NCET Biz Tips: What's a fractional CMO?
NCET helps you explore business and technology
Wesley McQuillen
As we progress into 2024, many business owners are finalizing their goals for the year ahead. Frequently those include sales goals, and sometimes it can feel confusing or overwhelming trying to figure out how to make them happen if you didn't start with a marketing background. You may have a full-time marketing manager, but if you don't have a CMO, that marketing manager is looking to you to be told what the strategy is for the year. But a full-time CMO can be really expensive.
You do have options though: you can consider a fractional CMO.
A fractional CMO is a fully capable CMO with a proven track record that helps you part-time — maybe it's just on a project basis, maybe it's for a limited number of hours per month. This senior strategic advisor is available precisely when needed without major commitment, providing valuable strategy, insights and guidance that can be executed by your existing in-house team, or by less experienced but more affordable entry-level employees.
Advantages of Bringing in a Fractional CMO
Cost-Effective: Fractional CMOs offer their expertise on a part-time basis, reducing overall salary expenses compared to a full-time CMO or marketing director.
Flexible Engagement: Businesses can engage a fractional CMO as needed, providing flexibility based on business cycles and needs.
Access to Expertise: Fractional CMOs bring dramatically more experience and diverse skill sets, including past crisis mitigation, without the commitment of a full-time CMO.
Strategic Focus: Fractional CMOs are often more focused on strategic planning and high-level decision-making, and understand how to create and execute on SMART goals.
Objective Perspective: Fractional CMOs bring an unbiased viewpoint, free from internal office dynamics, and don't sugar-coat things.
Reduced Onboarding Time: Fractional CMOs can quickly integrate into existing workflows, minimizing the time and resources spent on onboarding.
Access to Networks: Fractional CMOs often come with extensive networks and industry connections, which can be leveraged for partnerships, collaborations, and marketing opportunities.
Risk Mitigation: Engaging a fractional CMO mitigates the risk associated with full-time hires, as businesses can assess their impact before committing to a long-term contract.
Specialized Skills for Projects: Businesses can bring in fractional CMOs with specific expertise for particular projects as needed.
Focus on Core Competencies: By outsourcing marketing leadership, businesses can focus on their core competencies, leaving the marketing strategy in the hands of experts.
Northern Nevada is rapidly growing, and many businesses face unique challenges — some established businesses that were the only provider of a certain product or service for decades now find themselves competing with new businesses or large corporate chains. They know they need to do something but just can't afford a full-time CMO. Tailored to the specific needs of the region, fractional CMOs understand the intricacies of local customer outreach and the dynamics of our tight-knit community, what does and doesn't work. For small business owners in Northern Nevada aspiring for growth while managing costs, a fractional CMO becomes an essential resource.
Running a small business is never boring for very long as new challenges show up every day, and having a seasoned marketing expert is imperative. A fractional CMO can direct business owners toward strategic marketing decisions without overwhelming their budgets. If you need a marketing leader with a real track record of increasing ROIs, managing calmly through crisis, making a lean budget produce more results, or giving you the blunt truth of what's holding your business back, consider bringing in a fractional CMO to help you break out of old patterns and smash new sales goals in 2024.
NCET is a member-supported nonprofit organization that produces educational and networking events to help people explore business and technology. More info at NCET.org.
Wesley McQuillen is principal at ALTER Strategies, a multi-award-winning senior marketing executive, and Web3 tech native with a focus on alternative marketing strategies for the highly-regulated and hard-to-advertise. He also serves as a fractional CMO for several companies.