The gig economy refers to businesses increasingly hiring short-term workers and independent contractors, and those workers having more opportunities for flexible, short-term arrangements. It has flourished in recent years due to a steady stream of technological advances. This means you can now take advantage of opportunities in the fractional worker market to outsource major functions.
For instance, you can outsource to control or reduce costs, to help your own staff focus on what you do well, to access world-class experience and capabilities, to share risks with a partner, or if you don’t want to waste time and effort in time-consuming activities.
Although many were initially resistant to the idea, companies are now outsourcing marketing operations to save money and improve quality, and because they lack critical left-brain marketing expertise. However, you might be wary of individuals or agencies taking over such a critical function of your company. This is where a fractional chief marketing officer (CMO) or marketing consultant can help.
Advantages of Fractional CMOs
Fractional CMOs can assist your company on a project basis in single or periodical consultations, just as one would have doctors’ appointments. They understand the whole spectrum of marketing elements and provide business advisory services to many companies across industries, as and when needed.
Recruiting even a junior employee is arduous and time-consuming. Hiring a CMO can be much more so. It could also mean offering an equity stake or sharing control over major aspects of your company. The CMO you hire could also turn out to be the wrong choice, which may end in a crisis. While there are items to consider when deciding between an outsourced CMO and a traditional CMO hire, the flexibility of a fractional CMO often outweighs the benefits.
Fractional CMOs can join your in-house marketing team when you need them to and seamlessly perform a leadership role while reporting to you. You need not relinquish control or share assets. On the contrary, you may even learn their trade secrets. Even if the fractional CMO you chose isn’t up to your expectations, you won’t need to worry since he or she is a contractual resource, not an employee.
While you definitely have expertise in your company’s core functions, you may not necessarily be an expert in strategic marketing. An experienced fractional CMO would be able to handle any marketing issues and deliver quick results, all without disturbing the internal processes of your company. Moreover, the cost of hiring a fractional CMO can be half that of a full-time one.
Similarly, if you are not a number cruncher or lack the knowledge needed to automate your marketing efforts, it would be great to have a marketing expert who can help you. He or she would also be able to help you choose metrics that suit you, implement new tools to measure them and analyze the results to determine the effectiveness of your marketing campaigns.
Since their time is spent with learning new skills and improving on existing techniques and strategies across various industries, experienced fractional CMOs are able to keep up with the ever-changing marketing scene. They can easily tap into global markets and provide you with methods and connections that ease your way in handling the latest changes.
You may be burned out from the long hours and intense work you put in daily. You may also have run out of ideas or feel that your company’s growth has stalled. A fractional CMO can easily bring in enthusiasm, fresh perspective and new avenues of growth. He or she can instantly provide you with objective insight into what is or isn’t working well because of their exposure to different scenarios. You may even be able to step aside for a short period and return rejuvenated.
To summarize, a fractional CMO can help analyze your business, its target audience and competition; devise innovative marketing plans and implement them; and provide leadership to your marketing team, thus driving growth without straining your budget.
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