Fractional marketing refers to employees working at a company on a contract basis, most commonly in intervals of 3, 6, or 9 months. It’s the newest trend in hiring and uniquely provides benefits to both employees and the companies hiring them. If you’re curious about how it works, how it benefits your business, and why you should care about it, AND if you want to start marketing differently than your competitors, keep reading!
What Is Fractional Marketing
Fractional marketing is a type of contingent work for marketers. Hiring this type of person often makes more sense because an employer is hiring someone with experience in their specific field and who wants to meet the company's specific goals.
Fractional employees provide their services as independent contractors on a contractual basis to multiple clients, who will have different needs but are expected to make some reciprocal agreements about working arrangements such as hours, task allocation or benefits. You may not see the employee during work hours or meetings, but they can still be contacted via cell phone or email when needed. It is a way for companies to hire someone that fits their specific needs for what they need done, when they need it done.
Why Should You Care About It
A contingent working structure allows for marketers to join teams that are flexible enough to meet their needs. These arrangements can be made from anywhere without the need for relocation, which opens up your hiring pool to include many more skilled marketers. This working model also helps companies keep costs down by not hiring full-time staff that might not be used fully or in the ways they had planned. Contingent workers have honed their skill sets and are experts in their respective fields. Often, due to their expertise, they are able to complete the work of one or more employees in a fraction of the time.
All of these benefits make fractional marketing one approach worth considering when hiring employees, especially if you are in need of specialized, expert marketers.
How Does It Affect Your Business
Fractional hiring for marketers is a way of working that can help companies leverage their resources to achieve the best possible results.
The benefits of fractional hiring are especially felt by businesses that have small budgets. By utilizing fractional hiring, these businesses won't have to spend too much time or money on staff training, because these marketers are already experts in their field. They bring the expertise, and you only need to hire for the specific skill set you need.
Step by step guide on how to start fractional marketing for your business
Identify your skill gap. It is important to consider the resources you already have and then identify the skill gaps you need to fill.
Determine how you’ll fill the gap. Meet with appropriate stakeholders and determine the best way to meet your needs, and how the new hire will be structured.
Build your team. When you’re ready to hire, make sure that all of the administrative and legal requirements are taken care of.
Do regular checks on the work performed. Regular checks on the achievements of your new team make sure that tasks are getting done and the desired result is being achieved.
Get regular feedback. Regular feedback from customers and the market at large will ensure that you stay competitive, as well as that you make necessary adjustments and pivot when needed.