Hiring a strategic marketer can completely transform your business.
It can lead to improved ROI, increased awareness, and a massive boost in traffic. But do you have a spare 40+ hours to dedicate to marketing?
Probably not…
And that’s where a fractional Chief Marketing Officer comes in.
They join your business, develop your marketing strategy and drive demand for your business. Read on to learn more about what a fractional CMO is and how to choose one.
What Is a Fractional CMO?
Embracing the idea of a fractional chief marketing officer (CMO) gives businesses the opportunity to harness all the advantages that come with an experienced and knowledgeable CMO–without taking on a full-time commitment.
A fractional CMO is a visible and accountable leader inside an organization responsible for leading the team, designing and implementing the marketing strategy, and most importantly, responsible for driving results.
Source: Finmark
You can tap into decades of specialized expertise without committing to ongoing salary costs. But what do chief marketing officers actually do?
What Do Fractional Chief Marketing Officers Do?
You’ve learned what is a fractional CMO. Now is the time to look at what they do.
A good fractional Chief Marketing Officer will build a tailored marketing strategy and run your marketing team.
You can see the most common responsibilities of a fractional CMO below.
Source: AppVentures
But doing only this is far from what a true professional does…
The three most important things every fractional CMO should bring to the table are leadership, strategy, and results.
Marketing Leadership
Source: SalesForce
They are not there just to create a successful marketing strategy.
Instead, their biggest benefit to your organization should be getting everyone involved and aligned with the marketing strategy and making everything work together.
Source: African Change Makers
A great CMO is a true marketing leader that works with both the leadership team and the marketing team to ensure success.
Marketing Strategy
Having a clear vision and set of goals is critical for the success of your business. A great fractional CMO understands how to take the business vision, goal, and objectives and translate them into an actionable marketing strategy with clear KPIs. They will develop and execute marketing plans in line with your company goals, utilizing their knowledge of the industry to forecast customer trends, drive customer acquisition and retention, as well as develop marketing tactics that bring maximum ROI.
Source: McKinsey
A great fractional CMO will provide you with the data and insights to understand what works and what doesn’t. They understand how different channels, campaigns, and tactics fit into the big picture of your company’s success.
Fractional CMOs know when to invest in a certain activity, when to double down on it, or if something just isn’t a good fit for the organization. They will ask you three key questions:
- What is successful?
- What wasn’t successful?
- How has the landscape changed?
It’s not guesswork.
Instead, it’s a well-thought strategy to achieve predictable results. That’s how a comprehensive strategy works.
Source: Fiverr
Of course, all of this is not possible if they don’t deliver results.
Marketing Results
When looking to bring on a fractional CMO, the ultimate measure of success should always be results. Through successful campaigns and strategic initiatives, they will ensure your company is positioned for long-term growth!
Source: Reptrafor
And most importantly, ask if your fractional CMOs have worked with companies with similar challenges that you are facing.
And how they successfully overcame them.
This successful history should give you confidence that your fractional CMO is the right hire and that they can help you achieve the desired results.
Ultimately, a great fractional CMO will be dedicated to helping you reach your goals, provide value and grow your business.
Why You Must Hire Fractional CMOs (Data-Driven Results)
You probably understand that having a fractional CMO in your firm is critical. But what are some of the biggest results they can bring?
Or, in other words, how much and how exactly can they make your business more profitable?
Here’s how much…
We generated $21 million in active pipeline for large professional services companies
And here’s a bit of a story behind it…
They had clear objectives and goals but lacked an integrated marketing strategy and a clear customer journey. They worked with leadership to align the long and short-term marketing plan, strategy, and budget with the business objectives.
By implementing the Marketing Strategy Framework, they created a strategy and plan of attack that resulted in increased deal flow.
The results were astonishing…
We generated over $21 million in the active pipeline, $31 million in the incremental pipeline, and $4 million in new wins.
That’s how it looks when you hire a fractional CMO that can get the job done. Want to know the exact steps we took and achieve the same results?
Download the case study and replicate the steps.
Or book a free consultation with me now.
Fractional CMO VS. Full-Time Chief Marketing Officer
Alright, you might be wondering, “Why not just hire a regular Chief Marketing Officer?”
That’s a great question, here’s why:
A fractional CMO can provide the following benefits for your company:
• Flexible, cost-effective solution: A fractional CMO is a great way to get the expertise you need on an as-needed basis. Since they’re not your typical full-time CMO or employee, it can save your company time and money.
