A fractional CMO, also known as a part-time CMO, collaborates with businesses that need an executive-level marketing officer but not on a full-time basis. They provide expert strategy and leadership, often offering fresh perspectives and flexibility that suits your business needs. Fractional CMOs are a cost-effective alternative to hiring a full-time CMO.
There are a number of reasons why a fractional CMO makes senses for many younger, growth-orientated companies:
If you cant find someone who knows your industry
There are plenty of marketing leaders out there. Marketing leaders who truly understand the industry they're working in? That's much harder to find. That becomes even more pronounced in the investment industry, which has very specific personas, business models and languages compared to other types of businesses. A fractional CMO, one that specializes in the nuances of this industry, can be a boon not only to the bottom line, but also in having a strategic resource that knows the in's and out's across the investment business landscape.
There’s lack of direction about the marketing function
Marketing can be a confusing role for founders and CEOs. It can be hard to measure, blends both art and science and is often misunderstood. Many firms I have seen and work with usually have fits and many re-starts when it comes to its marketing strategy. A good fractional CMO comes with with a solid understanding of your industry and the people that buy your product or services and is adept at both the strategic and tactical activities for a high ROI marketing program.
As time goes by, your business will start to grow. Continued growth will require you to consider looking for marketing leadership. Without good leadership, your company’s advertising efforts could become disorganized and directionless, resulting in wasted money and missed opportunities.
There’s a need for a new perspective
The reality is, your company is going to change over time. Everyone wants explosive growth at all times but that's not always realistic. There will be bumps in the road and that includes your marketing and sales strategy. Sometimes it helps to get an external view. Bringing in a fractional CMO can bring an outside perspective to that strategy and help define, and possibly correct, any business development and marketing efforts that might need fine tuning.
If you have a limited budget
Not everyone can has the budget to hire a full-time CMO. It is a significant monetary commitment when you start to factor in insurance, bonus and potential equity for a marketing leader. Using a fractional CMO helps fill what is undoubtably an important part of your growth engine but at a measured cost and pace. Ultimately, it's a risk-adverse way to add needed expertise in exchange for a manageable fee.
If the top of the funnel isn't where it should be
Getting new leads is the heart and soul of marketing. You can't have prospects at the bottom of the sales funnel without filling out the top. Bringing in external marketing expertise to evaluate your lead generation strategy could be beneficial in having outside experience evaluate your top-of-the-funnel strategy and get it back on track.
If you'd like to talk to us about what fractional CMO services Quadsight provides, drop us a note.