Every small business needs marketing to generate new and repeat business. But the majority of UK small businesses aren’t ready to employ their own Marketing Director or CMO (Chief Marketing Officer). The average salary for a UK CMO is £97,659 per annum; a figure out of range for most small businesses. So what is the best way to get the strategic marketing support you need? Get a fractional CMO. Here’s why you should and how a fractional CMO can help your small business grow.
What is a fractional CMO?
Put very simply, a fractional CMO takes responsibility for creating and leading your marketing strategy and managing the marketing delivery to deliver the growth you are looking for. They work on a part-time basis, from a few hours per month to a day a week.
How a fractional CMO helps you
With little of no expert marketers within your small business, your marketing to this point has been guided by gut feel, internet research and conversations with your peers. Some of it has worked (you wouldn’t be still here otherwise), but is your marketing really working effectively? Could you get better results? Here are 8 ways you get help:
1. Reporting and analytics
When you know exactly what is and isn’t working within your marketing activity, you can make better decisions. A in-depth analysis of your current, and historic, marketing will be the first step taken.
2. Marketing focus
Focusing your marketing on your Ideal Clients makes it far more effective. A Fractional CMO will work with you to understand who you sell to, and why.
3. Developing your marketing strategy
You need a clear marketing strategy. One that is specific to your business and focused on your business targets.
4. Managing your marketing delivery
Whether you have internal marketing staff or rely on third party experts, your Fractional CMO will manage the team, ensuring the marketing is executed effectively and delivers you results you want. If there are gaps in your team, they will help to source the marketing skills needed.
5. Problem solving
Sometimes something doesn’t go to plan. You need someone to overcome obstacles.
6. Saving you money
You get the marketing support you need, but for a fraction of the cost of a senior employee.
7. Managing their exit
As your business grows, you will get to the point where it makes sense to employ your own marketing management. The average marketing manager salary is currently £46,286. When you start getting close to that figure (on consultancy only), a Fractional CMO will help you find the right person to manage your marketing going forward.
Fractional CMO vs. marketing agency
A marketing agency will have a set of skills and services they can provide. This may not match the precise set of marketing skills you need. A Fractional CMO will work with you to identify the right marketing mix and then ensure the right people/agencies are in place. If you have internal resource, they will be used and then third parties will be brought in to fill the gaps.
With the many years’ experience they have, the CMO will have a little black book of tried and trusted experts.
If your marketing isn’t working as well as you want it to, a Fractional CMO could be what you need. To arrange a time to talk to how SME Needs can help you, book a conversation here, or call us on 020 8634 5911