Fractional CMO Or FullTime Marketing Director: Which One Fits Your Company Needs Better?
CEO and co-founder of Card Shop Live .
Navigating marketing requirements and strategy is difficult for any organization, but it is especially difficult for startups or companies facing budget constraints. This is why fractional marketing managers (fCMOs) have become an attractive addition to the team in recent years. But how do you know if an fCMO is right for your organization and your goals, or would a CMO or an agency be a better fit?
This comes down to the net need of the strategy or implementing organization and the overall annual budget. An fCMO, sometimes referred to as a part-time or interim CMO, is a marketing manager who works with companies on a part-time or project basis, rather than a full-time employee. The fCMO provides strategic leadership with high management skills and capabilities and is essential for organizations that want to launch, rebrand or implement growth strategies. From a tactical perspective, regardless of the size of the business, the fCMO must focus on developing strategies and systems that maximize results and impact while staying within the organization's budget.
The rise of fractional CMOs is indicative of the rapid evolution of marketing ecosystems. Brands need evolving strategies based on new trends, platforms and technologies at scale. As marketing budgets shrink, organizations still need marketing expertise to scale.
This arrangement can benefit organizations for many reasons, including the following:
1. It can be profitable because the company pays for the services of the marketing manager only when needed, instead of paying a full-time salary and benefits.
2. FCMOs give companies more flexibility than hiring a full-time OMO. Companies can hire an fCMO for a specific project or period, then terminate the assignment when the work is done.
3. FCMOs bring a wealth of skills and experience to companies, as they often work with different companies and industries.
However, the main factor in hiring a junior team member over a CMO comes down to staffing needs and job performance. Does your organization need high-level control over a process or staff/team to implement concepts developed by management? If you answered the latter, then a marketing manager or an agency would be a good choice.
CMOs or marketers can be extremely useful for organizations that focus on specific channels once an overall strategy is set. Marketing managers and agencies are tactical in nature. They plan and execute campaigns and work to achieve key performance indicators that advance the company's strategic vision.
When marketing roles and expectations are not aligned, serious operational and performance issues can arise. This is especially true when planning and allocating a marketing budget. Overpaying FCMOs for marketing aspects is a waste of money that could go directly to campaigns. Conversely, launching one-to-one marketing funnels and campaigns without a coherent brand strategy wastes valuable financial resources without KPIs to measure long-term success.
So how do you choose the right solution for your organization? Here are three questions to ask yourself when deciding how best to build your team and achieve your marketing goals.
1. Does your organization have a clear branding and marketing strategy with defined go-to-market and expansion goals?
2. Does your organization need help implementing marketing tactics such as email or paid advertising campaigns?
3. What are your immediate goals? Are you launching a product, rebranding, scaling or trying to acquire customers?
By evaluating your organization's needs in terms of strategy, execution, or a combination of the two, any organization from startups to large corporations can meet the demands of the rapidly changing marketing ecosystem. By effectively recruiting the right team members, organizations can achieve key marketing objectives in a cost-effective manner.
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