A Fractional Chief Marketing Officer (CMO) is exactly what the name implies. He or she is an executive-level marketing resource, with years of strategic and tactical marketing experience, whom you hire on an as-needed basis. Most small to medium-sized companies either don’t need or can’t afford a full-time CMO, but any company that wants to keep growing, or take that next step, can benefit from the experience, ideas, and execution that a CMO can bring.
Here are 5 ways a Fractional CMO can help your business.
You may have an in-house marketing resource – or, like many smaller companies, the marketing function is an additional hat that you or someone else in the company is wearing. Even so, it is unlikely that the person currently handling your marketing has the executive-level marketing experience of a Fractional CMO.
After your company reaches a certain size, you need that seasoned experience in order to stay competitive and continue growing your revenues. DIY marketing, or relying on someone else in your company who is inexperienced or wears other hats simply won’t cut it.
2. Data-Driven Decision Making
Do you know what is currently working in your marketing efforts and what is not? Do you know how well every marketing-related activity is doing? Do you know which ones you should continue to do and which ones you should stop? Should you really stop doing something or is there a way to make it more effective? Questions abound, and the only way to answer them is with data.
A good Fractional CMO will be able to measure how your past marketing programs have performed and track and measure any marketing programs going forward. They will also know which metrics are essential and how to track them. It is that tracking and measurement that will enable you to make data-driven marketing decisions, rather than operating on hunches or gut feelings. Unless you have marketing dollars to burn, this aspect is indispensable.
3. More Leads and Profitable Sales
Marketing efforts need to generate leads that ultimately turn into profitable sales. If a particular marketing program isn’t doing that, it should be improved or discontinued once it has been determined with certainty to be failing (see Data-Driven Decision Making).
Bottom line: a good Fractional CMO can increase the number of qualified leads you are getting and help you generate profitable sales. Don’t be afraid to ask your Fractional CMO how any particular marketing initiative will help your bottom line.
A Fractional CMO is an executive-level resource. Ideally, they have been on the management teams of other companies. A Fractional CMO can weave whatever disparate marketing initiatives you currently have into a well thought out, cohesive strategy so that each marketing tactic supports and enhances the others.
It is likely that your Fractional CMO will suggest new marketing initiatives, and based on past results, may recommend discontinuing less effective tactics. If you don’t currently have a cohesive marketing strategy, a Fractional CMO can help you develop one, implement it, and keep it on track.
Effective scaling is a necessity of growth, but it’s one of the most difficult issues a company will face. A Fractional CMO can help with this as well. The ability to add an experienced marketing resource at a fraction of the cost of a full-time employee, while getting executive-level input, will undoubtedly help you scale your business more quickly and cost-effectively.