Can’t Afford a CMO? Get Fractional CMO Services Instead.
If you want to improve your marketing and grow your brand but feel stuck because you don’t have the funds to hire a chief marketing officer (CMO), you aren’t alone. Many business owners, especially in the restaurant and bar industry, can’t quite justify hiring a full-time CMO. But not being able to afford a full-time CMO doesn’t mean your business can’t reap the benefits of having access to marketing expertise. You can simply — and affordably — use fractional CMO services to get the marketing expertise you need. A fractional CMO is a partner who provides high-level marketing services on a part-time basis. A fractional CMO isn't a full-time team member but rather an outsourced partner who works with a company on a retainer or contract basis. An outsourced CMO can provide CMO services at a more reasonable cost than a full-time CMO, allowing smaller and growing businesses access to high-level marketing expertise. Like a CMO, a fractional CMO, oversees high-level marketing strategy. They are responsible for designing and leading marketing efforts but not always responsible for the execution of marketing activities. What a CMO does: Hiring a CMO is different from hiring a freelancer or vendor for a specific marketing activity. A CMO may not perform all marketing tasks, but they should be able to offer guidance, direct planning, and manage all marketing tasks. What a CMO may NOT do: A CMO may not engage in specialized marketing tasks, but they often will have a network of partners who can. (If you hire fractional CMO, look for one who also has access to a team of marketing experts.) Related: 6 Regional Marketing Tips for Brands Trying to Tap Into a Local Market If you aren’t ready to hire a full-time CMO, consider how fractional CMO services can support your marketing and growth goals. When you have a fractional CMO, you get the following benefits. If you can’t afford a full-time CMO, you don’t have to miss out on these benefits. You can reap all of these benefits with a fractional CMO partner. Related: 12 Tactics to Create a Restaurant Sales Funnel That’s Always Full If you find that your business could benefit from fractional CMO services, here are the steps to get started. While a fractional CMO will take over the marketing management for your company, you still want to assign someone within your organization to lead the process. A point-person will be especially important at the beginning as a CMO partner begins to learn about your brand and gain access to your team’s knowledge, tools, and profiles. A marketing lead in your company can help guide the CMO and provide the support they need at the beginning of the partnership and continue to provide internal support and insight. Over time, the marketing lead may need to be less active in the marketing department, but it is still a good practice to keep an assigned point-person within your full-time team. To find a fractional CMO partner, talk to other business owners and get recommendations. Look for a local company or an organization that specializes in your industry. Meet with two or three potential partners and ask questions to help you identify the right fit. Ask potential partners: When you hire a fractional CMO, start with a plan for what to expect and how to measure results. Knowing what success looks like and having a way to measure success will be key to building a strong relationship with your fractional CMO. Define goals. Set key performance indicators (KPIs), and create a dashboard or process for sharing data. You don’t want to be left in the dark on what your outsourced CMO is doing. Start on the right foot with a plan for reviewing their work. Related: How to Use Restaurant Data Analytics To Improve Your Business MyArea Network is ready to be your marketing partner. In addition to offering the guidance and support of fractional CMO services, we also have a team of specialized marketing experts who can provide marketing support for everything from website development and customer database management to digital advertising and search engine marketing. If you are ready to improve the effectiveness of your marketing and grow your brand, talk to MyArea Network about how we can provide fractional CMO services for your business. What Is a Fractional CMO?
The Benefits of Fractional CMO Services
How to Hire a Fractional CMO
#1) Assign a marketing lead within your company.
#2) Find a fractional CMO partner.
#3) Set realistic expectations, and measure results.
Need Fractional CMO Services? Talk to MyArea Network.
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