It has been said that if you build it, they will come. “They,” of course, refers to customers. But the reality is that this adage is no longer true — if it ever was.
You need a way to reach your ideal target demographic, promote products and services, and pitch consumers on the unique value proposition of your offerings over the competition.
That’s why you can’t underestimate the value of marketing. A marketing department can efficiently grow and achieve your potential for a return on investment. It’ll do so by executing strategies to promote your brand and offerings to win over consumers.
One way to get the biggest bang for your company’s buck on the marketing front is by retaining a fractional chief marketing officer. Going this route will get you a highly skilled CMO when you need one without making a full-time salary commitment.
According to the CMO Council, 80% of C-suite leaders say revenue and sales expansion are the top key performance indicators in assessing marketing’s performance. Meanwhile, 86% say a lack of capabilities or resources causes missed opportunities for growth, revenue, or client acquisition. Hiring fractional CMOs can help remedy such concerns.
Here are three reasons your company needs a fractional CMO now if it doesn’t already have one.
1. Your Company Will Have Flexibility
Going with a fractional CMO will offer your company flexibility. Rather than paying a full-time salary for a CMO, your business can retain the services of such a professional on an as-needed basis. A fractional CMO is an interim C-level professional whose services you can leverage based on the marketing needs of your business. And that’s all without shouldering the financial commitment of a full-time salary. This flexibility makes it a budget-friendly option.
2. Your Company Will Save Money
According to Salary.com, the base salary range for a CMO is $316,633 to $430,484. The average base salary is $362,598. Remember that’s the base salary — before bonuses and benefits kick in. Meanwhile, a fractional CMO will charge several hundred dollars per hour. Small businesses with smaller payrolls might be unable to afford a full-time CMO.
Retaining the services of a fractional CMO can save money without jeopardizing quality. Adding another full-time salary to the payroll could be too cost-prohibitive for many businesses.
At a time when businesses are cutting back, it makes sense to save money where you can. Cost-cutting must be done prudently, of course, since you don’t want to cut too deep. But a fractional CMO will allow you to slash your payroll and still get quality results.
3. Your Company Will Get a Strategic Direction
If your company’s marketing department is directionless, you can’t allow the status quo to linger. A fractional CMO can get things back on track by focusing on strategic initiatives.
The CMO Council, citing a survey based on the opinions of 120 senior management executives, reports the following:
- 52% say a fractional CMO would inject new thinking that can benefit marketing
- 48% say a fractional CMO would offer objective perspectives
- 41% say a fractional CMO would strengthen leadership depth
Remember that your business can get these benefits without committing hundreds of thousands of dollars you can’t afford to a full-time salary. That’s especially helpful if the nature of your business means you don’t need a CMO all the time.
If your company is on the hunt for a chief marketing officer, consider the benefits a fractional C-level professional offers. You can get a skilled C-level executive to help with your company’s marketing initiatives — and you’ll get that help at a price point you can afford.