All businesses and companies on the stage of development and growth need a specialist in the marketing field. But we all understand that they may lack the budget for hiring a full-time specialist. That’s when a fractional chief marketing officer can help us. So who is fractional CMO? It is a person who is hired for a part-time job or just consultations to lead your company in a certain field – marketing and advertising.
They should be totally involved in the strategy and goals of your company and work together with the executive team to achieve the goals as quickly as possible with the help of marketing engagement.
The main task of a fractional CMO is to develop the company’s business. Therefore, he pays less attention to what is happening with the company at the moment and more tries to look into tomorrow. The CMO is focused on how to drag the business from the current state to a higher level of achievement, into a favorable desired position. This requires revising the product portfolio, developing new categories of goods, introducing digital approaches in interaction with the target audience of consumers, etc.
In fact, the CMO has to create marketing plans for business development, stimulate their implementation not only within his own department but also in other services of the company through communication with their functional leaders. At the same time, the CMO has to monitor the effectiveness of all marketing activities and manage the advertising budget.
So the main goals of fractional CMO are:
- Building and managing an effective marketing department;
- Coordination of marketing efforts with other departments of the company;
- Analysis of the market, competitive environment, and determination of directions for the development of the company;
- Monitoring of sales indicators, their analysis, and forecasting;
- Creation and implementation of an online marketing strategy;
- Planning of promotional activities, control of them and analysis of their effectiveness, etc.
How does a fractional CMO benefit your company?
- Driver of growth and progress. The fractional CMO can provide you with opportunities for growth. To do this, he analyzes the available information about consumers, demand, competitors’ actions, most popular trends, etc. They can effectively figure out what works and what doesn’t, as well as learn about your company. They then create a strategy to put you on the path to increasing your revenue.
- Expert in interaction with consumers. In his work, the fractional CMO uses data and analysis of consumer behavior. This gives him the right to speak on behalf of clients within the company when discussing and making decisions.
- Accelerator of innovations. By following changes in consumer habits, the fractional CMO creates pressure within the company to accelerate the introduction of new products and platforms for effective interaction with customers.
Fresh perspective. You and your staff have only seen your company through your own eyes, and taking into account a new and experienced perspective can help you see everything from the other side, thereby realizing what changes and innovations your team lacks. A fractional CMO in this position can give both well-defined marketing procedures and a roadmap for implementing the appropriate initiatives.