In 2020, we saw marketing budgets slashed dramatically in response to the pandemic. While it may be tempting to do the same in response to an economic downturn, it’s important to resist the urge. Studies have shown that companies that maintain or increase their marketing spend during a recession actually outperform their competitors when the economy recovers. The key is to be strategic about how you utilize the budget you have.
The average tenure for CMOs fell to 40 months in 2020, the shortest it has been since 2009, according to research from leadership advisory firm Spencer Stuart. Why? Sometimes it’s just hard to find the right fit. It’s no doubt expensive to recruit a CMO and more so if they leave. The rise of the Fractional CMO makes sense in today’s gig economy and can be a great option for companies of any size and industry. Here are four questions to ask to know if one is right for YOUR business.
Having a CMO can be critical to your business planning process and gives your marketing team the strategic oversight they need. But if your budget doesn’t accommodate hiring a full-time CMO, a fractional CMO can provide the same benefits without the high costs.
Even though marketing is one of the most essential tools businesses have to support their growth, the marketing budget is often one of the first to take a hit when making cuts in times of economic hardship. Fractional marketing is designed to respond to constricting marketing budgets across industries. With fractional marketing, businesses can outsource critical parts of the marketing process, helping fill in any gaps and maximizing their marketing budget, all under the direction of a senior leader.