A fractional CMO is an experienced marketing leader whom you can hire on a short-term or temporary basis. When utilized wisely, they can help you revitalize your marketing efforts, analyze specific marketing problems, or just fill in for a temporarily unavailable CMO.
This candidate is going to cost some money, so when is a fractional CMO worth the investment?
The Value of a Fractional CMO
Before we can determine whether a fractional CMO is worth investing in, we need to determine what this type of candidate can bring to your organization.
These are some of the greatest advantages of hiring a fractional CMO for your organization:
Expertise. Fractional CMOs are typically experts in marketing. They may also have expertise in niche issues within the field. In any case, they can bring authoritative expertise to your organization to help you understand problems, solve those problems, and strategize more effectively.
Creativity. These candidates are also typically very creative. They have a knack for thinking outside the box and can bring fresh ideas to your brainstorming sessions, so you can come up with even more impressive concepts for your next campaigns.
Outside the box thinking. Another advantage of a fractional CMO is that you can pull them in from outside the organization. If your team is currently limited by silo mentality or groupthink, bringing in a fractional CMO could be exactly what you need to break the mold.
Leadership. Fractional CMO candidates are typically experienced leaders. They know how to manage people. They know how to solve conflicts. They know how to motivate and set a tone.
Collaborative potential. On top of that, fractional CMOs are excellent collaborators. If you need them to work together with your existing leaders or the most brilliant marketing minds on your team, they can be an invaluable additional resource.
Unique problem solving. Problems can’t be solved by the same level of thinking that created them, which is why so many organizations turn to the help of a fractional CMO when they need a novel or unique approach to problem solving.
Flexibility. There are also many types of arrangements you can make with fractional CMOs, with most candidates willing to work with you to create a mutually agreeable arrangement.
The Costs of a Fractional CMO
Before we can estimate the potential return on investment (ROI) for a fractional CMO, we also need to examine the costs of hiring one. Unfortunately, there is no easy way to do this, as there are a multitude of different fractional CMO candidates, each of which brings a unique mix of strengths to your organization for a different rate. You’ll likely pay a different amount depending on each candidate’s location, expertise, availability, and dozens of other factors.
Still, fractional CMOs are typically quite affordable, which is one of the reasons why they’ve become so popular in recent years. Depending on the nature of the arrangement you want, you might be able to tap into the expertise of a fractional CMO for just a few thousand dollars.
When Is It “Worth It?”
When exactly is it worth the investment?
There are infinite possible scenarios in which paying for a fractional CMO is worth it, but these are some of the most common.
You have a gap. Unfortunately, the turnover rate for CMOs is somewhat high. There are several explanations for this, but the bottom line is that you may be without a leader in your marketing department for an extended time. Hiring a fractional CMO can help you close this gap, so you can get access to expert marketing leadership without having to rush into hiring a new permanent candidate.
You have a specific problem to solve. Some organizations choose to hire a fractional CMO when they have a specific problem that they need to solve. This is an especially popular option when you have the opportunity to hire a fractional CMO candidate who has decades of experience in a niche where your problem exists.
You need additional resources. It could be that your marketing department is struggling due to a lack of resources or a lack of overall direction. If your current CMO is overworked, or if your marketing team could just use a little extra motivation, a fractional CMO could be well worth hiring.
You’re about to do something new. It’s also common for organizations to hire a fractional CMO when they’re about to do something new or especially important, such as launching a new product, rebranding the company, or beginning a new campaign. A fresh set of eyes could be exactly what you need to make sure it goes off without a hitch.
Hiring a fractional CMO is often worth the investment, even if it’s not always worth it. You always do your due diligence on individual candidates and understand your needs before pursuing this type of arrangement.
