Every revenue dollar matters, especially as the global economy continues to face struggles. As the owner or operator of a tech company, it’s up to you to achieve your revenue objectives while keeping your operations are as lean as possible. One of the best ways to achieve this goal is to hire a fractional CMO.
When can tech companies benefit from a fractional CMO?
If you own or operate a new software company and have been dreaming of the strides you could make with some strategic marketing leadership, then a fractional CMO can turn your dreams into reality. A fractional CMO is also a welcome addition for driven business owners who realize their tech companies are not yet ready for a full-time CMO. Here are some other situations that call for a fractional CMO:
- Your organization needs direction but cannot afford a full-time CMO
- Your full-time CMO took a leave of absence or will be out indefinitely
- You just learned that your current CMO has taken another job and you need support quickly
- You are looking for an accomplished marketing professional to provide consultative guidance and offer short-term guidance
If you have never tried fractional hiring, you may wonder how a fractional CMO could help your software company. Here are some of the top reasons why a growing number of tech companies are increasingly turning to fractional CMOs:
1) You can have a CMO in place within a matter of hours
Research indicates that it takes an average of 76 days to hire a full-time C-suite executive. If your company is rapidly gaining traction, you cannot afford to put key marketing decisions on hold for more than two months while you look for an experienced full-time CMO. The tech industry has become so fast-paced that you can quickly find yourself behind the eight ball if you put things on hold while you focus on hiring decisions.
Today’s leading providers work quickly. They recognize you need help fast, and can sometimes have a qualified candidate lined up to work for you in less than 24 hours. Just let your contact know you need support as quickly as possible to get the ball rolling.
2) Benefit from domain expertise in B2B software marketing
Finding a marketing leader with industry expertise in B2B software is not easy. Until the emergence of fractional hiring, your options were limited to large consulting firms that are too costly for many companies to afford.
On a similar note, B2B marketing requires a different skill set than B2C marketing. Attempting to plug in a generalist or a B2C marketer will not give your software company the edge it needs to prosper against the competition. Hiring a fractional CMO with industry expertise gives you the competitive edge you need in the B2B software industry.
3) Save tens of thousands of dollars
Full-time CMOs are expensive. The average CMO in America makes $248,552 per year – a rate which many small or growing tech companies simply cannot afford. If you factor in the cost of benefits and training, the figure is even more eye-popping.
A fractional CMO can deliver the same impressive leadership as a full-time CMO while saving your organization thousands of dollars. For example, if you hire a fractional CMO to work for every day for three months in preparation for your next big software release, you could save over $150,000 assuming an hourly rate of $250 per hour.
4) You can dictate when you need services
When you hire a full-time CMO, you agree to pay them regularly even if you do not fully utilize their expertise. This means that you continue to issue a paycheck when business is slow or your organization temporarily ceases operations.
Fractional CMOs are an especially valuable asset to tech companies that have one or more pronounced peak seasons. They are also a great fit for software companies that periodically need direction organizing a marketing strategy for new software platforms.
5) Receive strategic guidance from a visionary
Today’s top fractional CMOs are able to step in and deliver the strategic guidance your software company needs to flourish. They provide a framework for success by helping companies develop a focused marketing plan and prioritize initiatives. They also know the best course of action to take when dilemmas arise and are accustomed to making tough choices regarding hiring and firing of marketing staff.
Are there any drawbacks to hiring a fractional CMO?
Not all fractional CMOs are created equal. And if you are too quick or careless with your decision-making, you can end up with an incompetent fractional CMO or one that is a poor fit for your organization. Even worse, a subpar candidate could lead your tech company down the wrong path and away from industry excellence.
Fortunately, it’s pretty easy to avoid this pitfall. You must carefully evaluate your options and choose a reputable organization with a proven track record of success working with area businesses. Here are some tips to ensure you don’t end up paying for “services” delivered by an inexperienced person:
- Check the candidate’s experience: Look for candidates with at least five years serving as a fractional CMO in the tech industry.
- Seek B2B marketing expertise: Don’t settle for a CMO who lacks B2B expertise. B2C marketing success does not always translate to B2B success.
- Request references and check them: Call the CEOs or owners of companies where the candidate worked and ask if they delivered results.
What is the key to your satisfaction with a fractional CMO?
A fractional CMO can help your organization achieve its business goals while potentially saving tens of thousands of dollars in costs. But the key to maximizing your satisfaction is to partner with an industry expert. With an experienced team of marketing specialists delivering support when you need it most, you can rest assured that your organization is primed for future success. We invite you to contact us at Brand Syntax to learn why tech firms across the United States turn to us to help ease their staffing challenges. We look forward to helping you enjoy a healthier bottom line and the many other benefits a fractional CMO can offer.
