What kind of companies benefit from hiring a Fractional CMO?
Hiring a Fractional CMO can be a flexible, risk-free and feasible alternative to hiring a full-time, employed Chief Marketing Officer.
If you can’t find, i.e. you don’t know what you’re looking for, attract, i.e. your company operates in a very niche, or “unsexy” industry, or afford, i.e. are not willing to put in the big bucks for an employed CMO, a Fractional CMO might be a good choice.
However, not every company can reap the benefits of a CMO as a service. If you’ve been wondering if a Fractional CMO could be a good choice for your company, or not, tune in to this episode of CMO Chat.
Can’t watch it right now? No problem, there is a full transcript of the video below.
-All right, Tanja.
Question for you.
- Some people who I've spoken to, some companies, are not that interested, believe it or not, in the idea of a Fractional CMO. Can you understand why some people might not think it's for them all? Can you explain who it might not be for?
-Yeah, absolutely. Like, first, I want to explain who I think the Fractional CMOs could be a good solution for. And then I can say who I think is not a good fit for this kind of concept. So, I like to think that if you can find can attract or can afford experienced full time CMO's, then a Fractional CMO might be a good choice.
— Can find meaning that you don't know what's great marketing. You don't know how to or where to look for these marketing talents. Can attract is that you work with a very niche kind of industry and markets, and it's very difficult to recruit great talent for the industry that you're working in.
-And the third one is, that if you can't afford, or also if you're not willing to put that much money into a full time CMO. Let's say, you just want strategic work, and you want somebody taking over the marketing department. But you're not willing to go for a full time person just yet. There's also other use cases. I would say for small and medium-sized businesses, if you're about to scale really fast or also if you're transforming your company, it might be a good choice to get in a Fractional CMO. An external person that has a diverse set off experiences to help you with just that. And another thing is that if you have a marketing department, but it might be under-resourced. So you might have, have one market or two marketers part-time. Fractional CMOs is not for companies who already have a 20 people marketing team.
- Okay! So would I be correct in saying generally smaller companies could use a Fractional CMO more than larger companies?
- Yes. Even though I have to say that it might not be for all small companies either. So one thing, if you don't have a product market fit yet, if you're still trying to find your footing, if your product is not there yet, don't hire a Fractional CMO. It's a waste of your money, and it's a waste of that Fractional CMOs time because you still need to figure out what it is you bring to the world.
- So there has to be a product market fit. Another aspect is the budget. You cannot expect a 30% Fractional CMO to come in and do everything with zero marketing budget. No, there is no point in getting an experienced Fractional CMO, if you don't have any budget to do marketing work to execute. So, there has to be some kind of marketing budget.
- And ideally, maybe you have a junior marketer or part-time marketers who can also help with the operations. Then I would say that, for instance, enterprise is like if you're a big company seller, thousands of people, you probably want to hire a full-time CMO because you have the budget, and it is a whole different set up.