A CMO is short for Chief Marketing Officer, and they hold the position of the head of the marketing department in a business. They can play a key part in the direction of the company and how it is represented to the community. For a small or new business, the expense of a full-time chief marketing officer can be daunting, but using fractional CMO services can provide their knowledge base and experience to the company on a part-time basis.
Running marketing campaigns and optimizing towards the campaign’s KPIs, hiring new marketing talent, managing the marketing budget to get the best results for each investment, and following marketing trends are all key parts of the job of any CMO.
This role is best fit for someone who has worked in marketing for several years, and who is experienced in leading marketing teams and strategies. A knowledge of the market, the trends, and the ability to predict what may be coming next will prove to be invaluable skills that will provide the best result for the business and the CMO.
Full-time CMO vs. Fractional CMO Services
There are benefits and disadvantages to both hiring a full-time CMO and hiring someone from a fractional CMO agency, while both will provide the benefit of their extensive knowledge and experience. Having a full-time CMO means they will be dedicated to your business full time, 40 hours a week on average but sometimes more, and they will be engaged with other employees, planning with stakeholders, and doing research on what will work best for marketing your business. This does come with the expense of a full-time salary and benefits.
In comparison, a fractional, or part-time, CMO will provide many of the same benefits with less cost. As they are in the office for a set number of days or hours each week, or each month, it remains a predictable cost that you can set into your budget regularly. During their employment, they will guide the marketing plans/strategies and ensure the campaigns are optimized to yield the best results.
Almost every business can benefit from utilizing a fractional CMO agency, as the marketing and planning will help to move the business forward at a faster rate but will also increase the cost. The return on investment of hiring either a part-time or full-time CMO is worth the upfront cost and can help to move the company forward at a significantly improved rate.
