The average tenure of traditional full-time CMOs has already shrunk to less than four years. Why? Because corporate needs, strategies and leadership are constantly in flux. So why not seek out shorter term, fractional marketing leadership? If you’ve heard the term “Virtual CMO,” “CMO for Hire,” or even “CMO for Rent”, then you probably already have a good idea of what these interim CMOs are all about. Here’s the scoop: a fractional CMO is just like a full-time CMO, except they work when you need them for as long as you need them, without benefits, equity or geographic constraints. Their goal is to work their way out of a job: developing strategy, implementing new initiatives, and recruiting and training lower cost full-time employees to execute on tactical, day-to-day elements.
The Cost of Marketing Leadership Interim CMOs may earn a fraction of their full-time counterparts (taking into account full-time salaries, equity, benefits and other employment overhead), but in many circumstances, fractional marketing leaders can be doubly effective. How? By making it possible for you to lock in the exact knowledge, skillsets and best practices you need to maneuver decisively in the business climate of the day. Let’s face it, the CMO characteristics you sought a year ago will probably differ considerably from the characteristics you need next year.
Who’s Hiring Fractional CMO’s? Market volatility being what it is today, it’s no surprise that interim executives are one of the hottest emerging employment trends of 2018 (for more background, read my blog about fractional hiring in the c-suite). Organizations want to be better aligned with their customers, and they’re changing the way they structure and lead their workforce to get there. In fact, a staggering 90% of the 10,000 HR and business leaders in Deloitte’s Global Human Capital Trends survey said building an agile organization was one of their highest priorities. So, who’s hiring fractional CMOs? You’ll find them working with startups and joint ventures as well as with established companies looking to disrupt the status quo.
Implications for Marketing Agility How can fractional CMO’s contribute to future agility? Here are three ways:
A bench of virtual resources. Fractional CMO’s travel with a broad bench of tried-and-tested on-demand resources (bloggers, graphic designers, etc.) at their disposal to supplement quick execution of marketing strategies.
Fresh perspective. They also bring along industry insights and unbiased feedback from their experiences leading marketing teams at other organizations. Stuck in a rut? A fresh perspective might be what it takes reinvigorate stagnant programs and realign programs with customer expectations.
Tech and industry insights. Compensation programs, demand generation, growth hacking, social media, blogging, SEO/SEM, content-driven push/pull marketing, mobile marketing... With so many tools and strategies to consider, it helps to have someone who’s “been there, done that”. The key is to find someone who’s successfully implemented these programs in your specific industry. Marketing to the technology services industry, in particular, is about as complex and fast-paced as it gets.
What is the ROI equation of a fractional marketing exec? How could an interim CMO impact your visibility, lead generation and customer alignment? Find out. Download our Checklist for Fractional CMO Success.
About Laurel Bay Laurel Bay Marketing is a fractional CMO agency for tech, run by a tech. Our mission is to help service providers of all sizes strengthen their market presence and increase revenues. Because we are technology experts in the services industry and because we have years of marketing senior leadership under our belts, Laurel Bay Marketing offers the winning one-two punch that can help you quickly and expertly achieve greater visibility, generate revenue with clutter-busting lead generation, and provide a return on your investment. Laurel Bay was purpose-built for service providers just like you. Contact us at http://www.laurelbay.marketing today or call 720.480.3653 for a quote.