Many companies hire CMOs, but is it necessary? There is another option that companies can use and that is getting a fractional CMO. A fractional CMO is essentially a part-time chief marketing officer. Sometimes businesses don't have the budget to hire a full-time CMO. When doing so, they have to pay for their salary and other benefits. It can really add up! Or there are only a few projects that need to be worked on and it doesn't really require a full-time worker. This is the best time to have a Fractional CMO. Knowing all of this is important, but it is also significant to understand what the Fractional CMO wants you to know. Listed below are the top 3 things you should be aware of when hiring a fractional CMO.
Why They Want To Be Fractional?
So you may be wondering to yourself, "This sounds too good to be true. Someone actually wants to be paid less for their level of expertise?" The answer is "Yes!" Some people want to become a fractional or part-time CMO because they may be seeking flexibility in their schedule or they may not want to move to a different location for a full-time position. The Fractional CMO may work from a far location for their main duties, but they may only travel for important meetings when needed. Many Fractional CMOS are in the later part of their careers and they want to use their skills and knowledge to help newer companies grow or get started in the business world. Hiring a a Fractional CMO is great because you get to have their level of expertise, and they get to have the flexibility and less responsibility compared to a full-time CMO.
How They Expect To Be Paid?
When you're hiring for a full-time position, it can be easy to determine the salary for the worker. It's almost like a formula. For their efforts and time, you'll pay them a salary along with health, dental, and 401K package for example. But how do you know how much to pay for a skilled CMO that works for part-time? What is the "formula" for that? Well, there really isn't one! But that's a good thing! Your business can analyze the budget that you have for a Fractional CMO and adjust accordingly. Perhaps, your business wants to pay your CMO by project-based. Or maybe you'll give them a stipend for working with your company for 3 months. It really is flexible! You also don't have to worry about salary benefits since they'll be a part-time worker. Be aware of your company's capabilities and create your own budget on your own terms.
Who Is Their Target Market?
A Fractional CMO usually has a specific type of business that they like to work for. This typically is a small to medium sized business. There are a lot of reasons why this is so, but small to medium businesses are less likely able to afford a full-time CMO compared to a large, Fortune 500 company. Another reason is small businesses typically need marketing leadership and expertise to maximize their market share and be able to grow in size and reputation. It's tough getting started right off the bat and there are so many companies that you are competing against. Even if your business is entirely unique, you still have to fight for attention and awareness. The same goes for a medium sized business. The need for constant improvement and growth can be helped by a Fractional CMO. They have the experience to give advice and come up with strategies that will fit your business's needs. Even if it is for only one project!
If you haven't thought about hiring a Fractional CMO, then you definitely should look into it! This may be something your company can truly benefit from. If you're looking to get your company started with a fractional CMO, make sure to reach out to us here at Blue Wave Marketing. We have over two decades of experience helping companies identify and reach their target audience. Our team has expertise in a wide variety of content, including blogging, video content, and eBooks.