We’ve talked about what a Fractional CMO is and the benefits they offer, but maybe you still have some questions.
Understanding the basics of what a Fractional CMO is and why organizations seek fractional CMOs is important, but you should also seek answers within the things Fractional CMOs want you to know about them and their position.
- A CMO is a part-time chief marketing officer.
- Companies hire CMOs because often they don’t have the budget for a full-time, or they have only a handful of projects going on.
When hiring a Fractional CMO, there are three things you should consider and that they expect you to.
1. Why They Want to Be Fractional
There are many reasons why someone may choose to work as a fractional CMO, but for people on the outside, it may seem strange that someone with that level of expertise and experience would opt to be paid less.
Some common reasons include the flexibility; many fractional CMOs are at the end of their career and are looking for stimulating work without the same time commitment as full-time. Others may not want to relocate to a full-time position.
Finally, many Fractional CMOs want to use their skills and knowledge to help newer companies grow or get started in the business world.
Hiring a Fractional CMO is a win-win here; they get the flexibility they desire, and you’re getting the most bang for your buck.
2. 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. Smaller businesses also typically need marketing and leadership expertise to optimize their market share which in turn will grow them in size and reputation.
Even businesses that are unique 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.
3. How They Expect to Be Paid
Determining a salary for a full-time position is easy. For their efforts and time, you’ll pay them a salary along with health, dental, and 401K package for example.
But how do you pay a skilled CMO that works part-time? It may seem like a nightmare to endure, but it’s actually a good thing.
You have the freedom and flexibility to assess your budget and plan accordingly. Your company has the capacity to create your own budget and terms—maybe you pay your CMO project-based or a stipend for a certain amount of time with the company.
You also don’t have to worry about salary benefits since they’ll be a part-time worker.
Reach New Heights
Take your company to the next level and explore the benefits of hiring a Fractional CMO. If you think your organization could use an in-house expert, we can help you!
Schedule a complimentary consultation with expert Sheila Steinmark, the brains behind Marketing Operations Group.