Marketing spending was up over 10% in the last year—but this trend might have been a little too optimistic. Nearly half of marketers slashed their budgets to prepare for upcoming economic strife.
But tighter budgets aren’t an indication that marketing isn’t important.
Companies still need to make a major impact, but they need to be wise about how they spend their money, and hiring a full-time CMO is often out of many companies’ budgets.
That’s why this year (and many more to come) is expected to see a rise in demand for fractional marketing services.
Let’s explore this trend, define fractional leadership, and see what a fractional CMO could do for your organization.
The Fractional Leadership Revolution
Companies nowadays are paying more attention to marketing than ever before. Gartner research even finds that buyers will spend about 80% of their time on digital channels—not sales—by 2025.However
But knowing which digital channels to invest in requires leadership, and more companies are realizing that fractional CMOs can give them the insight they need while staying within their tight budgets.
So, what is a fractional CMO?
A fractional CMO, unlike an outside agency or consultant, works as a fiduciary partner within your organization. Fractional CMOs combine strategy with hands-on execution to improve your ROI and increase sales. They become a part of your team, manage your marketing investments, help you plan and execute campaigns, and so much more.
More CEOs are wising up to how valuable fractional marketing can be, with a recent survey finding that about 70% of marketers say fractional CMOs are becoming more accepted in the C-suite.
The revolution is on. Now, let’s see how fractional CMOs are spearheading the change.
Related: Understanding the Value of Fractional CMOs
Versatility is the Name of the Game
Fractional CMOs come from a range of backgrounds, such as Marguerite Yeo and Stacy Kamigaki, who both come from the tech industry.
Many fractional leaders have dabbled in a variety of industries, so for organizations looking for expertise in one area, there is an abundance of experts available.
From dog hotels to banks to dental clinics, fractional CMOs offer versatile expertise on demand, helping companies address unique challenges, such as:
- Developing and executing a fresh, targeted marketing strategy
- Keeping track of and improving your marketing ROI
- Giving you real-time feedback and advice on which marketing strategies are working (or aren’t working)
- Understanding which marketing tools and technologies are worth your investment
- Helping you identify new channels to reach your target audience
The advantage of working with a fractional CMO is you get to choose how long they work with your organization and which project(s) they are responsible for. Short-term projects and long-term campaigns are well within the scope of a fractional CMO.
Related: 3 Small Businesses That Bloomed With The Help of Fractional CMOs
Navigating Change and Innovation
Earlier in this blog, we shared how many companies are preemptively shrinking their marketing budgets to prepare for economic turbulence.
With so much uncertainty, a fractional CMO can help organizations make sense of the unknown and take advantage of new, game-changing technologies to help them succeed.
In their lines of work, fractional CMOs encounter all kinds of marketing tools and technologies and have data to back up what works and what doesn’t. They also can quickly identify areas of optimization within a company’s budget, so they’re not overspending on actions that aren’t driving results.
Fractional CMOs can assess your data (e.g., cost per action, click-through rates, conversion rates, etc.) to determine if your marketing activities are as effective as they could be. They can also suggest automation tools to reach out to more customers, score leads, retarget old leads, and much more.
Related: 5 Ways to Improve Your Marketing Efficiency
Balancing Innovation with Affordability
On the topic of efficiency, hiring a fractional CMO can yield significant savings compared to hiring a full-time CMO.
Fractional CMOs work on the shared cost model, meaning you only pay partial CMO costs but get the full benefits of a C-level leader.
But the cost savings aren’t just in the hiring process.
Fractional CMOs work closely with your marketing budget to manage and optimize areas of improvement, helping you get more out of your investments and save in areas that aren’t delivering the results you need. Plus, their familiarity with AI and automation tools means you’ll be saving time, so you can divert your manpower toward more high-value projects.
Related: 5 Benefits of Hiring a Fractional CMO for CEOs That Go Beyond Lead Generation
Hiring the Right Fractional CMO
With so many fractional CMOs out there from diverse backgrounds, how can you hire the right one for your needs?
yorCMO will set you up with a no-obligation, 30-minute consultation to help you identify your needs and match you with a CMO. From there, you can set up a discovery call with your CMO to determine the scope of your project and how they can help.