Introduction
As the digital economy continues to accelerate, the role of chief marketing officer (CMO) is expanding as well. In fact, it’s a great time to be a CMO because of how rapidly digital has become integrated into other marketing channels.
In most B2C and B2B companies, the CMO is responsible for coordinating all brand communications aligned with the overall corporate strategy. This means they must not only understand the latest marketing trends but also have strong leadership skills and business acumen.
That said, not every company can afford a full-time CMO. Instead, smaller businesses might find that an efficient fractional CMO arrangement works best for them. Read on to learn more about this new career path and whether you should start your search now or wait until your company grows to require a more experienced leader in the field of marketing.
What is a fractional CMO?
Although the term has been in use for a few years, only recently has the concept of a fractional CMO gained recognition. Essentially, this is an arrangement where you work with a professional marketing firm to fill some or all of your responsibilities as CMO.
What sets fractional CMOs apart from traditional marketing managers is that they’re usually expected to be able to cover many different areas of marketing expertise like social media management, content creation and digital marketing strategy development.
In addition, fractional CMOs are typically able to provide strategic guidance across multiple departments and show business acumen in their role.
The benefits?
The main advantage is that you can have more than one person on staff who specializes in specific areas of marketing while still having a dedicated full-time CMO who is focused solely on corporate communications.
How does a fractional CMO role work?
A fractional CMO role is when a company partners with an established marketing professional to provide expertise in a specific area of marketing.
The individual may work on-site for a predetermined amount of time and the company can then call upon their services as needed. You may find this is a good solution for your business if you want to hire someone who has deep experience in marketing but can’t afford to pay their salary full-time.
A fractional CMO pays them by the hour or by project, depending on how the arrangement is structured. It also might be possible for the two parties to share any revenue generated from the business’s marketing endeavors.
As long as both parties are clear about what they are willing to offer, it’s not difficult to create an effective team-based model like this one.
Why is it necessary to hire someone to manage marketing?
As the digital economy continues to accelerate, the role of chief marketing officer (CMO) is expanding as well. In fact, it’s a great time to be a CMO because of how rapidly digital has become integrated into other marketing channels.
In most B2C and B2B companies, the CMO is responsible for coordinating all brand communications aligned with the overall corporate strategy. This means they must not only understand the latest marketing trends but also have strong leadership skills and business acumen.
These FCMOs are usually found at mid-sized or large firms, but there’s no reason why you couldn’t make this work for your small business as well if you’re up for a challenge!
Benefits of a Fractional CMO
A fractional CMO arrangement can be the right decision for a business looking to hire a marketing specialist part-time.
One of the benefits is that this arrangement does not have to carry the same financial costs as full-time employees, which can help your company save money. Additionally, it’s easy for companies to develop a specialized marketing team when they don’t have to pay for full-time staff.
Another benefit of a fractional CMO is that they can provide added value at different stages in their career.
As they progress through the industry, they will be able to add more specialized skills and knowledge as well as add additional value in specific areas of marketing that may not suit their full-time role.
For example, you might use a fractional CMO in order to pick up some project management and graphic design skills in preparation for your next hire. On the other hand, you could also outsource these tasks if your fractional CMO can accomplish them better than you could yourself.
Key challenges of an FCMO
One of the key challenges that a fractional CMO faces is finding a balance with their day job and their work on the side. In other words, it can be difficult to find time for both.
Another challenge is understanding how to divide your time between your company and the personal projects that you might be charged with completing as a CMO.
When working with a smaller company, this can sometimes prove challenging because the team might not have enough resources to dedicate to high-level tasks like creating digital content or implementing marketing strategies.
How to find a Fractional CMO position
The first step in finding a fractional CMO position is to identify which skills and experience you have that might make you a good candidate for such a role.
Conducting market research, developing marketing strategies, and creatively executing those strategies are all necessary tasks for the CMO to complete on a daily basis.
You should also consider what type of company would be the best fit for your skill set—large or small, public or private. For example, if you’ve never held a corporate job before, it might be difficult to find work as an experienced marketing professional in a Fortune 500 company.
For smaller businesses with limited budgets, fractional hours and revenue-sharing arrangements can be beneficial as they allow companies to afford market-leading services without having to invest in a full-time CMO position.
This allows you to take advantage of being able to share the responsibilities of running your company’s digital marketing strategy across multiple professionals who are focused on different areas of the business. It’s also important for these small businesses to hire someone who has proven expertise relevant to their particular niche.
You can find a large variety of companies offering fractional CMO opportunities by searching online, contacting recruiters, or reaching out through social media platforms like LinkedIn.
When Should You Hire an Existing CMO?
When your business is small, or your budget is tight, it might be a good idea to hire a fractional CMO. This can be especially true for newer companies that are just starting out.
For example, if you’re a start-up and you’ve only got one employee, a fractional CMO can help you manage the day-to-day tasks of marketing while still allowing you to keep your head above water financially.
Another reason why this could be beneficial is because of the growing importance of digital marketing and how it influences every aspect of business.
A fractional CMO would be able to provide you with guidance in these areas without draining too much time from their full-time job. They would also be able to share their expertise with other employees on the company’s marketing team so everyone benefits from their knowledge.
Additionally, there’s no need for an experienced CMO if your company isn’t yet ready for them. In fact, new businesses should consider hiring fractional CMOs until they’re able to afford a full-time position in the field.
Should you be hiring a full-time CMO?
There are some inherent benefits to having a full-time CMO, but if your company is small and you can’t afford one, you might be better off hiring a fractional CMO.
Fractional CMOs are experts in digital marketing, social media marketing, SEO, search engine optimization (SEO), content marketing, and other areas of online marketing. They provide support for your entire marketing team without the overhead costs associated with a full-time position.
A fractional CMO could also be the right answer if your company has limited resources or it’s going through tough times. If you can recruit an experienced expert who is willing to work on flexible hours and take on just a few projects at a time, your company will have their expertise at their disposal when they need it most.
Where can you find more experienced marketers in your field?
If you’re an entrepreneur or small business owner trying to grow your brand, it might be time to consider employing a fractional CMO.
Fractional CMOs are senior marketers who have the expertise and experience needed to help lead your company. They might have more than ten years of digital marketing experience, for example, and can provide insight about how digital has evolved in your industry.
As a fractional CMO, you will still be responsible for all of the marketing-related tasks associated with your particular field. However, you won’t be the only one doing this work anymore; instead, the fractional CMO will step in to take care of those responsibilities while you focus on other aspects of your company.
It’s important to remember that hiring a fractional CMO is not an easy decision and should not be taken lightly. There are many factors that need to be considered before hiring a fractional CMO–the most important being whether or not they’re worth their cost.
Final Words
As businesses continue to grow and marketing budgets increase, it’s more important than ever to find a CMO.
The CMO is the chief business officer in charge of coordinating all brand communications aligned with the overall corporate strategy. They must not only understand the latest marketing trends but also have strong leadership skills and business acumen.
There are many different ways to find a trustworthy CMO. Some companies might decide that what they need is an efficient fractional CMO arrangement that works best for them now while they’re still small. Other companies would be wise to wait until their company grows and requires a more experienced leader in the field of marketing before hiring someone full-time.
Whether you’re looking for a full-time employee or part-time provider, keep these tips in mind:
- Find someone with experience in both digital marketing and traditional media
- Ensure your new hire has the right skill set for their position
- Search online for any reviews, testimonials, or referrals from former employees or clients
