If you are looking for a way to take your marketing efforts to the next level, then you may have considered bringing in a dedicated CMO or chief marketing officer. However, finding a CMO that is the right fit for your organization can be quite challenging.
Even if you connect with the perfect candidate, experience comes at a premium. The median salary of a CMO in the U.S. is approximately $250,000 annually. Top-end CMOs expect an even more lucrative compensation package.
Tying up this many resources with a single C-suite executive can hinder your organization’s ability to grow, especially if it is in its financial adolescence.
Fortunately, there is a way to reap many of the benefits of hiring a CMO while simultaneously minimizing your organizational risk. The answer lies in “fractional CMOs.” In this article, we discuss what a fractional CMO is and how this shrewd move could aid your company’s brand-building efforts.
What Is a Fractional CMO?
A fractional chief marketing officer is essentially an outsourced C-suite executive. These professionals carry out the basic functions of a CMO but allow your company to avoid committing to a full-time executive.
Most fractional CMOs have led multiple marketing teams of various sizes, which means that they have the agility to mesh with virtually any type of company.
Why Hire a Fractional CMO?
There are tremendous benefits to hiring a fractional CMO, including:
Minimize Risk
In addition to the massive salary discussed above, many CMOs also earn equity in the company that they are employed by. If the relationship doesn’t pan out, these terms can have some serious consequences for your organization.
Conversely, there is minimal risk associated with hiring a fractional CMO. If the individual is not producing desired results, you can terminate the contract. While the average fractional CMO contract lasts for 9 to 12 months, they often include a 90 day grace period that allows employers to end the relationship.
Access Expert Leadership
An experienced fractional CMO can provide your marketing team with expert leadership and guidance. They can be a valuable resource as you seek to grow your brand reputation and connect with new clients.
By hiring a fractional CMO, you can ensure that all of your contractors and full-time employees are performing at peak efficiency.
Acquire New Insights
The majority of fractional CMOs have led multiple teams throughout the course of their careers. As a result, they can often provide your company with fresh insights and ideas.
They can help identify ways to improve your marketing and branding efforts and can also look at your organization objectively, which means that they may be able to develop out-of-the-box solutions for problems that you have been facing.
Reduce Costs
Perhaps the biggest advantage of hiring a fractional CMO instead of a full-time chief marketing officer is cost. Fractional CMOs often demand a significantly lower annual salary because they are not a full-time, in-house employee. In addition, they are paid minimum benefits, if any, and do not receive any equity options.
Since fractional CMOs are hired using short-term contracts, you can intermittently employ these professionals as the need arises. Some companies rely primarily on the services of third-party digital marketing companies and will occasionally contract with a fractional CMO, specifically when their organization is experiencing significant change.
If you are seeking a way to access top marketing talent but want to minimize your financial commitment, hiring a fractional CMO is the most pragmatic solution.
Increase Flexibility
Another huge advantage of leveraging fractional CMOs is the flexibility it provides. Hypothetically, your organization could contract with a different fractional CMO every time you need the services of a chief marketing officer.
This approach would ensure that your marketing efforts are examined with a fresh set of eyes, which could potentially maximize their effectiveness.
In short, bringing in a fractional CMO grants you access to virtually all of the benefits of hiring a permanent chief marketing officer. However, this approach carries minimal risks, aside from the short-term financial implications of canceling a contract.
As a result, the use of fractional CMOs has become increasingly prevalent, particularly among small to medium-sized businesses.
Hire TheRiot Agency as your new CMO
Do you think that a fractional CMO is the right solution for your organization? Would you like to learn more about the potential benefits of hiring a fractional CMO? Are you seeking a responsive digital marketing partner that will guide your brand-building efforts and help you grow your business?
If so, then it is time to contact TheRiot Agency. We offer a comprehensive suite of services and can revolutionize your digital marketing strategy.
