Fractional CMO vs. Full-Time CMO: Which Fits Your Business?
Many growing companies need senior marketing leadership but cannot justify the expense of a full-time executive.....
Marketing Agency 
Many growing companies need senior marketing leadership but cannot justify the expense of a full-time executive. A part-time Chief Marketing Officer fills this void by handling strategic development and day-to-day management on a fractional basis, usually for a prescribed number of days or hours per month, without the burden of a full-time salary.
Strategy Before Spend
The growth of many organizations is hampered by the lack of direction in their marketing activity. A fractional CMO establishes the parameters of a market opportunity by evaluating the ecosystem in which the company operates – its customers, competitors and current performance – to develop a strategy focused on specific areas of opportunity and growth. This helps to ensure that resources are not wasted on inconsequential initiatives, tools and agencies. Hire a fractional CMO to lead your marketing, explore our services on the website.
Modern Marketing Strategy In Action
Marketing strategy in the current digital age is all about understanding who is buying from you, why they are buying from you and where they are learning about you before making any purchase. A fractional CMO will establish the metrics needed to understand this such as cost per lead, conversion rates, cost per acquisition and lifetime value and use this data to inform which channels to grow and which to cut. Testing is done on a channel-by-channel basis to ensure that budgets are not being wasted and real results and revenue can be measured.
Leadership Of In-House And Agency Resources
If your company already has an in-house marketer, you may also have freelance marketers or agencies working on a daily, weekly or monthly retainer. Someone needs to be steering the ship and a fractional CMO can provide this leadership by setting objectives, reviewing deliverables and identifying gaps in performance such as the disconnect between sales and marketing. This can have an immediate improvement on the performance of a small company’s marketing efforts, particularly if they have hired a full-time marketer but lack experience in this area. A business coach is also valuable in helping business owners understand how to delegate more efficiently and make the most of their time, particularly in relation to their marketing efforts.
Is This The Right Fit For Your Company?
This applies to companies that are ready to grow but do not have the budget for a full-time Chief Marketing Officer. Ask for references for companies of similar size and scope in your industry and ask what results they achieved and how they measured success. Ask about the time commitment required and always establish a written agreement that identifies the goals and objectives before beginning any retainer.
Author Resource:
Barry Elvis writes about business coaching in Adelaide, strategic planning and advisory support, helping owners make better decisions, improve performance and achieve sustainable, long-term business growth. You can find his thoughts at marketing performance blog.
