HOW TO DECIDE IF YOU NEED A FRACTIONAL CHIEF MARKETING OFFICER (CMO)
One of the good things about the new gig economy is that you can take advantage of a wide range of services without making a full-time commitment.
From ride sharing to food delivery, the world is increasingly populated with part-time employees. The traditional side hustle has become a new way of life in our work culture. Recent estimates have said that as much as one-third of the economy is now in the gig sector.
It’s no different in the marketing world. The current trend is not to hire a full-time chief marketing officer (CMO), for example, but to bring onboard a temporary, part-time fractional marketer.
The birth of the fractional CMO springs from the realities of today’s competitive business environment and tighter budgets.
Is a Fractional Marketer Right for Your Business?
Perhaps your company is growing but doesn’t yet have the need or budget for a full-time CMO. But you still need a seasoned professional to help establish initial branding and marketing initiatives. Or maybe your marketing team is struggling to get results and needs some strategic guidance.
Some clients are looking to go a step beyond consulting, seeking a critical team member who is part of the group on a limited, part-time basis. Whether it’s for a CMO or other senior executive marketer, the fractional approach can be a more affordable solution for small-to-mid-size businesses.
For such smaller businesses, hiring a full-time, C-suite marketer is too great of an expense. Other potential problems for bringing a full-timer onboard could include personality and cultural conflicts or a non-aligned strategy.
Statistics show that a fractional marketer can usually solve your marketing problems in three-to-twelve months.
Needs Checklist for Hiring a Fractional Marketing CMO…
This six-point checklist will help you determine if working with a part-time fractional marketing leader is the right solution for your marketing and branding needs:
1) Does your organization have branding or marketing problems that aren’t being resolved by your current approach?
2) Could you benefit from having someone with outside expertise give you a new perspective on marketing strategy and branding?
3) Would having a “quarterback” on an interim basis bring together your marketing and branding initiatives, while you search for a full-time CMO?
4) Do you have a variety of marketing projects that have been started but not finished, needing help with completion?
5) Could your organization benefit from having a “general contractor” onboard who could get your branding and marketing projects back on track?
6) Do you need a seasoned professional to lead a cultural change to become more brand and marketing focused?
If your answer is “yes” to any of the above, hiring a part-time fractional marketing professional might be a good solution for you.
Is a Gig Marketer in Your Future?
With a CMO or fractional marketer hired on an interim, past-time basis, you can craft exactly the deliverables you need. It allows you to achieve the marketing and branding solutions necessary without having the hassle of hiring a CMO and taking on more payroll.
New fractional marketing organizations have sprung up, as well, that certify the competency and skill set of high-level fractional marketers.
Unified Funnel Metrics (UFM), for example, is a Minneapolis-based community network of seasoned marketers that trains them to sharpen their skills and provides an operating system for their fractional marketing services.
UFM estimates the gig economy is growing at a rate of 18% annually. Hiring a fractional CMO can save a client an average of 50% of marketing spend.
Will your organization join the trend? It may be the best solution to improve your marketing.