28 Jun When Should You Bring in a Fractional CMO
Various marketing scenarios may call for consulting a marketing specialist. A drop in sales, launching a new product or service, or an issue that might make or break your company’s image are just a few examples.
However, not all problems require a full-time marketing specialist. With the growing fractional CMO model, companies can now engage a part-time marketing consultant or a fractional chief marketing officer (CMO) to fill gaps at a fraction of the cost of maintaining a full-timer.
With a fractional CMO or fractional VP marketing, you get the needed expert marketing services to get your marketing department rolling without breaking the bank.
So, when should you hire a fractional CMO? Here are situations when hiring a Fractional CMO would be a good call.
Starting Up with a Limited Budget
If your business is just starting, it’s vital to lay the groundwork for your marketing department. According to Digital Authority Partners, you’ll need the proper marketing research, plan, and campaign to steer your company’s goal toward the right path.
During your first year in business, it’s better to get out on the right foot. As such, all marketing initiatives must be consistent with your company’s vision, mission, and values.
Doing all these tasks is time-consuming, complex, and will require an experienced marketing executive to complete. However, in realizing new business ideas with little investment, hiring a full-time marketing expert may be too costly. This is when a fractional CMO enters the picture.
With a fractional CMO, you get the needed expert marketing services to get your marketing department rolling without breaking the bank. Your fractional CMO can do marketing analysis and create campaigns for your business, spending only four hours or less per day. A fractional CMO’s vast experience can help figure out solutions for the company in a short span of time.
Crisis in the Marketing Department
At some point, there will be a problem in your marketing department that will require the help of a specialist. You could be facing a contract dispute, financial mismanagement, trade losses, document fraud, inability to fulfill client promises and workplace politics in your marketing department.
One great way to avoid contract disputes is to have all parties sign the agreed terms and conditions and notarize the signatures in the document. When the other party denies signing the agreement, you have proof to strengthen your case.
More so, sending a copy of the notarized contract to all parties reminds them of the project’s seriousness and that they are bound to meet all obligations stated in the document. Make sure to safe keep all records, as these will serve as your evidence when asserting claims in court.
Contract violations, in particular, call for the involvement of a marketing specialist who will collaborate with corporate lawyers to resolve an issue. Furthermore, missing marketing dollars require severe administrative case management. An expert executive can assist the board of directors in resolving the issue.
Other office difficulties can be discussed with a seasoned marketing leader in private sessions. The point is that problems come and go. It would be impractical to engage a full-time professional to deal with the problems. It is best to network with a potential fractional CMO whom you could bring on board during times of crisis.
Getting Advice for New Company Ventures
There are times when sales are strong, and you want to expand your business by adding a new product or service line. If you find your current team members not yet ready to take full advantage of the new product line, you can hire a fractional CMO. Your team can learn much from this expert and acquire the skills to manage the new product line.
A Fractional CMO has the resources to run a product launch and tap into new technologies to propose an innovative marketing strategy. When you want to seize a promising opportunity in marketing, an expert’s skill will serve as an asset in fulfilling the goals of the company, as Forbes reports.
Having keen eyes for the new product’s selling edge among competitors is one of the fractional CMO’s valuable contributions to the team. The fractional CMO can envision the product’s marketability and build a strategic plan to give it a brand image.
This officer can also help your department establish campaigns like structuring a digital marketing plan. After the fractional CMO leaves, your marketing department will have plans ready to go.
Need for Interim Marketing Director
Finding someone to fill the vacant marketing director position permanently may take time. Waiting for it to be filled, however, may cause a disruption in the marketing department’s operations since no one will direct the marketing processes. To ensure that the department’s operations run properly, you can engage a fractional CMO.
The fractional CMO’s leadership and social skills can help heal some strained office relationships and assist the marketing team in communicating better and avoiding future issues. This officer could also refocus the marketing team’s emphasis on the company’s campaign goals and objectives.
Through his assessment of the company’s needs, the interim marketing director can help in delineating specific qualities that a full-time marketing head should possess. The fractional CMO can help screen candidates and help the organization transition smoothly to the new full-time marketing director.
The fractional CMO can also provide turnover training to the incoming full-time marketing director and assist the team members in adjusting to new roles and duties. Should there be problems in the first month, the fractional CMO can render quick fixes and guide the team to refocus on achieving marketing goals.
Understanding the nature of your firm’s issue will help you determine whether to hire a full-time marketing expert or a fractional CMO. Nevertheless, it would still be wise to build a network of seasoned marketing professionals whom you can tap to jump in to address fleeting problems. This way, your marketing processes won’t be interrupted.
You should bring in a fractional CMO during times of crisis, opportunities, or adjustments in the company. The immediate solutions that an expert can give during critical moments in your company have a valuable impact on your business’s future direction.