Why a Fractional CMO or Marketing Director is a better fit for most SMBs.
Getting your marketing right takes time. Time to understand the needs of your marketplace and develop your strategy. Time to create and implement customer-facing materials that will make a difference. Time to find the right automation platforms that offer the best value and will save you money. But putting your marketing on hold while you look to fill and onboard a Marketing Director or CMO… that’s the one thing you don’t have time for.
When did you last check LinkedIn’s job board?
During one week (before the shutdown) there were 1,326 new Marketing related job vacancies in the Minneapolis/St. Paul area. 143 new postings in just 24 hours. Today (June 1) 879 vacancies were posted over the past week.
Finding talented and capable candidates isn’t easy or quick. And once you find your rockstar and they get up to speed, you then have to wonder how long they’ll stay.
In the U.S. the average tenure of a Chief Marketing Officer is 43 months. In Australia it’s a short 29 months. That’s not much time to make an impact if they keep starting over and reinventing the wheel.
So you’re not a Fortune 500 company. That’s okay.
But the skills and experience needed to create successful marketing are very similar to those of the Fortune 500s. The only difference is your budget and team is smaller.
Beyond lead generation programs, your marketing should be instrumental in client retention, loyalty, growth, and advocacy. It should support your business strategies and help with identifying when to bring new products or services to the market, employee recruitment/retention, internal communications, and much more.
The bottom line is this:
The knowledge and experience you want in a Marketing Director comes at a pretty high cost. When you factor in at least $150K+ salaries, benefits, some kind of equity, and the future cost of finding their replacement—Short tenures can be costly.
Without any oversight, many marketing efforts stalled and planned efforts evaporated—giving a huge advantage to their competitors.
You don’t need to fill the position today.
Deferring a permanent hire in favor of a Fractional CMO could be a smart approach for you and your company and here’s why:
- First, by working with a Fractional CMO or Marketing pro you get access to the marketing experience and strategic skills required to help your business grow—based on your actual needs and budget—while freeing up funds for the development and execution of customer-facing marketing campaigns.
- Throughout the process, you’ll get a much better understanding of what you really need in a full-time CMO or Marketing Director. You’ll also get a better feel for the skill-set they should bring that will help grow your business. If social media isn’t the driving strategy or tactic you thought it was, why make it a primary job requirement?
- By understanding which tactics best support your strategy and deliver results, when you’re ready to fill a full-time position, you’ll be in a better position to interview and confidently answer the questions all candidates should be asking you.
- Above all, you’ll understand what they should be doing and what they shouldn’t. Hint: Writing web copy, or scheduling social media posts shouldn’t be what they spend their time on.
43 months isn’t long and every time your CMO or Marketing Director changes, the incoming person will want to put their stamp on things, which can be disruptive to your strategy, sales and revenue.
Throughout our years of developing brand-building and lead-generation marketing, we’ve worked with companies who have gone through change and turnover. Some were without marketing leadership for a few months, others for nearly 9 months. Without any oversight, many marketing efforts stalled and planned efforts evaporated—giving a huge advantage to their competitors.
With our industry and marketing knowledge, indigoOne can help fill this gap. If you’re in need of temporary strategic and go-to-market help, or part-time assistance for the foreseeable future, we’d love to talk. Our depth of experience and results in helping other brands grow can be your advantage—why not benefit from it?
While choosing the Fractional CMO/Marketing Director route isn’t usually a permanent solution, it’s often the perfect alternative for many small and medium-sized businesses who have the need – but are not yet ready to hire, or who can’t afford to delay marketing initiatives while they’re distracted with lengthy interviews.