While staying ahead of marketing trends and strategies is essential for SaaS businesses, not every SaaS is ready to commit to a full-time Chief Marketing Officer (CMO). In fact, research shows that hiring a full-time CMO can cost companies upwards of $300,000 annually. Fractional CMOs, an increasingly popular option for growing businesses, offer the expertise and strategic vision of a senior marketing executive, but on a part-time or project basis to provide a more cost-effective solution for growing businesses.
This can be especially helpful for short-term projects where years of specialized experience in marketing would be invaluable. In this blog, we’ll show you how to find the right fractional CMO for your SaaS business and help you assess whether this investment is worth it for your company.
How To Find the Right Fractional CMO for Your SaaS
Finding the right fractional CMO (fCMO) for your SaaS business is a big task. Here are some best practices we’ve learned that will make it much simpler for you to find the perfect fit:
1. Identify Your Business Needs
Conduct a quick marketing audit (we offer these at &Marketing) to understand your current challenges and goals. Review your current marketing strategy and objectives and examine how well your campaigns following that strategy have performed. This can help you pinpoint areas that need improvement.
Next, evaluate your team and resources — are there any specific skills gaps you need to fill? How about tools and technologies that are lacking? Then, analyze the consistency and effectiveness of your content and determine which pieces resonate with audiences the most.
When we help clients find the right fCMO for their needs, we always offer them help with this task, as it can be time-consuming and challenging for businesses with small teams to complete quickly.
2. Look for Relevant Experience
Seek candidates with experience in the SaaS industry or related B2B markets. Your industry is full of unique challenges and opportunities, and those with experience are more likely to understand things like subscription-based revenue models, high customer churn rates, and rapid innovation cycles. Someone with a proven track record likely has a toolbox filled with field-tested strategies to help you achieve your goals, a network of industry contacts, and the ability to hit the ground running with minimal onboarding.
Using an fCMO matching service such as the one offered by &Marketing means this work is done for you. All of our candidates are guaranteed to have real-world experience generating results for their clients, and we have a large bench that spans a myriad of industries.
3. Evaluate Strategic Vision and Tactical Expertise
Ensure the CMO can provide both high-level strategy and practical implementation. A successful CMO should be able to envision long-term goals and branding strategies, but they also need a solid understanding of managing the day-to-day marketing activities needed to execute those strategies. They must also be able to quickly pivot and adapt based on changes in the market — especially in the fast-paced tech/SaaS world.
Someone with strong tactical abilities and proven experience will be able to make the best use of your marketing tools and resources and will always have an eye on measuring the return on investment (ROI) of your marketing activities.
While all of our fCMOs have a proven track record we’ve vetted for our clients in advance, we always encourage clients to include hypothetical scenarios specific to their business during the interview process so they can get an immediate idea of how fCMO candidates might handle a business problem strategically and tactically.
4. Consider Specialized Marketing Firms
Many firms offer fractional CMO services tailored to your industry. A partner like us can scale our services to provide what you need with no additional “fluff” — adjusting your level of investment as your needs change is easy. When clients partner with us, they’re not just gaining a fractional CMO; they’re also getting optional access to a team of experts with combined decades of experience across all areas of marketing, so you’ve got a wide range of skill sets at your fingertips.
With a team already well-versed in the latest marketing tools and innovations, you can add agility and flexibility to your efforts and often achieve faster results. Plus, rather than spending months searching for candidates and hoping you choose the best one, you can sit back and let our team match you with the perfect fit for your business.
Is a Fractional CMO Worth It?
Whether or not a fractional CMO is worth it for your SaaS business depends on many factors, but it’s often a smarter investment choice than the alternative. For example, an fCMO can be much less expensive than a full-time CMO, and you have more flexibility and control over costs because you can adjust the CMO’s involvement based on your needs and budget at that time. That can be especially helpful for any business with a fluctuating cash flow or in early growth stages.
Access to a high level of expertise on demand without the investment of a full-time CMO can offer a major strategic advantage to a growing business. You’ll get a fresh perspective from someone willing to challenge the status quo and drive the level of innovation essential for a business in your industry to stay ahead of the competition.
Get Matched with the Perfect Fractional CMO for Your SaaS
A fractional CMO can be a valuable asset for SaaS businesses looking to scale their marketing efforts without the overhead of a full-time executive. By carefully assessing your needs, budget, and potential benefits, you may find this approach is the right fit for your growth strategy. But finding the ideal person can take months! Instead, let us match you with fractional candidates who fit your needs in a “fraction” of the time.
Get immediate access to the high level of expertise that can keep your company moving forward. Learn more about interim or fractional CMO services with &Marketing, and contact us today to discuss what solutions will help your SaaS business grow.
