Every company is currently trying to find creative ways to do more with less due to inflation, which is driving up fixed costs and causing disruptions to cash flow. Cost-cutting actions are being recommended by most advisors and many companies are following that advice. One area that is frequently targeted for cost-cutting is marketing, but that can sometimes lead to a loss of revenue and even more constrained cash flow.
There is a better way to ensure your marketing tactics get a good return on investment: Bring in someone with the expertise to improve your results on a fractional basis. Bringing in a Fractional Chief Marketing Officer (CMO) enables you to get the marketing strategy, leadership, and innovation you need without incurring the costs associated with a permanent hire. This option has several key benefits over cost-cutting and can help you reach your growth objectives without increasing your costs or sacrificing revenue.
Fractional CMOs can be invaluable to a company that needs to continue growing this year. If your company can afford to take a hiatus from growth, and risk losing ground against your competitors this year, stop reading now. But if you cannot afford those potential outcomes, here are five ways you could benefit by hiring a Fractional CMO in 2023.
1) Strategic direction
Every successful company has a solid marketing strategy. Without a strategy, your company is probably doing too many things. A Fractional CMO can provide the strategy to meet your growth objectives.
2) You need execution, not just ideas
Strategy alone isn’t enough. You need to execute on it. And your team needs direction. This year execution is more important than ever. By hiring a part-time CMO, you’re able to invest in the right tactics at the right time. The Fractional CMO brings the expertise to create processes, lead the team, and adjust the program to provide predictable results.
3) The wider the experience, the better the strategy
Fractional CMOs typically have broader experience and more current knowledge. They can create innovative ways to meet your objectives.
4) Teams need greater direction right now
If you are like most smaller companies, your marketing efforts are mainly tactical. Regardless of the composition of your marketing team, a Fractional CMO can give your well-meaning employees and contractors the strategy, leadership, and direction they need to get the work done right.
5) Short-term commitment, long-term results
When you hire a Fractional CMO, you’re only committing to a set period. That means you can reduce the financial risk and cost to your company and get the insights of a highly-qualified CMO.
How do I know if a Fractional CMO is right for my business?
Do you need more marketing expertise? Are you concerned about cash flow? Are you disappointed by the results your marketing is getting? If you answered yes to any of these, hiring a Fractional Chief Marketing Officer may be right for you. Contact us to find out.
How much does it cost to hire a Fractional CMO?
While fees can vary, the cost is a fraction of what you would pay for a full- or even part-time hire. Want to learn more about what a Fractional Chief Marketing Officer can do for you? Set up a complimentary, no obligation consultation with us today. You can schedule one here.
Want to know more about the benefits a Fractional CMO would provide for your company? This blog discusses the top benefits.