Does your business need a Fractional CMO?
A business needs to have a CMO, or someone working in that position who can give leadership to your team, and has knowledge of your business’s industry and specific marketing needs. A Fractional CMO can give you what you need for how long you need it, whether that be only seven hours a week or closer to thirty hours a week. A Fractional CMO would also provide your company with the experience needed in order to foresee potential problems before they arise. You could also need a Fractional CMO if you don’t know where your clients or users come from, or you’re lacking the data needed to make informed decisions.
They can help your business invest in a new marketing function or guide your existing team toward a united goal. If you’re looking for an outside perspective a fractional CMO will be a big help.
What is the difference between a CMO and a Fractional CMO?
The main difference is money and time. A fractional CMO will only be working for you for the hours you pay for, while a full-time CMO will be working full-time. Paying for only a fraction of the time can be much more affordable for your business. Depending on who you hire as a CMO for a full-time position, they may only be starting out and not have the experience other CMOs have. While to be a fractional CMO they have to have this experience to do this work as they have no time to learn the tricks of the trades on a short-term contract.
How much does a fractional CMO cost?
The rates of a fractional CMO vary by project scope. Clients are typically billed under a contracted retainer for a pre-determined commitment ranging from 5-15 hours per week. A Fractional CMO will be cheaper to hire than a full-time CMO, saving your company money, while still providing you the expertise and guidance your company needs.
Would a fractional CMO be on-site or remote?
A fractional CMO should be able to do either, though some might charge more for working on-site than if they were to work remotely. Some Fractional CMOs might also not work on-site, it just depends on the Fractional CMO and the contract. If you want to have a Fractional CMO on sight, make sure to discuss it when making the contract.
What does it take to be a good fractional CMO?
A fractional CMO would need an advanced degree in marketing, at least 15 years working in the marketing field, and at least 7 years in a managerial or leadership role.
This is someone who has done this work before, who has seen the right level of growth that your company is looking for, and who has managed to accomplish that goal for a similar company. They should be able to manage, lead, and deliver Return on Investment (ROI) for your company. They are decisive and sure in how to get your company the marketing strategy it needs to provide the results you want.
What does a Fractional CMO not do?
A fractional CMO is on the same level as an executive, which means they don’t do the grunt work, if you need people to be doing that work, you should hire an agency or more in-house employees. A Fractional CMO also won’t write and send all emails to your list, they won’t upload blog posts, schedule social media posts, redesign button colors on landing pages, or track detailed metrics for every marketing asset.
They are here to provide the path and tell you what you need to do, it’s up to your company to follow their advice.
Why not just hire an agency?
An agency doesn’t come up with the directions or marketing plan, they are just there to deliver the work, you need someone who can give them the directions they need to follow in order to drive your marketing plan to succeed. A Fractional CMO can provide that team with the leadership they need. The Fractional CMO can be used alongside an agency to create and follow through with the plan needed for your company.
How can A fractional CMO expand my marketing efforts:
A fractional CMO can expand marketing by implementing a variety of strategies and tactics, such as:
- Conducting market research to identify new target audiences and opportunities for growth.
- Developing a comprehensive marketing plan that includes tactics for reaching and engaging those audiences.
- Utilizing a mix of traditional and digital marketing channels, such as social media, email, and content marketing, to reach a wider audience.
- Measuring and analyzing the effectiveness of marketing efforts to continually improve and refine strategies.
- Building and managing a team of marketing professionals to execute the plan effectively.
- Building partnerships and collaborations with other businesses, organizations and influencers to expand reach and achieve greater impact.
- Utilizing data-driven marketing techniques to optimize marketing campaigns.
- Continuously monitoring the industry trends and adapt the strategy accordingly.
Here are the top 9 best practices for conducting an effective interview for a fractional CMO position:
- Prepare a list of relevant questions: Before the interview, prepare a list of questions that are specific to the role of a CMO and that will help you evaluate the candidate’s qualifications, experience, and skills.
- Ask about their experience and qualifications: Ask the candidate to describe their experience and qualifications for the role, and what they believe makes them a good fit for the position.
- Ask about their approach to setting and achieving marketing goals: Ask the candidate to describe their approach to setting and achieving marketing goals, and how they would align those goals with overall business objectives.
- Ask about their experience with different marketing channels and tactics: Ask the candidate to describe their experience with different marketing channels and tactics, such as social media, email marketing, and content marketing, and how they would use these channels to reach and engage target audiences.
- Ask about their experience with data and analytics: Ask the candidate to describe their experience with data and analytics, and how they would use data to measure the effectiveness of marketing efforts and make informed decisions.
- Ask about their management and leadership skills: Ask the candidate about their management and leadership skills, including how they would build and manage a team of marketing professionals.
- Ask about their experience with budgeting and financial planning: Ask the candidate to describe their experience with budgeting and financial planning, and how they would manage a marketing budget.
- Allow the candidate to ask questions: Allow the candidate to ask questions at the end of the interview. This will give you an idea of how much they understand the role and if they have any concerns.
- Evaluate the candidate’s responses: After the interview, evaluate the candidate’s responses, and take note of any red flags or areas of concern.
There are several reasons why a company might hire a fractional Chief Marketing Officer (CMO):
- Cost-effectiveness: A fractional CMO works part-time or project-based, which can be more cost effective for a company than hiring a full-time CMO.
- Expertise: A fractional CMO brings a high level of knowledge and experience in marketing to the company, which can be valuable for companies that don’t have a dedicated marketing team or need specialized marketing expertise.
- Time commitment: A fractional CMO is not expected to be on the job full-time, so they may have more flexibility in terms of the time they can commit to the role. This can be beneficial for companies that don’t require a full-time CMO.
Hiring a Part Time CMO can be a good option for companies that need marketing leadership but don’t have the resources or need for a full-time CMO. Please contact us if you would like a Free Consultation with an Experienced Chief Marketing Officer.