A fractional CMO is a part-time marketing executive who can come into an organization for a few hours a week and make a huge impact. A fractional CMO makes it possible for businesses to gain valuable insights from a well-trained marketing executive at a fraction of the cost of a full-time, permanent CMO.

Having worked as a fractional CMO in the technology sector for the past few years, I often get asked, "When is the right time to bring on a fractional CMO?" There is not a single answer here — there are a number of different times throughout a company’s lifecycle that it can make strategic sense to bring in a marketing leader.

Here are six situations in which it might make sense to hire a fractional CMO.

1. To Maximize A Lean Budget

Small- and medium-sized businesses (SMBs) and startups are usually restricted by lean budgets. That's why investing in a full-time marketing executive isn't always viable. In this situation, hiring a Fractional CMO can be a major advantage. Instead of paying for a full-time CMO, a company can get a part-time, experienced leader to advise them at a fraction of the cost. This model offers the opportunity for many SMBs to make the most of their budgets by having an affordable marketing executive on board, even for a few hours a week.

2. To Assist With Critical Problem Solving

Hiring a fractional CMO can also help businesses that are facing a specific challenge and want a fresh set of eyes to evaluate their current marketing strategy and plans. Sometimes having a new strategist tackle the company's marketing goals can help teams shine light on details that were overlooked. Having worked with many different clients in a number of different industries, a fractional CMO comes with a broad set of experiences that can help with problem solving, recognizing problem areas or discovering insights and trends.  

3. To Capitalize On New Opportunities

At special moments in a company’s history, opportunities for growth present themselves. Sometimes the existing team is not equipped to take full advantage, and bringing in a fractional CMO can help give marketing the extra boost it needs to take advantage of the opportunity quickly. Since fractional CMOs tend to work on multiple projects at once, they interact with different teams, technologies and systems and are exposed to the latest marketing trends, tools and platforms, which they can share across their portfolio.

4. To Provide Niche Expertise

Sometimes companies need specific, niche talent to assist them with launching projects like a new distribution channel, partnership strategy or market. Hiring a fractional CMO with that niche experience lets the business capitalize on that specific expertise and not miss out. Since fractional CMOs usually work with a number of companies and teams across various corporate sectors, they acquire a diverse set of skills and knowledge that can be hard to find in full-time employees.

5. To Provide Interim Assistance

Sometimes a marketing leader leaves a company suddenly and someone is needed to help manage the team and campaigns. However, finding the right long-term CMO can take time. Fractional CMOs can help bridge the gap and even leverage their experience to assess what a company needs and assist in the hiring process for that full-time, permanent marketing leader.

6. To Provide Economies Of Scale

Given that fractional CMOs usually work with a few companies at the same time, companies may be able to access economies of scale by pooling resources with other clients. This can come in the form of joint media buys, sharing of tools or reports or even partner marketing. A fractional CMO can see these opportunities and connect businesses, and can even broker mutually beneficial opportunities.

Final Thoughts

The fractional CMO model has gained a lot of traction in the past few years; however, it is not for everyone. Many companies need a long-term, full-time head of marketing to manage their team, spend and processes. However, the ability for companies to gain access to marketing leaders part time and at a fraction of the cost has changed the game for those who need senior-level marketing expertise affordably and quickly. Identifying the right situation in which to use a resource like this can help a business maximize its limited resources.

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