Reasonable people can agree that marketing is one of the essential functions of any business unit. Marketing campaigns can help you target the right customers, share information quickly and effectively and provide them with incentive to purchase with your brand. The approach to marketing hires, however, has changed dramatically over the past few years. Rather than choosing to hire an in-house chief marketing officer (CMO), many companies are working with fractional CMOs who can help them achieve their business goals. In fact, a fractional CMO could become your business’s secret weapon that drives you to success.
What is a Fractional CMO?
A fractional CMO is a chief marketing officer that, rather than working as a full-time employee of your company, works either on a part-time or by-project basis. These fractional executives—who have also been seen popping up in positions like CEO and HR Director—often bring substantial experience to the table.
The Benefits of Hiring a Fractional CMO
There are considerable advantages to considering a fractional CMO as part of your chief marketing officer search.
1. Get Someone Onboard Faster
The hiring process for a senior-level role like chief marketing officer can be long and complicated by design. You may feel the need to conduct several rounds of interviews or take on an extended recruiting process before you’re ready to move someone—internal or external—into the position. Bringing on a fractional CMO is a lower-stakes decision, allowing you to streamline the hiring process and get the executive-level marketing support you need sooner. An experienced fractional CMO should also be ready to hit the ground running, which can allow you to scale your marketing efforts faster.
2. Decrease Costs
The CMO is a high-level role within your company—which comes with real expenses. If you’re feeling sticker shock at the cost of highly-qualified executives, a fractional CMO can cut down on some of those costs—benefits, office space and more—allowing you to focus on paying a CMO for the time they actually spend working for your business.
3. Increase Access to Experience
Any time you’re undergoing a major hiring search, you’ll find yourself sifting through a wide range of candidates with varying experience and capability. While some candidates may have some of the experience you want from your chief marketing officer, it can be difficult to identify available candidates with the requisite expertise supporting and scaling successful companies in your field—not to mention that expertise of that kind requires a substantial paycheck.Fractional CMOs, on the other hand, grant you access to executives with senior-level experience, often at a lower cost than hiring directly for that role.
4. Get the Flexibility You Need
Working with a fractional CMO will grant you the flexibility your company needs to access executive-level marketing skills when it needs them. If you need to ramp up your marketing or dive in on a project, you can increase the CMO’s time. On the other hand, during slower periods in your marketing cycle, you won’t have to worry about finding work for them—or paying for more than you need to.
Hiring a Fractional CMO: Best Practices
When you decide to bring a fractional CMO on board, there are a few key items to keep top of mind.
1. Clearly Define Expectations
Before you select a fractional CMO for your business, make sure you have clearly defined your expectations and the scope of the role. Are you hiring a fractional CMO for a single project, or do you want them to create an ongoing relationship with your brand? While you can come back to a CMO that you hired on a project-based basis for future projects and needs, you want to be clear about their role in your current marketing efforts—and communicate that role clearly to your internal team.
2. Understand Your Team’s Experience
Take a look at what marketing experience you already have within your company. What team members will be participating in your new marketing initiatives? What will their roles look like? Make sure you have a solid understanding of the skills your team can already bring to the table. In some cases, that may change the expectations you have of your fractional CMO.
3. Evaluate the Terms of the Contract
Many fractional CMOs will already have a contract they use to define their roles and responsibilities. Go over the contract ahead of time and make sure you understand the terms. Once the contract is signed, you’ll need to adhere to those limitations or institute change orders, which can prove much more complicated and slow down your marketing efforts. It’s important to understand upfront what your fractional CMO can offer and what your company is expected to provide, from resources to driving new campaigns.
Do You Need a Fractional CMO for Your Business?
Working with a fractional CMO can offer numerous advantages to your brand. If you’re ready to improve your marketing efforts with an experienced professional who is ideally positioned to help you reach your goals, reach out to Red Fan Communications today.
