{"id":3256,"date":"2021-03-12T17:56:40","date_gmt":"2021-03-12T17:56:40","guid":{"rendered":"https:\/\/www.marketingdirection.com\/?p=3256"},"modified":"2023-12-28T17:24:50","modified_gmt":"2023-12-28T22:24:50","slug":"when-fractional-services-make-complete-sense","status":"publish","type":"post","link":"https:\/\/marketingdirection.com\/.website_ef101ba0\/when-fractional-services-make-complete-sense\/","title":{"rendered":"When Fractional Services Make Complete Sense"},"content":{"rendered":"

Fractional services provide the expertise your company needs at a fraction of the cost of a full-time professional.<\/em><\/p>\n

The economic crisis of 2020 propelled many businesses into new territory in order to survive. Some discovered dynamic ways to host trade shows while others got creative with their product offerings. And yes, there were business leaders who found it necessary to restructure personnel and\/or cut budgets, particularly in the marketing sector.<\/p>\n

Now, as we approach the end of the first quarter in a new year with a new administration and a proposed new set of tax guidelines, uncertainty continues to surround us. Yet, organizations can no longer afford a \u2018wait and see\u2019 attitude. Action must be taken and decisions must be made for businesses to remain operational.<\/p>\n

One thing is for certain: marketing is critical to not only surviving these challenging times, but also to ensure a more sustainable future for your business. Queue the fractional marketing team.<\/p>\n

What is a fractional marketing team?<\/h3>\n

Different from a traditional in-house marketing team, a fractional team means you get all of the horsepower and expertise at a fraction of the cost. For example, a fractional CMO (Chief Marketing Officer) is typically hired to establish or lead your company\u2019s marketing function on a part-time basis. The \u201cfractional\u201d part<\/a> means you get a senior marketing leader who\u2019s fully committed to your team, without being fully burdened with executive-level expenses. The \u201cCMO\u201d part means you get deep marketing knowledge, an executive-level partnership and an experienced leader who knows how to get things done.<\/p>\n

With a whole fractional marketing team, you get a CMO, a project manager, copywriters, graphic designers, PR specialists, SEO specialists, digital specialists and more. Hire the whole team for what it may take to hire a full-time, in-house CMO.<\/p>\n

Why go fractional?<\/h3>\n

When there\u2019s uncertainty\u2014such as that coming with a pandemic or a new administration\u2014the use of fractional services tends to increase. It\u2019s safer, like dipping your toe in the water rather than plunging right in by adding full-time employees. While layoffs may have been necessary for survival, often the services provided by those employees were integral to a company\u2019s future success; now that they\u2019re gone and the work is not getting done, your business is suffering. Even if you were fortunate enough to have had a profitable 2020, you may still want to be cautious growing your team in 2021 due to uncertainty.<\/p>\n

The concept of fractional service providers<\/a> has flourished in their breadth and depth of service offerings in the middle market. \u201cFractional HR allows organizations to receive a customized HR solution that fits their unique needs,\u201d explains Stephanie Lacy, Founder, hrEdge Consulting<\/a>. \u201cThe organization gains an experienced HR leader at a reduced cost until they truly need to invest in a full-time resource. We are typically about 20-40% of the cost of a full-time experience VP of HR with full benefits. So they are saving over half!\u201d<\/p>\n

Nearly two-thirds of executives<\/a> say their external workforce is essential for operating at full capacity and meeting demand. For a variety of functions and roles, a fractional solution can offer a way for a business to upgrade talent without breaking the bank. For example, it may not be cost-effective to hire a full-time Chief Financial Officer (CFO), yet you\u202fneed\u202ftheir insight to make sound business decisions.<\/p>\n

We\u2019ve been utilizing a fractional CFO at Marketing Direction for many years and have partnered with other quality organizations who offer fractional options in the following areas:<\/p>\n