More than two-thirds of B2B companies outsource at least some element of their marketing. There is also an increase in freelancing in America with one in three members of the U.S. workforce working in a freelance capacity. Combine this with the fact that LinkedIn’s workforce survey found a shortage of talent for those with marketing skills, and you can see why it might become a growing trend for more companies to consider a Fractional CMO.
Fractional CMOs provide companies with the broadband talent of a seasoned CMO when needed, without the hefty price tag of having them on the payroll full-time. CMOs tend to earn in the five figures each month, making them a costly leader that might not be needed in a full-time capacity. Here are five benefits of a Fractional CMO for your organization.
- Focused CMO Objectives
A Fractional CMO can provide focused objectives that do not get blurred by organizational politics. They are less subjective than a full-time CMO as they are not concerned about advancing their careers. This allows them to set objectives that are completely focused on reaching organizational goals, including:
- Ability to bring teams together that tend to work in silos, such as product managers, sales teams, media planners, and digital marketers
- A keener understanding of marketing analysis to define messaging and positioning
- Spotting opportunities for inbound marketing and lead generation without stepping on toes
- Improved, refined brand image
- Relevant storytelling
- Smart advice on appropriate marketing technologies or software to improve efficiencies
- Company-aligned strategic direction
- Unbiased decision-making
- Optimization of performance tracking without any personal investment
- Budget Wise
When you outsource your CMO, you will have more money to put towards marketing strategy. A Fractional CMO costs less than the high salary of a full-time CMO, yet they are just as invested in achieving their goals. They can determine where you can increase profitability without fear of losing their own jobs when too much money is going towards their own paycheck. They will identify where the money saved on a full-time salary can be best spent to leverage your marketing dollars.
- Efficiency Through Continuity
If you have been bringing in outsourced talent to manage different aspects of your marketing needs, you tend to get a breakdown of operational excellence. Your marketing team needs continuity to remain efficient. A Fractional CMO will be a consistent member of your team, providing a central director who is aware of what is happening and also responsible for setting goals and objectives.
They will be the one constant who is helping ensure everything is executed to plan. This improves efficiency by avoiding overlaps and repeat tasks when too many people are trying to run the show. The goals will not be bent or distorted as each new “expert” tries to fill their own agendas. Your team will be happier as they will always know what they need to do. Time will not be wasted, and the focus will remain on reaching the same goals. The strategy is executed effectively, results are tangible, and money is saved.
Timelines are also shortened because a Fractional CMO combines quality and speed while focused on the job they need to do. They don’t get bogged down in minutia or worry about optics. They simply keep things moving without their own agenda complicating things.
- Improved Productivity
When there is a single person assigned to the duty of CMO, everyone else can focus on their own work. This increases productivity. While the CMO develops strategy, the team knows what they need to do to improve lead generation, build brand awareness, execute tactics, and so on. They can take in the valuable information the CMO provides, creating a progressive, ongoing strategy that is driven by effectively recorded and analyzed data.
Customer churn is also minimized as the team can create more meaningful client and target engagement. That also reduces drag on your marketing ROI.
- Specialized Scope of Service
When outsourcing your CMO, you can outline the specifics for what you want them to achieve. This allows you to find professionals specializing in your area. They will be able to get up to speed more quickly than a new hire who have to learn the ropes of the company.
A Fractional CMO will get right into the thick of strategy and positioning. They are today’s solution to an on-demand world, providing the tools you need for a streamlined sales pipeline, a marketing strategy, and the smooth execution of tasks.