If you're like most business owners, you wear a lot of hats. You're responsible for sales, marketing, product development, customer service, and more. And while you may be good at some of these things, chances are you're not great at all of them.
That's where fractional or virtual CMO (vCMO) comes in.
Outsourcing this position can significantly benefit businesses looking to scale quickly and improve their bottom line without breaking the bank.
Outsourcing your CMO position with a fractional or virtual CMO is a new and innovative way to help your business grow and stand out.
In a fast-evolving business environment with tight budgets and sales goals that are constantly climbing, savvy operators have to find ways to innovate their strategies quickly.
Hiring a fractional CMO is the perfect answer.
A vCMO brings decades of experience and vast knowledge in the marketing field to your team without the burden of an in-house CMO.
They can help you develop strategies for digital marketing, SEO, retargeting, content creation, sales, and more.
They also help with market research and analysis to identify new opportunities before competitors do. Helping you ensure your business stays one step ahead.
Also, Fractional CMOs help with business positioning. They will look at what your competitors are doing and develop creative solutions to stand out in the market.
At the same time, they will also work to build your brand’s identity and create systems around marketing initiatives.
Fractional CMOs can be an invaluable asset for businesses that want to stay ahead of the competition. They bring a wealth of knowledge and can quickly identify new ways to improve sales and increase revenue.
Fractional CMOs are a cost-effective solution.
Fractional CMOs are an excellent resource for business owners looking to maximize their marketing budget.
In essence, you are getting the value of an in-house marketing director or small team at a fraction of the cost. Virtual CMOs can supply industry-specific insight and direction you may have missed otherwise.
If you're a business looking to grow and remain competitive, you may want to consider outsourcing your marketing.
All things considered, the long-term benefits could make it more than worth it.
What are the key differences between a virtual CMO and a chief marketing officer?
The main difference between a fractional CMO and an in-house CMO is that the fractional CMO works on a part-time or contract basis, usually for three to six months. This allows businesses to hire experienced marketing professionals without committing to full-time salaries and other benefits.
What does a virtual or fractional CMO actually do?
Fractional CMOs can offer various services, including developing and executing marketing strategies, analyzing data to optimize ROI, creating content, managing campaigns across digital channels, researching new opportunities in the market, collaborating with sales teams on effective campaigns, and establishing brand identity and positioning.
They work closely with the rest of your team to ensure your sales and marketing goals are met.
That being said, here are a few of the dozens of different areas in which a vCMO can help:
- Developing and executing marketing strategies
- Researching new opportunities in the market
- Managing campaigns across all digital channels
- Analyzing data to optimize ROI
- Overseeing content creation (blog posts, graphics, etc.)
- Working with sales teams to create effective campaigns
- Establishing brand identity and positioning
- Establishing contacts with media outlets and influencers
- Developing and reviewing reports around analytics and overall digital performance
When should you outsource your CMO position?
If your business is growing rapidly and you need marketing help but can’t commit to hiring an in-house CMO, a fractional CMO could be precisely what you need.
Fractional CMOs bring decades of experience and industry insights to your team without the burden of hiring a full-time employee and onboarding them to the team.
Additionally, they can be a great resource if you’re looking to launch a new project, product, or service and need extra marketing support.
Given that you can hire a virtual CMO on a ‘per engagement' basis, you can work out an agreement that suits your business's goals in the moment. It also is an excellent opportunity to test out and learn about what you like and don't like for when you are ready to hire a full-time CMO; without a long-term commitment tying them to the business.
Which industries benefit most from Virtual CMOs?
The truth is, every business can benefit from the help of a virtual or fractional CMO. However, they are best suited to two business scenarios; The first is a fast-growing organization that needs help to develop, execute, and optimize its marketing strategies but can’t commit to a full-time CMO or marketing department. And the second is a slow-growth business with intermittent or fractional needs, something that doesn't require someone in the office daily but is available to consult and possibly execute based on a curated and collaborative strategy.
This includes startups, small businesses, mid-sized companies, and even large enterprises that may not have the budget or resources to hire a full-time CMO or executive team member.
Industries that benefit from virtual CMO services:
- Specialized Medical Clinics
- SaaS Startups
- Pet Professionals
- Real Estate Developers and Brokers
- Distilleries, Cideries, Breweries, and Microbreweries
- Chiropractic Practices
- Dental Clinics
- Accounting & Law Offices
How Much Does it cost to hire a Fractional CMO?
The cost of hiring a virtual CMO can range anywhere from $1,500 to $10,000 per month. The exact price will depend on the individual’s experience and qualifications and the scope of work you need help with. In most cases, businesses should expect to pay a retainer fee for fractional CMO services.
It’s also important to remember that the cost of a fractional CMO is generally much less than hiring an in-house executive team member, making it an excellent option for smaller businesses and startups.
How to choose the right virtual CMO and what to look for
When deciding which virtual CMO to work with, focusing on the individual’s relevant experience and track record is essential. Plenty of great options exist, so make sure you do your due diligence when choosing the right candidate for your business.
Look for someone knowledgeable in digital marketing, who understands your industry well, and who has experience crafting successful marketing strategies. Also, ensure they understand the importance of data analysis, optimization, and collaboration with other departments and teams.
Whether you should hire a virtual or fractional CMO depends on your needs and budget. But it’s definitely worth exploring, especially if you want to take your business to the next level.
If you want to learn more about fractional CMO services or have questions in general, book a free consultation!