Businesses are rapidly changing how they work, and the “gig economy” has undoubtedly been one of the key shifts over the last decade. What started as an idea for Uber drivers and delivery services, though, has now scaled all the way up to the C-suite of leading companies.
From venture-backed, early-stage start-ups to well-established brands, CEOs across various industries are increasingly seeing the benefits of fractional executives – particularly the fractional CMO.
With the highest turnover rate among executives, the Chief Marketing Officer position has long been a headache for CEOs. The average CMO only lasts 20 to 30 months, and astonishingly, 80% of CEOs don’t trust or are unimpressed with their CMOs (compared to just 10% of their CFOs and CIOs), according to Harvard Business Review.
All these challenges lead to companies having frequent CMO vacancies, choosing to eliminate the role or not even creating it in the first place. But no marketing leadership certainly isn’t the answer in an age when marketing + tech has grown infinitely more complex while also providing tremendous opportunities for growth and ROI.
As a contractor rather than a full-time employee, the fractional CMO can seamlessly plug and play into your marketing needs. Companies still gain access to a senior marketing leader, with the fractional CMO providing world-class strategy and driving day-to-day execution. But they are not fully burdened with the costs of recruiting, hiring and retaining an executive-level position that is already plagued with high turnover rates.
A fractional CMO program is designed for high-growth companies lacking senior marketing leadership. Some of the most common situations where a fractional CMO is an ideal fit are:
With a fractional CMO involved at the very outset of an acquisition, the opportunity cost of waiting to hire a full-time marketing executive and an internal department of full-time marketing professionals is eliminated. By outsourcing the CMO function, you more rapidly improve critical financial metrics such as revenue per employee, marketing headcount ratio and total revenue per marketing employee. At the same time, you reduce costs associated with FTE, including healthcare and benefits, recruiting, training, retention and attrition expenses, and other headcount-related costs.
A fractional CMO’s breadth and depth of work will depend on each company’s unique needs. At Sangiovanni Partners, we work closely with each client to determine their required mar+tech expertise and execution.
Serving as fractional CMO, we collaborate with the executive team to identify and capitalise upon growth opportunities and ensure the company’s marketing strategies, programs, investments and tactics are aligned to deliver sustainable, long-term growth. Sangiovanni Partners also provides the knowledge and tools to drive a client’s marketing initiatives daily.
The span of consultation, expertise and execution we deliver as fractional CMO includes:
We believe the success of a fractional CMO model is based on the ability of the marketing expert to not only create a high-level strategy for your company but also execute that strategy using internal and external resources as needed.
A fractional CMO who doesn’t execute is no different from a strategy or management consulting firm. They perform an in-depth evaluation of your business operations, opportunities and Martech + Sales mix and leave you with a high-level strategic plan for your team to implement.
Unfortunately, the playbook they provide is more likely to become an expensive doorstop than the guiding plan for marketing and sales initiatives. Your overwhelmed team will quickly move to meeting the next big deadline or putting out fires.
Here’s the difference with an action-oriented fractional CMO: your company receives the same world-class insights as the big consulting firms, plus the knowledge, drive and talent to turn that plan into reality.
Corporate inertia is replaced with an on-demand marketing partner driving growth. At Sangiovanni Partners, our fractional marketing executives bring decades of CMO-level experience to create your strategy, while also assembling a comprehensive marketing budget, go-to-market strategy and the multi-channel team of experts to execute ongoing marketing programs and tactics.
Rather than disparate marketing agencies, contractors and freelancers, you have a fractional CMO leading a single team, one that will help you outpace the competition via both online and offline channels and realise a significantly higher return on your marketing budget.
TO LEARN MORE ABOUT OUR FRACTIONAL CMO OFFERING AND HOW IT WOULD BENEFIT YOUR COMPANY, SCHEDULE A CONSULTATION NOW.