• Immediate access to expertise: A fractional CMO will bring a wealth of knowledge and experience to your team. They can help you craft the right strategy, develop marketing initiatives that drive results, and create an overall plan for growth.
• Strategic vision: A fractional CMO can provide strategic insights and guidance that can be hard to come by in-house. They can help you set and achieve your business goals while providing the guidance you need to move forward.
• Scalability: With a fractional CMO, you can scale up or down as needed. This is an ideal solution if your company is growing quickly and needs extra help building, and managing a strategic marketing plan and team.
Source: Upwork
And this can make a huge difference…
- They will work a “fraction” of the time
That’s probably one of the biggest differences between CMO and fractional CMO.
Fractional CMOs work 10 – 20 hours a week. Unlike your standard employees working their ordinary 9-to-5.
Still Not Sure Whether Fractional CMOs Are For You?
Don’t worry; we get you.
That’s why we have prepared these five questions to help you with that. After you answer them, you’ll know whether you need a fractional CMO.
- Do you have someone who wakes up thinking about your business every day?
We are not talking about your customers here.
Instead, is there a person on your team that is dedicated to your marketing team as a whole? Someone who has only one thing in mind.
“How do I make their business better?”
Source: Beloved Brands
If not, you lack leadership in your marketing department.
This can cost you thousands, if not millions of dollars. If this sounds like you, you need to hire a fractional CMO as soon as possible.
- Does anyone from your marketing team sit on the leadership team?
You’ve learned that FCMO is responsible for leadership in the marketing departments. But that’s not all they can do.
They provide coaching and leadership to your whole organization.
Without that leadership, you are lost…
You only hope to get the results you want instead of being sure you get it.
- Are you struggling to find a strategic direction for your marketing?
Putting down a detailed strategy in place is challenging.
There are so many things to keep in mind and the market is constantly changing. If your staff is not up-to-date with the latest trends, you’re missing out.
Having an in-depth step-by-step process is key to your success.
If you don’t have one in place yet, you definitely need to hire a fractional CMO right now.
- Is your marketing a collection of tactics without an integrated plan?
Do you need assistance developing a data-driven marketing strategy? A fractional CMO will bring the expertise to develop and execute a cohesive plan that fits within your budget.
90% of businesses we have observed have strategies that aren’t actionable.
Source: The Futures School
They sound great but get no results.
Your strategy needs to look at the organization as a whole, determine which messages you want to take to market, and then determine the right marketing channels in order to align with the customer journey. All your activities need to work together to support each other rather than operating in silos.
- Do you have a clear set of metrics / KPIs aligned with your business goals?
Your strategy must be connected to specific KPIs or metrics to be measurable. If it’s not, how can you know if you’re succeeding
89% of leading marketers use strategic metrics to measure campaign effectiveness.
Souce: Think With Google
Are you the 11% that don’t?
If so, these are problems that must be addressed immediately. You need to hire a fractional CMO with results and get back on track.
But even if you have metrics in place, are they the right metrics that support your business objectives?
If not, hiring a CMO should be a no-brainer.
How Much Does It Cost to Hire a Fractional Chief Marketing Officer? (Can You Afford It?)
This is a very tricky question.
It’s very individual, and every CMO charges different amounts. Some charge per hour, while some find pay per project better.
Mostly it depends on the experience and expertise a CMO possesses.
But of course, we can look at an average rate so you can have at least an estimate in mind. So what is a fractional CMO’s hourly rate?
Around $200 – $300 per hour.
That means you can expect to spend $96,000 – $144,000 a year for 40 hours of work a month.
Fractional CMO Models
There are different models that a company should consider when looking at its marketing support. Each of these models has its advantages and disadvantages but at the core it is, it’s all about the approach taken by each one.
Let’s look at these models so you can pick the one that suits you best.
#1: Marketing Agency
An agency can be a safe bet when hiring a CMO. But it’s more expensive and usually, it takes longer to get the job done.
It’s also not as personal, since they usually work outside of your organization. You share your marketing goals and they come up with a strategy in place.
(no leadership from within or freedom of choosing the freelancer you want to work with.)
But, of course, you can expect a certain degree of professionalism.
