Our co-founder, Andre Chandra, recently returned from a week-long continuing education summit at MIT, and one of the topics covered was Fractional Marketing. While not new in practice, the term and a more systematic approach are significantly benefiting organizations trying to navigate today’s economy.
What is Fractional Marketing
In short, fractional marketing allows you to strategically outsource varying aspects of your marketing planning and execution at a fraction of the cost of having in-house talent. In today’s uncertain economy there are tremendous opportunities for having an agile marketing system that fractional marketing provides.
To be clear, how much you outsource, and to whom, can come in any shape and size. Some firms leverage fractional marketing firms on an ongoing basis to help with all their marketing needs. You can also leverage specialty services from graphic design, copywriting, SEO/SEM, campaign execution, etc. to backfill where your organization is deficient.
Let’s talk about some of the tangible benefits businesses gain.
Vision and Leadership
One of the biggest benefits is having access to seasoned and proven marketing professionals. In this model, you have top-level marketing minds on retainer to help your organization better position itself to capitalize on current and future market conditions.
Another significant benefit is getting access to specialized marketing gurus without having to carry the full salary, and benefits, of a full-time employee. Most companies only need 10-15 hours a week, which allows you to get high-end talent at a heavy discount. Depending on your market, your average CMO is making $175,000 annually.
Leveraged Marketing Specialists
Even if you already have a marketing team in place, chances are you have deficiencies in your skillset. Fractional marketing allows you to cherry-pick the specific skill sets of specialized marketing professionals.
“But, I already have a marketing team.” Fractional marketing isn’t meant to replace your marketing team, it’s meant to help you fill holes and make you more efficient. A side benefit to bringing in marketing specialists is that you can now allocate your own in-house staff to other tasks that they are better suited for.
Fractional Marketing is Designed to Scale
Fractional marketing teams are very agile and can pivot as needed. Lets say you have a product launch and you engage a team to help you out. Now lets say that campaign is a big hit and you need to capitalize on the momentum. Fractional marketing lets you adapt and scale up quickly to fit your new needs. What if marketing conditions change and suddenly you have pricing and supply chain issues. In this model you can scale back as needed. This prevents you from struggling with the hiring and laying off roller coaster that other firms struggle with.
In closing, we live in a world that revolves around now and what now demands. Fractional marketing allows you to quickly adapt as internal, or market, conditions change. This affords you top tier talent at a fraction of the cost.
Here’s to Propeling your business forward!
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