Question: Does a business need a full-time marketing executive to be successful?
Surprisingly, no! There are options besides the traditional route of internal management – such as the Fractional CMO. That’s a Chief Marketing Officer whom a company hires for a “fraction” of time and cost.
When a business is ready for further growth, marketing becomes a crucial factor in that expansion. But many small- and medium-sized businesses can’t afford the salary of a full-time chief marketing officer. Still, they need a skilled professional with experience and a fresh perspective to guide their efforts.
That’s where a Fractional CMO comes in.
Outsourcing Marketing
Many brands keep marketing in-house, meaning they have their own teams dedicated to developing and executing strategies. However, sometimes it’s less cost-effective to maintain that in-house talent, or the marketing team lacks resources and manpower. That’s where outsourcing comes in.
There are several ways to outsource your marketing, depending on your budget and requirements. Some companies go the route of a fully external marketing team, while others maintain in-house leaders who manage outsourced teams. Still others have an internal marketing team for certain strategies and outsource other tasks as needed.
One other option is to outsource leadership to an experienced professional – the Fractional CMO.
What is a Fractional CMO
A Fractional CMO is a senior marketing specialist hired for a fixed time period to provide executive-level leadership. They come with proven skills and abilities, alongside a track record of marketing success. The part-time nature of a Fractional CMO means they only work a limited number of hours – and therefore receive a smaller proportion of the pay an in-house CMO would receive.
Bigger companies also occasionally hire a Fractional CMO to support their in-house marketing executive. The Fractional CMO might take the role of a project leader for a specific initiative, or as a consulting strategist for the CMO. Often, this happens when a company requires a particular specialty or form of expertise that their in-house executive might lack.
Responsibilities of a Fractional CMO
Fractional CMOs have similar responsibilities to traditional CMOs, but on a smaller scale. In some cases, they’re brought in to lead an existing marketing team (or a division of one) so the company can streamline its day-to-day operations and achieve objectives.
The actual responsibilities of a Fractional CMO will depend on the size of a company and its marketing requirements. They can oversee several initiatives, or focus on a single element of a brand’s overall marketing efforts. These duties will include:
- Brand management
- Branding development
- Comprehensive marketing strategies
- Digital marketing audits and improvement
- Organic and paid marketing initiatives
- Content marketing strategies
- Marketing technology integration
- Email and social campaigns
- KPI reports
A Fractional CMO can also help with onboarding new team members, although a company might prefer an in-house executive to handle orientations and training. The latter ensures a new member learns about company culture, systems, and workflows – something a part-time CMO will likely not know.
There are, however, responsibilities that a Fractional CMO does not handle. A single CMO does not undertake the functions of a marketing agency or team, since their focus is more on leadership and strategy development. Some of those tasks include:
- Content writing and publishing
- Customer and promotional emails
- Social media management
Assigning a Fractional CMO to these duties only wastes time and resources, and lessens the effectiveness of hiring one in the first place.
Benefits of Hiring a Fractional CMO
The biggest advantage of hiring a Fractional CMO is cost-effectiveness. Companies gain the benefits of a marketing expert without the high costs associated with a full-time executive, since they’re only paying for specific services. This is particularly beneficial for start-ups and small businesses that have limited resources.
Hiring a Fractional CMO has other merits for a brand, such as:
- Flexibility: Companies can hire Fractional CMOs on an as-needed basis, which allows them to scale up or down in their marketing efforts. It also allows a company to adjust their marketing strategies depending on their goals as the business grows and changes.
- Expertise: Hiring at senior level means larger salaries since these executives bring a wealth of experience and expertise. By hiring a Fractional CMO, a company gets someone with the necessary skills and knowledge to tackle a competitive marketing landscape.
- Networking: Many Fractional CMOs act as independent consultants or are engaged with a consulting firm, and often have a wide network of talents and resources available to them. They may be able to bring in professionals to fulfill a company’s marketing needs or refer the company to relevant services.
- Perspective: In-house executives and team members have views that are influenced by their time with a company. On the other hand, a Fractional CMO provides an outside perspective that may not have been up for consideration.
- Efficiency: A brand can hire a Fractional CMO to quickly and efficiently execute marketing campaigns and strategies. This is especially effective on a per-project basis, since the business can engage a Fractional CMO whose expertise is in that particular project, and change out as necessary.
Hiring a Fractional CMO vs Other Marketing Strategies
Nowadays, companies have several options for their marketing department. The strategy they employ depends on the company’s size, budget, plans, and industry.
A full-time CMO means a salaried, in-house executive who becomes an integral member of your C-suite management. Their time and efforts are fully dedicated to the company, with a focus on developing and executing the company’s marketing strategies. The CMO will be immersed in the company’s culture and workflow.
Alternatively, companies can outsource their marketing entirely to a marketing agency. They contract an agency to develop their branding and marketing strategies, and execute these strategies as necessary. It’s often a more affordable option, although an agency’s attention will be divided among its clients. It may also not fully align with a company’s identity and may not adequately reflect the company in its proposals.
Hiring a Fractional CMO is something of a middle ground between the two options. They come with the expertise and integration of a full-time executive but the affordability and flexibility of an agency. A Fractional CMO will also have enough distance from your company to provide honest and objective feedback and guidance.
Selecting a Fractional CMO
The essential consideration for selecting a Fractional CMO for your company is that they’re a good fit for your business. Their experience should be relevant to your marketing needs – ideally, they have experience in sustainable practices for growth in your company’s industry. It’s better to have someone with a specific skillset than a jack-of-all-trades.
When looking for a Fractional CMO, a company should consider a candidate’s
- Experience in the industry
- Marketing expertise
- Work systems and workflows
- Marketing processes and models
- Recommendations for your goals
Approach the recruitment process of a Fractional CMO as you would for any other department leader. They’ll be the ones making and executing decisions on your marketing strategy, so it’s crucial that you select the best fit.
Divide and Conquer: Fractional CMO Services for Your Business
Different businesses have different marketing needs and goals, and their team structures will vary accordingly. A Fractional CMO is just one direction a brand can take, but the merits are clear. They bring flexibility, expertise, and efficiency – all characteristics that can make a marketing campaign a success.
Here at Kika, we can help your business grow by up to 500% with our Fractional CMO services. We provide high-level and strategic leadership for your marketing campaigns by operating as an extension of your marketing team. Let us level up your branding and marketing without breaking the bank.
