Is It Worth Hiring a Fractional CMO?
Is your business growing, but your marketing strategy is growing out of control? If you don’t have a comprehensive strategy in place, it can feel as if you’re throwing money into a fire.
A chief marketing officer is meant to spearhead marketing efforts so this doesn’t happen, but you may not have the budget or the time to hire another C-suite level, full-time employee.
This is why you should consider a fractional CMO. These part-time CMOs act as marketing consultants to your brand and can deliver the results you need without the risk you take on hiring a full-time employee.
If this sounds like what you’re looking for, read on to learn all the benefits of hiring a fractional CMO for your business.
What is a Fractional CMO?
You can also think of a fractional CMO as an Interim Marketing Director. They are there to help you meet certain marketing growth objectives. They can offer their experience and help build solutions without needing to invest in the commitment of a full-time employee.
You’ll know that a fractional chief marketing officer is the right choice for you if your business has grown, but you don’t have the budget yet for a full-time CMO. They’re also a great option if you’re ready to grow your marketing efforts, but you’re not sure where to start and don’t want to throw your marketing dollars away.
They’re also a great option if your previous CMO departed and you need to fill the leadership gap with a marketing expert quickly.
Top Benefits of a Fractional CMO
Now that you know the role a fractional CMO plays, here are some of the top benefits of hiring a fractional chief marketing officer. Consider them your marketing leader.
One of the tasks a CMO does best is taking a look at your current marketing efforts with fresh eyes and finding new strategies that will help you meet your goals. They’ll be able to translate your goals into tangible wins based on their knowledge of the industry and the data.
If you’ve often felt as if you’re being pulled in several directions at once, they’ll help hone your vision. They know the tasks that need to be prioritised and the ones that can wait.
Since a fractional CMO isn’t a full-time employee, they’re also aware that time is valuable. They’ll be able to completely focus on a specific project or marketing effort instead of needing to attend to other day-to-day, time-wasting tasks that full-time employees often contend with.
This can be done with a deadline as well as a project outline written out. They’ll be able to utilise a strategic marketing approach so that they give you the results you need faster.
If you’ve hired full-time employees before, you know that the process is cumbersome and requires a multi-step process that can take months. There’s also the risk that you hire someone and find that they don’t quite fit well with your company culture or brand.
You won’t have to worry about this risk when you hire a fractional CMO, as the process is quicker. Since they’re part-time, they’ll also be acting as a consultant, so you won’t have to worry as much about if they are an exact fit for your culture. You also won’t have to worry about basic personality incompatibility.
A fractional CMO can also give you the benefit of time. While they’re helping you refine your marketing efforts, they’re putting you on the right track for a longterm strategy. During this time, you can concentrate on the aspects you’re looking for in a full-time CMO.
Your part-time CMO can even help educate you through the process since they’ll have a greater understanding of your brand’s marketing needs once their time is over.
Many small to mid-sized businesses are just going through the growth process for the first time when they hire a fractional CMO. Not only will your business be able to benefit from their marketing knowledge, but these are also seasoned C-suite executives who can guide you through the growth process.
A fractional CMO is able to delegate team members with ease while you’re adjusting to the growth of your business. They can even provide hiring recommendations if you’re ready to upscale your marketing team.
Questions to Ask a CMO
When it’s time to hire a fractional CMO, you still want to conduct an interview and ask them the right questions to ensure they’re the right fit. Here are a few of the questions you could ask:
- What are the common KPI’s you track?
- What are some pricing frameworks you use?
- How do you approach inbound and outbound marketing?
- What strategies and tactics would you use to help drive revenue?
You can see how each of these questions is specific and gives you an idea of their knowledge and the kind of strategies they use. You’ll get a feel for their approach to marketing, their knowledge of the industry, and whether they’re up-to-date on the latest marketing trends.