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Marketing plays a critical role in lead generation and brand recognition. As your business grows, the customer needs also increases. This means you need to maintain the standards of your services and products, satisfy your customers and meet the increasing market demand. Juggling marketing and other core business can be daunting. That’s where outsourcing some responsibilities to professionals comes in handy. Hiring an expert to do a project for you gives you enough time to focus on your core competencies and increase productivity.
Outsourcing marketing has become more popular among thriving companies, and more businesses are enjoying its benefits. Unlike in the past, where a traditional CMO (Chief Marketing Officer) was the thing, companies now realize the benefits a fractional CMO can bring to their businesses.
What Is Fractional CMO?
A fractional CMO, also known as an outsourced CMO, is a marketing executive hired on a temporary consulting basis to help your company achieve its goals by developing and implementing a strategic marketing plan. Although the name may sound complicated and technical, it is a simple idea.
The fractional element emanates from the fact that fractional CMOs work for your company on an interim basis and dedicates a fraction of their time to offer their expertise. Just like freelancers and consultants, a fractional CMO can work for several different companies simultaneously.
Is There a Difference Between Fractional CMO and a Marketing Consultant?
The straight answer is yes. Marketing consultants work independently using their tools, industry knowledge, and expertise to assess your business and develop marketing strategies that they send to you for implementation. They work for you from outside but still drive results.
On the other hand, fractional CMOs hold executive roles within your company and work closely with your team to develop and integrate new marketing strategies. Working from the inside allows them to identify and resolve the challenges that may derail your marketing plan. They are also tasked to monitor budgets and grow ROI, something marketing consultants don’t do. Since businesses are different, your choice on either depends on your budget and marketing needs.
What To Look For in a Fractional CMO
Since a Fractional CMO takes a crucial leadership role in your company, you need to ensure you get the right one. Just like any other role in your company, there are certain things you should look for in a potential fractional CMO to ascertain they are the right fit for your company. Here are some of the skill set you should look for before hiring a fractional CMO.
Leadership skills
A fractional CMO takes up leadership roles in the company and bridges any existing gap in team alignment. You want someone who will offer particular overall direction in the marketing team and help with brand recognition, marketing strategies and drive sales. They should give clear guidance and communicate with other executives regularly. A strong leader can impact an organization positively.
Experience in team building and mentorship
Working with a marketer who collaborates well with your team will make it easy for them to learn the key processes. An outsourced CMO with experience working with different groups and budgets will mentor your employees and build strong teams so that nothing crumbles long after they leave.
Compatibility
Besides industry knowledge, it would help if you had someone who fits your company’s culture. If they understand your vision and company goals, it will be easy to create a customized marketing strategy that offers the required solutions and deliver results.
A proven track record of success
While every marketer speaks highly of their work (part of what they do anyway), numbers won’t lie. If they have past projects which yielded high results, the metrics will show. Good results will prove they understand the key metrics impacting sales and that their methods and tools are trustworthy.
Benefits of Working With a Fractional CMO
Reduced costs
An outsourced CMO offers more value at a lower price than hiring someone full-time or setting up an in-house team. You will save more and still get quality marketing, optimize activities and grow your brand.
Professionalism and expertise
When you outsource, you intend to bring on board people who can help you. A fractional CMO already has the experience, tools, skills, and expertise to help you achieve desirable results.
An objective perspective from an outsider
An outside set of eyes could be what your business needs to overcome some of the problems you are facing. Fresh ideas and honest feedback from an experienced person will help you do things differently for better results.
Save time with a clear action plan
A Fractional CMO already has the toolset and methodology you require to drive sales. They know the best methods for your business and will outline the objectives and steer strategic programs to accelerate results.
Bottom Line
If you are building a team or your business has a leadership gap, complex marketing needs, or nonstrategic marketing, you will highly benefit from the services of a fractional CMO. Working with a fractional CMO will help you navigate the ever-changing marketing industry and stay updated with the latest marketing trends. If you are looking to improve your marketing strategy, contact us today!
Footnotes:
Check https://www.forbes.com/sites/forbesbusinesscouncil/2020/03/10/how-to-best-take-advantage-of-outsourced-marketing/ for more benefits of outsourced marketing.
See https://www.dolomitesconsulting.com/the-fractional-cmo-everything-you-need-to-know/ to learn more about hiring a fractional CMO.