Meanwhile, marketing team sizes increased by an average of 12.2 percent over the same period, with marketing executives currently forecasting a 10.5 percent growth in marketing professional hiring over the next year.
As the global economy improves, you may be considering expanding your marketing skills as well, and employing a fractional chief marketing officer (fractional CMO) may be the ideal next step but first, you should know what is a fractional CMO.
What Exactly Is A Fractional CMO?
A fractional CMO is someone who acts as chief marketing officer on a contract basis. They are known as fractional CMOs because they only work for your firm for a ‘fraction’ of their time, generally only a few hours each month. As a result, they are only employed part-time.
Hiring a fractional CMO is frequently a smart solution for a medium-sized firm that cannot afford to engage a full-time chief marketing officer or does not have a large number of initiatives. They give valuable leadership and the skills of a seasoned CEO without the high cost.
What Is The Purpose Of A Fractional CMO?
Fractional CMOs are often hired for a minimum of six months and are in charge of designing a marketing strategy, optimizing marketing initiatives, and managing your marketing department. They give leadership and executive-level knowledge to assist businesses in delivering clear and unified marketing strategies promptly.
Their actual work duties are variable and should adjust to your company’s demands.
What Are The Advantages Of Working With A Fractional CMO?
Here are some of the unique advantages of working with a fractional CMO:
• Experience And Leadership – A fractional CMO can manage your team and create ironclad marketing plans based on relevant consumer data to help you meet your KPIs.
• Adaptability – A fractional CMO contract may be halted and restarted to match your company’s changing needs.
• Fewer Recruiting Risks – Hiring a fractional CMO is less hazardous than hiring a full-time CMO since the recruitment process is speedier and they may be replaced more readily if they perform poorly in the job.
• An Outside Viewpoint – Outsiders are better at identifying development opportunities. They also provide new perspectives and ideas.
•Budget Savings – Because their pay is smaller and they are entitled to fewer benefits than full-time workers, fractional CMOs are more economical than typical CMOS.
What Characteristics Should You Seek On A Fractional CMO?
The following talents are considered necessary for chief marketing officers:
1. Leadership Abilities – Fractional CMOs must possess the interpersonal skills and experience required to bring out the best in their marketing team.
2. Creativity – Creativity is essential for ensuring that your marketing initiatives are original and capable of increasing income for your organization, meeting key KPIs, and ultimately meeting business goals.
3. Technical Skills – CMOs should have excellent next-level technical abilities if they are required to employ CRM applications, social media, content marketing, or SEO technologies.
4. Planning Abilities – A fractional CMO must have strong planning abilities to assist your organization in meeting its marketing goals and objectives.
5. Communication Skills – Effective communication is essential for ensuring that your company’s marketing messages reach your target market. It is also necessary for the smooth operation of your marketing team.
6. Marketing Insights – To ensure that your company’s marketing tactics are current and successful, CMOs must have a thorough awareness of industry trends and how they impact customer behavior.
7. Marketing Programs – Because fractional CMOs are only there for a limited time, it is preferable for them to execute marketing programs that will improve your employees’ understanding and skills in the long run.