.
  • Efficiency – If your marketing team’s current efficiency is less than optimal, it may be time to create a management structure to ensure efficiency is maximized.
  • Optimization – Having an expert on hand gives you the opportunity to optimize your marketing campaigns by identifying new possibilities.
  • Go-to-market strategy – Any company that’s set to launch a new service/product can benefit from hiring this type of CMO. The professional you hire can create short-term and long-term marketing campaigns that provide the rest of the marketing team with a road map for the foreseeable future.

How a Fractional CMO Differs from a Chief Marketing Officer

The primary difference between these two positions involves the amount of work they do. A chief marketing officer who works on a fractional basis may only work for a few hours each week for a company, which provides this professional with the ability to work for multiple clients at the same time. In this scenario, your company can obtain the benefits of hiring a fractional CMO without the high costs of hiring a full-time chief marketing officer.

Using a Growth-focused Marketing Strategy

Fractional CMOs are meant to be marketing experts who strive to implement growth-focused marketing strategies. The most effective method of implementing these strategies is by using weekly reporting for marketing KPIs, which facilitates consistent improvements throughout the entire marketing department.

Your business should consider the high costs of not having a professional who can be the marketing leader throughout the company. Having a marketing leader on hand increases the potential for high gains.

There’s also a level of risk that comes with not having a marketing coordinator or director available to create campaign goals as well as success criteria for the entire organization. Hiring a CMO should provide your entire marketing team with the capabilities and confidence needed to bolster sales and increase profitability.

How to Find the Right CMO

Finding the right CMO requires a certain amount of due diligence on the part of your company. For instance, partners and peers can provide you with necessary referrals. 

Renaissance Digital Marketing

There are also a large number of freelancing websites that provide this information. Companies can take a more traditional route to recruiting by placing job ads on such platforms as LinkedIn and Indeed.

Keep in mind that finding fractional CMOs isn’t necessarily a challenging task. The most difficult aspect of this process is making sure that the CMO in question is right for the job and the ideal fit for your company.

When interviewing potential candidates for this position, make sure that you inquire about the professional’s past experience in this type of role. In the event that someone has the right amount of experience that you’re looking for, they should be able to answer any questions you have about marketing in your industry. At Renaissance Digital Marketing, our fractional CMO services can help you achieve the short-term or long-term growth you seek.

Start Developing Your Fractional CMO Strategy

We understand that designing and maintaining an effective digital marketing strategy are both challenging. Our goal is to eliminate those challenges for you, giving you more time to focus on other tasks to grow your business. With our services, there are no long-term contracts or hidden expenses. Our goal is to provide you with a positive experience, valuable marketing services and excellent customer service. To learn more about our Fractional CMO packages for digital marketing, please contact us.

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