Do you feel like you need someone to take the reins of your marketing? Someone who can take a leadership role to drive your marketing results? That’s a Chief Marketing Office and if you’re not ready to hire for this type of high-paying executive-level position, you can hire what is called a fractional CMO. I’m going to tell you everything you need to know in this episode.
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What Is A Fractional CMO And How Can They Help Amplify Your Revenue Growth?
Do you feel like you need someone to take the reins and run your marketing? Someone that can take a leadership role and ownership of your marketing to drive results. If you do, that person is a Chief Marketing Officer. It is not a marketing coordinator. It is not a marketing manager. It is not your agency. If you're outsourcing to an agency, it is not that it is a chief marketing officer. And if you're not at the place where you're ready to hire full-time for a high-paying executive- level position Lakey Chief Marketing Officer, you have other options. I'm going to break down what a CMO is, what a Fractional CMO is, and how they can help amplify your revenue growth. In this episode today.
Hi, I am Tim Fitzpatrick with Rialto Marketing, where we believe marketing shouldn't be difficult. All you need is the right plan. I want to thank you so much for taking the time to tune in today.
The Two Main Reasons Why Marketing Fails
I'm just going to jump right into this. Poor planning and execution are two of the main reasons that marketing fails. And it is really difficult to plan well and to execute well if you don't have somebody that is taking a leadership role and taking ownership of your marketing.
Now, I know it's hard as a business owner when you're trying to manage marketing along with everything else you're doing. You may feel like you're spending five plates and one of those is marketing. It's super difficult to do that effectively. And if you're struggling with that, look, I mean, it's not your fault. You're just taking on too much. And it may signify that it's time to bring on somebody to help you with it and to drive it, especially if marketing is not your forte. That's where a Fractional CMO, fractional Chief Marketing Officer or a CMO for hire can be a really good solution.
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What a Chief Marketing Officer is
Let's first dig into what a Chief Marketing Officer is and this is not difficult to define. A Chief Marketing Officer.,It's an executive level position. A CMO is the highest marketing person in your organization. The CMO is responsible for overseeing all marketing activities for your organization. Their primary mission is to facilitate growth and increase sales by developing a comprehensive strategy and helping you create a competitive advantage.
In my opinion, a CMO should be a very strategic thinker. CMOs are not doers. If you are hiring a CMO and then you are asking them to do implementation work, you're overpaying them. You can pay somebody else. You don't need to pay somebody that much to implement. Think of your CMO as the architect. They're putting the plan together and then they're the general contractor. They're managing that plan to see it to fruition so that the structure gets built, right? The general contractor is managing the HVAC contractor, the electrician right, the roofer, all of those people. But they're not actually doing that work. They're making sure that the work gets done and they're optimizing the work and they're updating the plan, making course corrections as those things come up. The dictate changes need to actually happen.
What a Fractional Chief Marketing Officer Is
Okay, so now that we know what a CMO is, and by the way, a CMO is a high paying position. Depending on where you are, depending on how large your Corporation is or your organization is, this can be anywhere from 150 grand a year on the low end to well into 300 plus thousand dollars plus benefits. This is a big monetary commitment here. And if you don't need that, then why hire somebody full time to do that? You don't need to do that.
That's where a fractional CMO comes in. Fractional chief marketing officer or a CMO for hire. And with a fractional, you're just hiring somebody. You're hiring somebody part time. You're not paying them fulltime. You're not hiring them as an employee to come in and work full time. And where I see most fractional CMOs come into play is organizations that are in that 2 million, maybe up to 22 to 15, sometimes up to 20 million of a high-level marketing executive at this point. You may have a small in house team. Maybe you've got some marketing coordinators and marketing manager and or you're outsourcing marketing implementation to an agency or to freelancers people that are doing the work. But you don't have a dedicated person who's taking ownership and leadership of your marketing. Okay, that's where a fractional CMO can really come into play because you don't need that full time person. So why hire for it? Save the budget and use that budget to actually invest in your marketing activities. It's a far better use of your resources. So now that you know the difference, you can hire full time for a chief marketing officer. But if you're not in that place, you've got options. You can hire people to do fractional work and somebody that can actually grow with you as your organization grows. But a chief marketing officer and or a fractional CMO can amplify your revenue growth. And I want to share five different ways that a fractional CMO or a full time CMO can help you do that. If you are in growth mode and you want to grow, you have got to have somebody who is running your marketing, taking ownership of it to drive results. It's the only way you're going to accelerate your revenue growth.
How a Fractional CMO or a CMO can Amplify Revenue Growth
So how can a fractional CMO or a CMO do this. One, they can make sure that you have the right foundation in place. If you just jump into the tactics and you don't have a really solid marketing foundation in place, you're building a house without a foundation, it's not going to work long term. A CMO or a fractional CMO will make sure that you've got a solid foundation in place that you can build the rest of your marketing organization upon. Super important.
Second, they'll make sure you operate with the plan. You are never going to experience consistent, repeatable results if you do not have a marketing plan in place. A marketing plan will help outline what your priorities are, which gives you clarity, right? And it helps eliminate distraction. If you don't have a plan, your marketing is very haphazard. It's scatter shot. You're throwing spaghetti up against a wall. That is no way to build, to accelerate your revenue growth and to build consistent, repeatable results. Gotta have a plan. A fractional CMO or a CMO will help you do that.
They'll make sure that your plan is being executed. It's one thing to have a plan. It is a totally different thing to actually implement and execute on that plan. That is, the job of a fractional CMO or a CMO is to make sure that the plan you have in place actually gets executed on and implemented.
Fourth thing, they'll make sure that you're tracking the right metrics. Too often I come across organizations that either aren't tracking the right metrics. The metrics are tracking mean nothing, right? They're not good indicators of whether things are working or whether they're not, which is why we need to track the right metrics. The right metrics will tell you whether what you're doing is working or not so that you can make informed decisions about what course corrections you need to make to get where you want to go. A fractional CMO or a CMO will help you break through the noise. Because there are so many marketing metrics that just don't matter. They don't mean anything. They're vanity metrics. They may make you feel like or think things are working, but oftentimes people are like, gosh, man, I'm getting metrics that make me like, should make me feel good, but I don't feel good, right? Our growth is not going where it needs to. That's because you got the wrong metrics. A fractional CMO or CMO will Hone in on the right metrics for your business.
And the fifth one, they're more, but I just want to keep it to five, make it easy to understand, easy to digest. But the fifth one is they'll put in the marketing process and systems that you need to get consistent, predictable, repeatable results. If you want to get consistent results, you've got to have a process. You've got to have a system that you can follow. Any CMO or a fractional CMO will do that for you.
Those are the five ways that a fractional CMO or a CMO can amplify revenue growth.
So I hope you found this helpful today. I appreciate you taking the time to watch, listen. If you want more info, if you'd like to see the 90 day marketing plan that we use in our business and our clients, head on over to growthmarketingplan.com. That's growthmarketingplan.com. The video instructions, the template, sample plans are all there. All the tools and downloads you need to start working on your marketing plan are right there.
You can always reach us at rialtomarketing.com. That's R-I-A-L-T-O marketing.com. If you get into it and you realize gosh I really do need somebody to take ownership and run my marketing, I would be happy to chat with you, give you some clarity on where some of your hidden growth and profit opportunities are just click on the get a free consult button over at rialtomarketing.com schedule a call with me and I'll be happy to talk to you and give you some clarity there. Thanks so much for tuning in. Until next time, take care.
Are you wasting time and money on marketing that doesn't work? If so, check out our Fractional CMO Guide and find out how a Fractional CMO can unlock growth potential and drive success for your business.