Fractional CMO services are an opportunity for small businesses and startups to develop a powerful competitive advantage, even when operating with limited resources. In this article, we cover the benefits of fractional CMOs—and how to find the right services for your business.
What Is a Fractional CMO?
A fractional CMO is an exciting alternative to the traditional, full-time chief marketing officer role for startups and small businesses who need flexibility in their marketing department and budget. Just like CMOs, fractional CMOs work to optimize your organization’s marketing efforts to increase revenue. For example, fractional CMOs can handle the following responsibilities:
- Unifying and developing your marketing team
- Analyzing marketing practices to find improvements
- Setting KPIs that will have a high impact
- Researching and evaluating new market opportunities
- Coordinating branding efforts with organizational goals
- Creating synergy between marketing, advertising, and sales initiatives
The key difference between fractional CMO services and a full-time CMO is that these services cover a fraction of the overall role for a fraction of the cost. In other words, you get to tailor fractional CMO services to your organization’s specific needs, so you don’t have to pay for any more than you actually need. For example, if your top priority is breaking into a new market, that’s what you can invest most in.
Reach out to learn which fractional CMO services your business can take advantage of.
Should I Hire a Fractional CMO?
If your business is growth-oriented but doesn’t have the need or budget for a full-time CMO, it’s time to consider fractional CMO services. With these services, your organization can benefit from two key advantages:
- Fractional CMO services reduce overhead costs. According to Salary.com, the average salary of a full-time CMO is $358,743. However, Glassdoor reports that fractional CMOs earn $139,150 per year. That’s an average annual savings of $219,593! Think of all the ways your business could reinvest those savings. It’s also important to note that yearly fractional CMO cost figures can vary widely because each business has different leadership needs.
- Fractional CMO services deliver meaningful impact. While these services are narrower in scope than hiring a traditional CMO, this allows your team to focus on the initiatives that will matter the most for your business. You also benefit from executive-level marketing leadership that brings in a wealth of experience from across industries and growth stages. No matter what types of challenges you’re facing, there’s likely a fractional CMO who knows how to overcome them because they’ve done it before.
Get in touch with our team of experts to learn more about the benefits of fractional CMO services.
How Do I Hire a CMO?
When hiring a CMO, large companies can either promote internally or bring in a marketing director or CMO who has experience with a different company. For small businesses and startups, however, hiring a full-time CMO isn’t so easy. First, there’s the matter of cost. Average yearly costs for a full-time CMO are over $200,000 greater than that of fractional CMO services. Second, smaller organizations don’t often have the need for the full scope of the CMO role all of the time. Even if an organization could afford a traditional CMO, they would likely be paying for aspects of the role that they aren’t actually benefiting from.
Instead, startups and small to mid-sized businesses can work with fractional CMO companies to fill marketing leadership roles. There are multiple benefits to doing so:
- Gain guidance throughout the entire process, from determining your needs to choosing a fractional CMO and navigating contracts
- Access connections to a pool of highly qualified fractional CMOs who come equipped with a depth of knowledge and practical experience
Starting the process is as easy as a phone call. Reach out today to get started!
When Should I Hire a Fractional CMO?
Searching for a fractional CMO for hire makes the most sense if your business has some or all of the following qualities:
- Ready to Scale
- Limited Resources
- Experiencing Personnel Transitions
In essence, fractional CMO services are ideal for businesses who both want to reach the next level. Get in touch to learn more.
How Do I Hire a Good CMO?
The best advice for how to hire a virtual CMO or a fractional CMO is to first identify your organization’s marketing needs. Take an internal audit of the following:
- Marketing Campaign Performance
- Brand Identity and Reach
- Marketing Team Performance
- Coordination between Marketing and Other Departments
- Marketing Budget Use
The next step after finding areas for improvement is prioritizing initiatives. With these steps finished, you can more accurately find a fractional CMO who can drive the change you’ll benefit most from. Not sure where to start? Get in touch today!
Contact Us To Learn More About How To Leverage Fractional CMO Services
Marketing can be the difference between scaling your business to the next level and letting exciting opportunities pass by. With fractional CMOs, you gain access to the same expertise that the heavy-hitters are leveraging. Contact us today to learn more about the advantages of these services and how to find the best fractional CMO for your needs.
