Introduction
A fractional CPO is a specialist role for C-level executives who are keen to build out nascent product teams. It’s an alternative to creating your own in-house chief product officer team.
You can choose between that or a secondary role that supports the primary one. Either way, it gives you the independence to drive forward strategic initiatives and have some say in day-to-day operations.
As such, it’s often used by CEOs and senior executives who want more control over how their companies tackle emerging challenges through user-centered design and innovative business models.
If you’re interested, read for more insight into what a fractional CPO role entails and examples of how it has been implemented at other organizations.
What is a fractional Chief Product Officer?
A fractional CPO is a specialist role for C-level executives who are keen to build out nascent product teams. It’s an alternative to creating your own in-house chief product officer team. You can choose between that or a secondary role that supports the primary one.
Either way, it gives you the independence to drive forward strategic initiatives and have some say in day-to-day operations.
As such, it’s often used by CEOs and senior executives who want more control over how their companies tackle emerging challenges through user-centered design and innovative business models.
If you’re interested, read for more insight into what a fractional CPO role entails and examples of how it has been implemented at other organizations.
How to hire for a fractional CPO role
Finding the right candidate is a fractional CPO role’s first and most important part. For this reason, it’s recommended that you look for someone with extensive experience in UX design, software development, or product management.
It would help if you also valued cultural fit – whether they can align with your company’s values and culture. Given the nature of a fractional CPO, there are rarely formalized qualifications for this role; what might be more important is an individual’s ability to help build out a startup-like environment.
If you need inspiration on how to find the perfect candidate for your fractional CPO position, look no further than Zappos, which has been implementing this type of leadership position since its inception in 1999. Here’s how Zappos found its first CPO:
“We shared our vision with him that we were going to be one of the leaders in customer service within e-commerce,” says Tony Hsieh, CEO of Zappos.
“We told him we wanted him to help us take our vision by developing our product strategy.”
Zappos had already been hiring people with experience in different fields when they saw one individual with expertise in creating user-centered products and services. This convinced them that he’d be a good fit for their company.
In addition to being able to work independently, candidates for this type of job should also have good communication skills as well as have gone through
The benefits of a fractional CPO role
A fractional CPO role is a specialized role for C-level executives who are keen to build out nascent product teams.
It’s an alternative to creating your own in-house chief product officer team. Still, it gives you the independence to drive forward strategic initiatives and have some say in day-to-day operations.
As such, it’s often used by CEOs and senior executives who want more control over how their companies tackle emerging challenges through user-centered design and innovative business models.
If you’re interested, read for more insight into what a fractional CPO role entails and examples of how it has been implemented at other organizations.
First, let’s talk about what separates a fractional chief product officer from a traditional one. You only need one person with this title, unlike the standard model where you might need several people in different roles.
This can benefit more giant corporations with multiple divisions or subcommittees in different locations with different priorities that need leadership and oversight from the same individual.
Additionally, the fractional model offers less overhead than hiring someone internally, which is especially important when your company has limited resources to invest in personnel. This could also provide more freedom within your company as a fractional CPO doesn’t report to anyone but the CEO (or equivalent).
When to hire for a fractional CPO role?
If you’re keen to hire someone in a fractional CPO role, you’ll need to go through the usual hiring process. It would help if you also considered how this person could contribute to your company culture. You should also give them meaningful work to help them develop as an executive.
This will allow them to grow and mentor others while they remain focused on their primary task: driving product innovation forward. One of the critical things to do is assess whether or not you have the resources necessary for them to be successful in their role.
When considering what type of team you should build, think about how much time you can commit to the new CPO. If it’s too little, the new position won’t have enough time for growth, so don’t worry about creating a “Chief Product Officer” position just yet.
How to pay for a fractional CPO role
First, you need to think about what your budget is. This will help you figure out how much of your company’s time and resources you can allocate to this position.
Second, identify your organization’s strategic challenges and look for the right opportunities to hire a fractional CPO. Look for those outside your current skill set and where you might have an opportunity to make a significant impact.
Third, find someone with experience in this role or similar ones and ask them if they would be interested in joining your company.
If they agree, you’ll need to negotiate compensation. Lastly, create a budget for the position based on the individuals’ skill set and experience level to align with your company culture and meet expectations.
The skills required for an FCPO role
The skills required for an FCPO role are similar to those of a traditional product manager. In other words, they’re not very different from the ones you might already have.
You’ll need expertise in market analysis, customer research, and communication with stakeholders effectively.
However, the most important skill is being comfortable with the complexities that come with managing a product team.
Although an FCPO is not responsible for everything on its own, these individuals can make large-scale decisions that impact organizational, strategic, and day-to-day operations.
Other considerations for hiring for an FCPO role
If you’re considering hiring a fractional CPO, there are a few things to keep in mind. For one, it’s essential to determine who will be leading your team.
You don’t want your fractional CPO to report directly to you or anyone else within the company. Instead, you should hire an experienced manager with strong product experience and the skills to build a team from scratch.
Additionally, your CPO must be motivated by the opportunity for autonomy. Let them decide what projects they pursue and how they approach them without needing higher-up approval.
It will also allow them to work independently on initiatives without having direct links to decision-makers. Finally, ensure that your fractional CPO has comprehensive knowledge of digital products and their emerging business models.
Conclusion
The fractional Chief Product Officer (FCPO) role is a new position in the company that combines the responsibilities of CPO and VP of Product.
The FCPO should be a great partner to the CPO and work with them on product strategy, roadmap, and execution. This could be your next step as a leader in product management.
