Healthcare practices are constantly looking for ways to cut costs and increase revenue.
One area where this is often done is by eliminating the role of Chief Marketing Officer (CMO) entirely.
This can be a huge mistake.
Why you should hold off on hiring a full-time CMO
A CMO is responsible for developing and executing marketing plans and strategies, and overseeing all marketing activities. Their four main roles consist of being a catalyst for innovation, storyteller for your brand, capability builder, and taking specific actions to drive your growth.
With such great responsibility often comes great cost.
In fact, the average full-time CMO earns an average of $175,000 per year--$273,000 at max. This can be a substantial amount of money to fork over when you're struggling to bring in revenue to begin with.
So, if you can't afford a full-time CMO, do you just... wing it? Get the CEO to handle marketing? Cut out the role entirely?
The answer is no.
If you're in the early stages of your practice, chances are you don’t have the replicability that a full-time CMO needs to do an efficient job anyway. Fortunately, marketing doesn't have to be so costly, as many businesses don't need to hire a full-time CMO--they need a fractional CMO.
What's the difference between a full-time CMO and a fractional CMO?
A fractional CMO is a part-time, independent marketing professional who can provide the same services as a full-time CMO, but at a fraction of the cost, and on a freelance/part-time basis.
The main difference lies in cost and time--all the services remain the same.
Fractional CMOs, although not full-time employees, have the authority to manage and lead your marketing, advertising, and branding efforts. As a member of your C-suite, they'll be primarily responsible for handling all of your marketing functions, including public relations, customer service, sales promotion, and more.
A fractional CMO will also oftentimes come with an experienced marketing team to consult with and assist them in getting the show on the road faster than a one man band full-time CMO.
You can expect a fractional CMO to help you set up a quarterly strategy that will run on its own, making adjustments when needed. Once you start scaling massively, then a full-time CMO will need to step in.
There are many advantages to using a fractional CMO over a full-time CMO
Firstly, a fractional CMO is more flexible and can be brought in on an as-needed basis. This allows medical practices to save money by only paying for the services they need, when they need them.
Secondly, a fractional CMO is not tied to one company or location. This gives them a wider perspective and can bring fresh ideas to your marketing strategy.
Fractional CMOs can also be more experienced than full-time CMOs. This is because they've likely worked with numerous companies in various industries and have a wealth of knowledge to draw from. They also won't need to take up any office space!
Whether you need part-time versus full-time help will depend on where you are in regards to business growth, along with your capacity to match and meet that growth.
At Bizzuka, our fractional CMOs are focused on the bigger solution--the one that achieves your medical practice or hospital growth plan.
We’ll optimize your strategy so that you’ll bring in more patients and retain your current ones. If you’re ready to take your hospital or medical practice marketing to the next level, improving your retention and patient acquisition rates, schedule your free 60-minute marketing diagnostic consultation with us today.
You can also take our free, 20-question assessment to see where exactly you’re falling short in your current strategy.