What is a fractional CMO? And do you need one?
Do you have big management and leadership needs but not the budget for a full-time executive level marketing position right now? A fractional CMO (Chief Marketing Officer) may be your answer.
A fractional CMO is a contracted, seasoned executive-level marketing professional who can work alongside other C-suite executives. If you are a small or mid-sized company, you may not need an executive level person just for marketing. However, you will at times need someone with high-level thinking, who understands strategy development, helps drive growth, and knows how to manage employees and marketing agencies. This is the fractional CMO.
Why some companies hire fractional CMOs
There are several reasons why a fractional CMO might be what you need. A full-time CMO can cost a company a multi-six figure salary, but a fractional CMO is not a full-time position. A fractional CMO may make sense for you since they typically work on a contract basis for a certain set number of hours per month, and divide their time across several different companies. Yet, they are still embedded in your organization and should be seen as part of your team.
Or, you may not yet know what you need and are rightfully hesitant to make an investment in a position this important. This is often the case for a start-up, or a company that is going through internal transitions. Similarly, companies in these categories realize there may be some ambiguity in how the entire marketing department is organized. What skills are needed in-house vs. outsourcing to an agency? And what type of agencies are needed? What should the budgets be? These types of questions are just a part of what a fractional CMO can help answer over time. They can help ensure that the marketing team structure is aligned with business goals and budgets, and not hiring people who end up being unnecessary for the long haul.
A Few Things to Consider Before Hiring a Fractional CMO
1. Do not take this position lightly, even though the fractional CMO is not full-time position and not an employee. Hire them as you would for any other C-suite position. They may have great experience, strong marketing skills, and demonstrated results, but they also must fit in with your culture, since they should be considered part of your executive team.
2. As with CEOs and CFOs, not all CMOs are the same. Identify and align your needs with the experience and backgrounds of potential candidates. Do you need a go-to-market strategy, a start-up experiencer who’s worked in the manufacturing sector, or someone who can build marketing organizations from scratch? Should they have strong mentoring skills, or have a track record of knowing how to work closely with sales teams and the CFO? These are all things to think about before casting your net. Be sure to get references. At such a high-level position, references are crucial.
3. Make sure the fractional CMO has your company’s best interest in mind. Some fractional CMOs work independently while others work for a larger marketing agency that offers a broad range of services. If the latter is true, be on the lookout that they are not pushing for tactical marketing solutions from only their agency. A strong, fractional CMO will have your company’s best interest in mind and find the optimal solution balancing strategy and budget.
Hiring a fractional CMO can be a great way to quickly get the benefits of having an executive-level marketing expert developing and growing your business quickly, without the high cost of hiring a full-time CMO.