Finding the Right Fractional CMO for Your Business

As an experienced fractional CMO with years of industry experience, I want to share some insights on hiring a fractional CMO, which has become more challenging than ever. While the title "fractional CMO" may sound appealing, it's crucial to understand that not everyone donning this label possesses genuine leadership experience or has been in an executive marketing role within a corporate setting.

The problem lies in the increasing number of individuals jumping on the fractional CMO bandwagon without the requisite qualifications or expertise. As of March 2024, fractional executive jobs had increased by 57% since 2020, and demand is expected to continue to grow. Fractional CMO is a "sexy" title, but for companies seeking to make a key hire, determining the right option has become more challenging.

Having been in this field since 2019, I can offer some thoughts:

• Fractional CMOs are not magicians. Regardless of their experience and expertise, they cannot deliver instant results. Managing expectations from the outset is crucial; if both parties are not aligned, it sets the stage for disappointment and frustration.
• Expertise and experience come at a cost (typically over $6K/month), and fractional CMOs need time to understand your business thoroughly to make informed decisions. Be prepared to invest both time and money to get them up to speed.
• While fractional CMOs focus on developing a marketing strategy, there are other costs than that effort. They will likely ask you to allocate a marketing budget for tactical execution (content development, search engine optimization, social media marketing, advertising, events, etc.), so be willing to commit financially to execute the strategy they develop.
• Fractional CMOs are not a one-size-fits-all proposition. They come with diverse skill sets, experiences, and specializations. Hire someone who understands the type of marketing you want to pursue and, ideally, has experience in your industry.
• "Fractional" implies they work for you part-time (e.g., one or two days a week). They have other clients and commitments, so they're not monitoring your company's levers and dials 24/7.
• If you're starting marketing from scratch and lack internal resources, consider hiring a fractional CMO who offers a MaaS (Marketing as a Service) program. This service provides the needed execution resources on-demand rather than requiring your company to onboard external resources and vendors. It takes significant groundwork to go from nothing to something, and  MaaS provides a cost-effective solution for marketing strategy and execution.
• The typical lifespan for a fractional CMO engagement is six to twelve months. They fill strategic gaps, but you'll likely want to hire a full-time marketing leader at some point.

With many marketers calling themselves fractional CMOs, finding the right one for your business can be challenging. When you hire the right fractional CMO, you get someone who:

• Is cost-effective, as you're not paying a full-time salary, perks, options, or severance.
• Understands strategic planning, implementing systems, playbooks, and technology stacks, and building a marketing team if needed.
• Can move the marketing needle forward quickly and efficiently, thanks to their proven track record and experience.
• Offers flexibility. At some point, you can part ways amicably. Alternatively, you can re-engage them at a lower cost to leverage their knowledge of your business (e.g., as a strategic consultant or marketing advisor).
• Has access to a vast network they can leverage when needed, including agencies, vendors, industry experts, and potential partners.

Remember, many individuals claiming to be fractional CMOs may lack the requisite leadership experience or corporate executive marketing roles. Thoroughly vet your candidates to ensure you hire someone with the proper credentials and expertise to drive your marketing efforts effectively.