With evolving business models and ever-changing customer preferences, Everything-as-a-Service model became a huge hit. Whether it is using a product (SaaS) through a cloud, getting a ride from a mobile application (Lyft, Uber, Ola) or ordering a product online (Amazon); on-demand solutions have transformed the entire business ecosystem.
Organizations have taken a leaf out of this approach to hire consultants on a part-time basis. This approach, when applied for a professional with marketing knowledge and expertise, will result in a Fractional CMO.
Who needs a Fractional CMO?
- If you are a start-up or mid-sized company, struggling to get your marketing activities across the line, and want a holding-hand who can streamline the marketing function
- Companies that have existing marketing teams but looking for an independent external perspective on an array of marketing problem statements
- Organizations planning to hire a CMO but need someone on an interim basis to get a push-start to marketing activities
What will a Fractional CMO do?
- Define Marketing Objectives - If you are not clear about your marketing goals, a Fractional CMO will help you with an end-to-end strategy that will resonate with organization’s objectives by formulating the key performance indicators (KPIs)
- Manage People, Process, Technology - A Fractional CMO will be the go-to for everything marketing. Starting from assigning ownership to marketers to setting up new processes or streamlining existing processes to adopting MarTech stacks
- Marketing Accountability - A Fractional CMO will align marketing teams to revenue goals and hold them responsible for defined marketing KPIs. He/she will play a key part in building up a robust marketing performance management function for your organization.
So, a Fractional CMO orchestrates the entire marketing operations by harnessing the power of people and technology. Marketing operations plays a key role in taking any organization to the next level.
Cost of hiring a Fractional CMO
What is the hourly rate a Fractional CMO? Well, the cost of hiring a Fractional CMO will be less and cheaper than what you pay for a full-time CMO role. Most of the Fractional CMOs come in, set things up for you and leave. The time frame of these engagements typically lasts from a few months to less than a year.
Trust these pointers must have helped you identify whether you need to consider a Fractional CMO. If you are still wondering, I am a click away to connect and help you make a decision.
Suggested Read: Why I started Fractional CMO