Many big companies have a dedicated Chief Marketing Officer (CMO) who takes authority over all the company’s marketing and advertising strategies. But some businesses can’t afford or don’t need someone occupying this position full-time. One alternative solution is a fractional CMO, but what exactly is a fractional CMO? And how can you use one effectively?
The Basics of a Fractional CMO
A fractional CMO is a person with all the knowledge, experience, and capabilities of a traditional CMO, but they’re available as a kind of consultant for hire in contract arrangements. You can hire a fra
These are some of the most impressive benefits of using a fractional CMO:
- Access to expertise. If you don’t have a CMO, or if your CMO is bogged down by other responsibilities, hiring a fractional CMO can give you access to knowledge and expertise that you wouldn’t otherwise have. It can be incredibly beneficial for making stronger leadership decisions within your marketing department, orchestrating new campaigns, or otherwise strengthening your executive capabilities.
- Cost efficiency. The median salary for a CMO in the U.S. is $363,558. Not every business can afford this, and not every business wants to. Hiring a fractional CMO means you can get access to all the capabilities of a CMO at your own discretion, limiting your costs in the process.
- Flexibility and scalability. Fractional CMOs are extremely flexible and scalable. You can utilize them at both the smallest and highest scales, and you can use them however and whenever you see fit. If your business is undergoing a massive change, or if it’s still growing, this is especially useful.
- Fresh, outside perspectives. Some businesses appreciate hiring a fractional CMO because it gives them access to fresh, outside perspectives. Businesses sometimes suffer from silo mentalities and biases that prevent them from achieving their best work. Working with an outsider can break through this obstacle.
- Greater focus. Fractional CMOs focus on the objectives given to them. It’s a great way to make sure your executive leadership is laser-focused on the objectives that matter most to your business.
- (Nearly) immediate results. A fractional executive can’t work miracles, but they can act quickly upon being hired. If you’re looking for immediate results, this strategy could work in your favor.
However, there are some downsides to consider:
- Dependency on the individual. The impact of a fractional CMO depends heavily on who you hire and why you hire them. Not every fractional CMO is going to be a good fit for your organization or your current needs.
- Need for clear objectives. A fractional CMO is most effective when they have clear objectives to accomplish. It’s your job as the entity hiring them to give them that direction.
- Lack of familiarity with your business. A fractional CMO isn’t going to understand your organization as well as a permanent, full-time CMO. You can supplement this, but by definition, this relationship won’t be as close.
Keys to Effectively Utilizing a Fractional CMO
These are some of the most important keys to effectively utilizing a fractional CMO:
- Choose the right person. Obviously, you’ll need to choose someone with basic CMO qualifications and a host of marketing experience – but most fractional CMOs will have this by default. You’ll also need to consider fractional CMOs based on what type of experience they have and whether they’re a good fit for your business generally.
- Understand the costs and benefits. Understand both the costs and benefits of a fractional CMO so you can deploy one effectively. Try to exploit all the strengths while mitigating the weaknesses.
- Have clear objectives and ideas in mind. Spend time in advance figuring out which objectives you want to accomplish and how a fractional CMO can help. The clearer your direction is, the better. Most fractional CMOs won’t be able to do much with broad requests, like “fix our marketing strategy.”
- Use your (and their) time wisely. You’re paying for your fractional CMO’s time. Accordingly, you need to be able to use your time and their time as wisely as possible during the arrangement.
Hiring a fractional CMO isn’t the right move for every business. But if you’re looking for flexible, scalable, cost-efficient marketing leadership, it might be exactly what you need.
