We get it, you've got a world changing product / service / ketchup killer that's well going to change the world but up until now no one is listening let alone the hordes of customers that are not as yet breaking down your door to propel you to glory and a yacht on the keys.
All you need is a top industry, CMO that's going to drive your growth through the roof and firmly plant your brands flag on the moon. Ah, but you don't have the half a million dollars required for their salary? Oh. And as of today no one has heard of your business so it's not the plum gig easy sell that you'd like it to be?
And that's why you're here reading an article about how to hire a fractional CMO and how a fractional CMO differs from one of those 'real' ones that will make your business a success.
Great, you're in the right place.
A Fractional Chief Marketing Officer (FCMO - we don't think that acronym actually exists) differs from a traditional CMO primarily in terms of their engagement structure, level of commitment, and the scope of their responsibilities. Here are key distinctions between the two roles:
1. Engagement Structure:
· Traditional CMO: Typically, a full-time, permanent executive position within an organization.
· Fractional CMO: Engaged on a part-time, temporary, or project-specific basis. Fractional CMOs work with multiple clients simultaneously or focus on specific projects, providing flexibility to businesses without the need for a full-time commitment.
2. Level of Commitment:
· Traditional CMO: Assumes a long-term, strategic role within the organization, often involved in decision-making at the highest levels of management.
· Fractional CMO: Provides expertise for a defined period or specific projects. This can range from a few hours a week to a few days a month, offering businesses the ability to access high-level marketing guidance without the commitment of a full-time executive.
3. Cost Structure:
· Traditional CMO: Involves a significant financial investment, including a full-time salary, benefits, and other associated costs.
· Fractional CMO: Typically offers a more cost-effective solution for businesses, as they are compensated based on the specific services or time they provide. This can be advantageous for companies with budget constraints or those seeking specialized expertise for specific points of their growth.
4. Scope of Responsibilities:
· Traditional CMO: Assumes a broad and comprehensive role in shaping the overall marketing strategy and direction of the organization. Involved in long-term planning and day-to-day management.
· Fractional CMO: Focuses on specific aspects of marketing strategy, projects, or campaigns. Their responsibilities are often tailored to the immediate needs of the business, providing targeted expertise without the need for a full-time commitment.
5. Flexibility and Adaptability:
· Traditional CMO: Integral to the organization's long-term vision and strategy, with a focus on building and leading an in-house marketing team.
· Fractional CMO: Offers flexibility to businesses with fluctuating or project-specific marketing needs. Can adapt quickly to changing circumstances, providing immediate expertise without the need for a prolonged onboarding process.
6. Diversity of Experience:
· Traditional CMO: Typically has deep industry and company-specific knowledge, having been immersed in the organization's culture and operations over an extended period.
· Fractional CMO: Brings a breadth of experience from working with various clients and industries. This diversity of experience can offer fresh perspectives and innovative solutions to marketing challenges.
In summary, while both traditional and fractional CMOs share the goal of enhancing an organization's marketing efforts, the key differences lie in their engagement structure, commitment level, cost considerations, scope of responsibilities, and adaptability to immediate business needs.
Fractional CMOs provide a flexible and cost-effective alternative, allowing businesses to access high-level marketing expertise on a need-driven basis.
The idea that a Fractional CMO is part-time is also misleading, we like to say most-of-the-time. It's entirely action focused to get to a plan fast and get to execution and business changing outcomes even faster.
That's why Queen Charles Fractional CMO, Creative and Production closes the loop on not just the planning but the doing too. As we always say, a plan is nothing without the execution. Book a 15 minute chat and we can see if we could help you out.