Ken Maclean
Lead Consultant, Marketize
The CEO’s Guide to Hiring a Fractional CMO
Are you looking to kickstart your marketing activities but lack the financial resources to hire a senior marketing leader to set a marketing strategy and implementation plan? Then maybe it’s time to consider hiring a Chief Marketing Officer (CMO) on a part time basis. Read this blog post outlining the benefits, fit with your business, and things to look for in a fractional candidate.
The Benefits of Hiring a Fractional CMO
For many businesses in growth mode that face resource constraints, hiring full-time managerial or leadership roles for key functions is difficult to justify and/or afford. Increasingly growth-oriented companies are hiring senior-level resources on a fractional basis to help them achieve scale at an investment level that fits their budget. Some of the most common functions that are well suited to fractional roles are Finance, Legal, Human Resources, and Marketing.
Engaging a fractional head of marketing or Chief Marketing Officer (CMO) can be an important first step in developing a marketing strategy and implementation plan for your business that will serve as a key foundation for brand engagement and new customer acquisition. Fractional marketing leaders can make a huge impact on your marketing efforts in as little as 1to 2 days per week and at a much lower investment level than their full-time equivalents.
How to tell if your business is ready for a fractional marketing leader?
Hiring a fractional marketing leader is a big decision and it can be difficult to tell if it’s the right option for your business. If any of these statements apply to you, then a fractional head of marketing may be the right solution for your business.
- Marketing is an important growth driver for your business
For some businesses marketing is a key driver of growth and profitability. On a scale of 1-10 how important is new customer acquisition to your success? Do you need to proactively reach prospective customers through marketing channels like Search, Websites, Social Media, Email, Radio or TV? Then you likely need the right marketing plan and resources to drive this growth. - You know that you cannot afford a full time role
Hiring an experienced mid to senior level FTE marketer will require an investment ranging from $150,000-300,000 when you factor in base salary, bonus, benefits and vacation time. You know your business and what you can afford. However, just because an FTE marketing leader is beyond your budget does not mean you have to forgo this important function. - You cannot own the marketing function yourself
Whether it’s a skills gap or just that you are wearing too many other hats and cannot commit the time and focus to marketing, this is probably a sign that it’s time to offload your marketing responsibilities.
How to choose the right fractional CMO for your business?
If you are seriously considering a fractional marketing leader to kick start your marketing plans, here some things to think about to identify the right person for the job:
- Choose a person with a track record in delivering results
Try to find a senior-level person with broad marketing expertise (unless you need something very specific – i.e. social media) and who has a strong track record of delivering marketing ROI. Ask them to share specific examples of the KPIs they measure and the results they have achieved. Get them to share client testimonials or references so you can hear about other people’s experiences working with them.
- Align the marketer with your budgetary constraints
If you are a small business or start up, choose someone who has a track record delivering marketing results in a resource-constrained environment. Selecting the ex CMO of a Fortune 1000 company who has achieved amazing results with a multi-million marketing budget may result in frustration for them and for you when they do not have the budget available to execute programs.
- Beware of the bait and switch
Make it clear from the outset that you are hiring a specific individual and any changes to a different marketing resource (especially a less experienced one) must be approved by you first.
- Start small
Just like dating for marriage, start with a small initial engagement to get a feel for how complementary and compatible you and your fractional marketing leader are. Do you share similar business philosophies? Are they a good listener? Do they value your opinion? Maybe start with a small strategic project that showcases these characteristics before locking into a longer term retainer engagement.
- Choose someone who wants to partner in mutual success
A great fractional CMO views your success as just as important as their own, just like you would expect a full time marketing leader would. Talk about your objectives for your business and ask how they plan to help you achieve them.
Still considering whether a fractional CMO or marketing leader is right for your business. Book a 30-minute FREE consultation with Marketize lead partner Kenneth Maclean to learn more