Pros:
- Professionalism – expect to work with credible CMOs who can get the job done
- One-stop-shop – get all you need in one place. Instead of hiring multiple freelancers for different jobs
Cons:
- Limited expertise – CMO agencies have projects in all niches. They don’t specialize in a single field, so their expertise in your niche may be limited
- Higher cost – agencies are always more expensive than freelancers. You pay the CMO’s rate + the fee of the agency
- Choice of worker – the agency assigns a fractional CMO to your business. You have no freedom of choice.
- No personalized approach – agencies don’t work closely with your team and so their strategy can be diminished by internal issues.
There are cases when agencies are better than a fractional CMO.
This is especially true for larger enterprises looking to get more people on board and want a one-stop solution for their business.
If your budget is tight, this might not be your best option.
#2: Marketing Strategist / Marketing Consultant
Marketing consultants typically have a hands-off approach. That means they work outside of your team to help create marketing strategies, plans, etc.
Once they are done with their activities, they deliver the whole approach to a decision-maker.
This approach has its cons and pros.
Pros:
- Fresh perspective – outside consultants can usually give your business a new perspective and see things from a different angle.
- No burden – if you just want to get things done and don’t care about any other aspects like leadership or bringing awareness to your team, this is the right choice for you.
Cons:
- Reliability – consultants are a single point of failure, they usually have no staff to absorb their absence unlike agencies
- Communication issues – there is always a risk of ghosting from employees that are not working in-house
- No leadership – you get the strategy and recommendation, no guidance or leadership for your team to sustain and achieve long-term success.
Similar to agencies, marketing consultants have a hands-off approach which is the opposite of what fractional CMOs do.
You get no leadership or guidance, which can prevent you from achieving long-term growth.
#3: Fractional CMO
Going for a fractional CMO is a fantastic choice.
It can help you get the job done faster, choose a fractional CMO you want to work with, and usually costs less than an agency. Unlike agency or marketing consultants, fractional CMOs work inside your team and utilize a hands-on approach.
From within your team, they work to integrate strategy and tactical execution and hold accountability as the marketing leader for your organization.
That’s how they bring success to your enterprise – leadership, strategy, and results.
But of course, everything has its pros and cons.
Pros:
- Better price – you cut the middle man (agency) and pay directly to the CMO. That can surely save you a lot of money
- Faster work – agencies can be busy, but independent CMOs aren’t. They hop on board and get the work done
- Freedom of choice – choose a freelancer you really like. There is not anyone assigning a CMO to you
- Higher expertise – pick a CMO that is an expert in your field. This will save you a lot of time, and money, and drive better results
Cons:
- Frauds – freelancers can steal your money, especially if you pay upfront. They can take the money and ghost you
- No one-stop solution – freelancers are great at one thing they do. You can not expect an independent fractional CMO to do everything as in an agency
Independent fractional CMOs are way better for smaller and mid-sized companies.
They are faster, more efficient, and cost-effective. On top of that, you have the freedom of choice and a more personal connection.
Also, an outside marketing consultant or agency can’t fix internal issues that prevent their marketing efforts from being successful. Fractional CMO is part of your team, they have an inside view of your products or services, sales, marketing, financial, and executive teams empowering them to help fix issues that could get in the way of your goals.
It’s definitely worth a shot.
Let’s Create the Winning Marketing Strategy for Your Business
Now you have a complete understanding of what is a fractional CMO.
And you also know that hiring one is the best way to create a winning marketing strategy.
CMOs give your business stability, leadership, and results. They come up with a strategy that is data-driven and supports your business and marketing goals.
What’s even more…
Businesses with a CMO performed 15% better than businesses without one.
Now is the best time to get one for your business.
Book a free consultation with me, a fractional CMO, and your outsourced marketing leader. Let’s secure the future of your business today. Leadership, Strategy & Results – That’s what I am all about.
Let’s crush your competitors together.
About Sue
Sue is a highly sought-out Fractional CMO and Marketing Strategist who partners with B2B professional services organizations to facilitate growth and drive results. With a proven track record of generating $21M in Active Pipeline in just 12 months, Sue is a force to be reckoned with in the industry.
With over 25 years of marketing experience, she’s partnered with industry leaders such as Deloitte, Accenture, and other prestigious firms. Sue is known for her ability to uncover hidden opportunities and turn them into game-changing marketing initiatives. Her unique approach is based on in-depth research, data analysis, and a thorough understanding of the market and industry trends.
