In some industry categories, the “fractional CMO” is all the rage. For the uninitiated, this role can also be accurately described as a part-time chief marketing officer (CMO) or a senior marketing consultant, but typically operates under a retainer-style structure with the fractional CMO committing a set number of days or hours per week to a company. This means the fractional CMO is generally more closely integrated with a team and involved in ongoing if not day-to-day operations, which is not always the case with a traditional consultant, who is often project-based or only onsite once or twice per month. Here are five potential benefits of a fractional CMO and why it could be a good option for your company.
EXPERTISE. Expertise is the most obvious reason for bringing in a fractional CMO or any other type of external resource, either because there’s a skill gap in-house or overflow work to be completed. An experienced, fractional CMO can tackle a variety of high profile, can’t-miss type assignments like developing a marketing plan for a new product launch or conducting a digital marketing strategy audit to uncover vulnerabilities and efficiency opportunities. Reporting to the CEO, CRO or a senior advisor, this kind of a resource can help executive teams juggle priority projects more effectively.
SHARING. Knowledge sharing is what consultants do best – picking off new best practices and technologies that are working in one place and implementing them at another – and this is also an appealing characteristic of the fractional CMO, who presumably is engaged with at least one or two other clients. This is especially useful in rapidly moving categories like SaaS or FinTech, where companies deploy the latest-and-greatest digital marketing tactics at breakneck speed and helps explain why “the half life of tech skills is three years and falling“, according to recent Boston Consulting Group analysis.
FOCUS. As just about every single CMO that I’ve ever known can attest: it’s extraordinarily difficult to focus on anything unrelated to attending meetings, managing staff, and developing reports and plans. A fractional CMO brings an executive skill set and also the ability to dig in and focus on monthslong, strategic initiatives like designing and implementing an attribution tracking and reporting system, rolling out an account-based marketing (ABM) program, or launching an event series. Each of these first-time initiatives for companies require senior-level direction and project management to get done properly. Consulting firms are often hired for these kinds of engagements but fractional resources are increasingly popular these days.
BRIDGE. A fractional CMO could be a good option for a bridge solution required during a maternity or paternity leave, an unexpected resignation or termination, or short term disability. This is especially true at sizable marketing organizations — say, more than 10 people — where the top lieutenants can carry most of the load but would feel better with a senior resource around for problem-solving and handling tricky situations. Fractional CMOs are called on frequently while organizations are in transition, such as before or after a merger or acquisition, or during an organizational pivot. They are able to provide some functional leadership stability while the organization maintains the flexibility to search for the best long term fit for the role.
STARTUP. Very early stage companies — fewer than 50 people — are usually in product-market fit or scaling mode and have limited resources both in terms of funding and hours-in-the-day. This is where the fractional CMO makes alot of sense because some of the marketing decisions made during the early days can have big implications down the road, good and bad. Many infrastructure and operational decisions are pro forma today — most companies choose one of a handful sales and marketing automation platforms, for example — but other areas like advertising and event participation (booth or dinner sponsorship or both?) are less obvious and depend on a variety of factors including industry category, the competitive landscape, pipeline status, and cost-benefit. It’s helpful to have an experienced resource on hand when navigating these decisions.
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Tim Bourgeois leads the digital marketing audit services practice at East Coast Catalyst. Contact him at tbourgeois (at) eastcoastcatalyst.com to learn how ECC can help your organization use digital strategy tactics to drive leads and brand awareness.