Every business needs a strong marketing strategy and plan, but not every business needs a full-time Chief Marketing Officer (CMO).
Hiring an outsourced CMO can be the perfect solution for companies needing marketing leadership and business savvy without incurring high-ticket costs.
Here are three reasons to consider hiring a fractional CMO for your business.
1. Fractional CMOs Offer Experience & Marketing Expertise on Demand
Fractional CMOs bring all the experience of a full-time CMO expert but without the overhead costs. This is especially helpful in today’s complex hiring climate, when full-time talent is scarce and budgets are tight. Instead, business owners can hire an experienced fractional CMO on a scope of work or monthly basis, allowing you to get professional advice tailored to your specific business and goals right now! An experienced fractional CMO company will have its finger on the pulse of current trends and best practices in marketing strategy and execution, which can ensure your brand is well-positioned now and into the future.
What is an Outsourced CMO’s role?
Although most CMOs have a standard set of core competencies to lead a marketing department, you should select the right CMO to lead your business based on industry experience and specific goals. At a high level, however, you should expect a CMO for hire to satisfy your need for the following:
- Marketing Strategy & Planning
- Marketing Management
- Creative Direction
- Brand Management
- Reporting & Analysis
2. Flexibility & Scalability, only an Outsourced CMO can Provide
A fractional CMO is highly valuable because it offers flexibility and scalability that a full-time employee arrangement doesn’t provide. With an outsourced option, you can quickly scale up or down as needed depending on your current business circumstances. If you’re facing a hiring or skillset gap, a particularly busy season, or need additional assistance with a new product or service launch, an external CMO can quickly be brought in at short notice — without any long-term commitment from either side. Plus, an external expert won’t get bogged down by day-to-day tasks or administrative issues. Instead, a fractional CMO can address your specific objectives and focus on delivering results.
What are typical outsourced CMOs’ hours?
An outsourced Chief Marketing Officer will provide an hourly consultative rate or a retainer based on a predetermined number of hours per month that they will dedicate to your business. This number and rate will depend on your objectives, the timeframe to complete them, and the CMO’s level of expertise. That said, while an FTE’s salary is based on a 40-hour work week, outsourced CMOs only charge for the time they are actively engaged in your project. Therefore, a standard monthly contract may be based on 30, 40, or 50 hours per month or more.
3. Fractional CMO Services Provide a High ROI
Hiring an outsourced Chief Marketing Officer to lead your business also has several added financial benefits compared to hiring a full-time CMO. Outsourcing eliminates costly recruitment fees, employment taxes, and benefits packages. Plus, since most outsourced professionals charge a monthly retainer that aligns with a pre-set scope of work, you’ll know exactly what you’re getting for your money without worrying about hidden costs or change order fees that weren’t accounted for initially.
How much does a fractional CMO cost?
When you contract a fractional CMO team, the value gained will be multiplied compared to a single salaried full-time CMO, yet at a fraction of the investment compared to the Chief Marketing Officer salary (50th percentile) in the United States ($342,859 as of February 27, 2023). This adds up to considerable savings — typically 33-50% or more — that could make all the difference between expanding your business operations and struggling to break even.
Where can I find a fractional CMO company?
Fractional C-Suite executives have become more mainstream over recent years, with outsourced COOs, CFOs, and CTOs leading the way. While some outsourced marketing professionals are a little newer to the scene, Incite Creative, for example, has been providing fractional CMO services for over 23 years.
Hiring a fractional CMO is an excellent way to access top marketing talent without skipping a beat.
An experienced fractional CMO brings with them experience and expertise that might otherwise be out of reach due to budget constraints; plus, their flexible model allows businesses to scale up or down according to their needs at any given time — all while reducing overall costs associated with recruiting and onboarding new team members.
So if you’re a business owner looking for cost-effective ways to boost your marketing efforts this year, it’s time to consider hiring an outsourced marketing team. Schedule your free 30-minute consultation today.
About Incite Creative, Inc.: Incite Creative is a marketing advisory firm that provides outsourced CMO services. In short, we become your company’s chief marketing officer and do so virtually and efficiently — saving you time and money. Since 1999 we’ve had the pleasure of building and boosting brands for a core set of industries. Our thoughtful process, experienced team, and vested interest in our client’s success have positioned us as one of the Mid-Atlantic’s most sought-after marketing partners for those looking to grow their brand awareness and bottom line. Stop paying for digital and traditional services you may not need. Our retainer, no markup model means our recommendations don’t come with any catch or commission. The advice we provide aligns with what you need and what fits within your budget. For more information, contact us at 410-366-9479 or email@example.com.