If you are struggling to score any significant growth with your law firm, your marketing system probably needs a major upgrade. Many commercially successful law firms have a fractional Chief Marketing Officer (CMO) pulling the strings on the backend, and you should be next.Â
Fractional CMOs offer superior market insights and unlimited resources to not only bolster your in-house marketing infrastructure but also take your law firm to the next level. This working arrangement makes superior marketing insights from a seasoned marketing executive available and affordable in the short term.
The right CMO can set your law firm apart by helping you leverage the latest and most sought-after digital marketing tools in the industry. They will also help you drive measurable growth by designing a marketing strategy that fits your vision. You only have to choose the best one for your long-term and short-term goals, and you are set for accelerated growth.
Rest assured, this guide will help you make the smart choice. You are about to discover the practical steps to choosing the ideal fractional CMO to elevate your law firm to unprecedented heights.
1. Define Your Marketing Goals
Although CMOs can instantly impact your organization, you don’t expect them to singlehandedly manage all your marketing affairs from top to bottom. So, define your current state to see if you would need a fractional CMO for law firm immediately or somewhere down the line.Â
Is your law firm still in its early days? Then you probably need a roadmap to guide present and future marketing endeavors. An executive’s strategic leadership and vision can enable you to plan and execute a functioning system crucial for the early and formative years of the company.
Perhaps you have invested heavily in growing your law firm, yet lack the superior marketing edge. You might need a robust budget management system to strategically channel your marketing funds correctly while ensuring your efforts boost ROI.
You may commence your search after sorting out your needs and identifying the areas you want a CMO to bolster.
2. Prioritize CMOs with Legalese Competence
Many CMOs are experienced in various fields, from construction to healthcare, while some specialize in certain industries. The legal system is unlike any other, as the nature of the discipline requires discretion, trust, and deep appreciation for the legislature. Considering the complexities of the industry, you want a CMO with experience and profound knowledge of the law.
While researching your options, prioritize those with a positive track record of working with a law firm. You may give priority to CMOs with a legal background. Ensure they are well-versed in the local legislation of your region, especially the legal code on marketing for law firms.
3. Ensure Leadership Capacity and Profitability Potential
One of the primary roles of a CMO is steering a legal establishment’s marketing prospects through unmatched leadership and strategic delegation. On that note, you must be sure of their ability to lead by example while appointing the right individuals for key tasks.
A key factor in excellent leadership is communication. How well do they communicate and break down complex concepts with peers and clients? Can they bring the best out of teams and external collaborators? An affirmative answer to these burning questions is your cue to hire them.
CMOs do more than help businesses strategize marketing approaches. Another interesting finding about CMOs is that they have an eye on profitability.
According to a report, 33% of CMOs prioritize profitability compared to other marketing or finance experts. That implies that many marketing executives leave you with more money in the bank than before hiring them. Before choosing a fractional CMO, have them share how they can ensure profitability during their stint in your establishment.
4. Consider the Hiring Costs
Traditional CMOs are some of the highest-paid professionals, with the top earners making eight figures in total compensation. Rest assured, fractional CMOs will only cost you a fraction of those digits. That way, you can still hire a CMO without having sleepless nights worrying about how to pay them.
One of the major benefits of hiring a fractional CMO is the flexibility of the working partnership and its services. Hiring a fractional CMO you can continue to afford will go a long way in securing a long-term symbiotic relationship. A fractional CMO’s flexibility to work part-time or per project makes them affordable.
There are three common categories of fractional CMOs based on their pay structures and how to afford their services.
Monthly Retainers
The most common way of adding a CMO to your company is by securing their services monthly. With a pre-agreed number of working hours and salary range, they receive their pay package at the end of the month. It is the most consistent and effective way of making the most out of their expertise, including leadership and consistency. Besides the working hours, the number of projects can be extensive.
Project-Based Hires
This is perhaps the most suitable form of hiring marketing executives on a small budget, especially for growing businesses. You hire them when you have a major project, discuss payment and work conditions, then pay them for deliverables.
For instance, if your marketing team is greenhorns, you probably need a seasoned professional to instill strategic leadership for laying out the groundwork for future operations. Instead of having a consistent presence in your firm, the CMO will only show up for the duration of the project. Their job is done once you have established a strategic marketing roadmap that can almost run on autopilot.
Per-Hour Installations
Firms that can’t hire CMOs on a monthly retainer may consider temporarily securing their signatures by paying them per hour. It is significantly cheaper and allows everyone to make the best use of their time. From ad-hoc support to audits, there’s no shortage of responsibilities they can’t handle within a relatively short period.
5. Culture Fit
Despite the value an executive marketer brings to your company, they remain an outsider. Coming into your firm can impact the dynamic of your in-house team in various ways.
Considering the resources spent on onboarding your current team, you want to add more value than create friction during and after your partnership with an external professional. So, ensure that you find a CMO who aligns with your organization’s core beliefs and values.
Whether you follow modern or traditional operation processes, your ideal CMO must fit the current culture.
Conclusion
Hiring a CMO is a major decision that you must carefully think through before taking. Considering the amount of intel they will be getting during their time with you, you want to be sure they are trustworthy. Also, these professionals are not cheap; be sure they are worth every dollar.
So, ensure they are leadership material with experience working with a legal firm. When you finally choose a CMO that fits your budget, be sure they fit your current company culture.
Whether you don’t have time to focus on your marketing or your in-house team lacks cutting-edge marketing skills, a fractional CMO can change your fortunes for the better. Choose the right fractional CMO today and stop struggling with your marketing. Your journey to accelerated growth begins.
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