There’s a lot at stake for businesses—especially within their first few years of operations. The Bureau of Labour Statistics finds that 18% of small businesses fail within their first year, 50% within five years, and 65% by the tenth year.

That doesn’t leave a whole lot of wiggle room to make mistakes, but many businesses—even established enterprises—don’t necessarily have the budget to expand their marketing efforts to make sure they continue to scale as the years go on.

Enter fractional chief marketing officers—a game-changing role designed to bring top-tier marketing leadership to organizations without the full-time commitment. But what exactly is a fractional CMO, and how do they fit into established enterprises?

We’ll cover who fractional CMOs are, why more enterprises are using them, and how to choose one for your own organization.

What is a Fractional CMO?

A fractional CMO is a senior marketing executive who provides strategic marketing leadership on a part-time or contract basis. Unlike a full-time CMO, a fractional CMO works with multiple clients, offering high-level marketing strategy and guidance without the long-term financial commitment of a full-time position. 

This role is particularly valuable for established enterprises looking to enhance their marketing efforts without the overhead associated with a permanent hire. But much like a full-time CMO, fractional CMOs engage with the team, the budget, and even other executives, working in a much closer capacity than a third-party agency or external consultant. 

Related: The Real Value of Fractional CMOs: Who Are They?

Why Are Enterprises Turning to Fractional CMOs?

From budget concerns to the need for flexibility, there are a lot of reasons enterprises and small businesses alike are turning to fractional CMOs to help them create and execute their marketing strategy. Let’s explore a few of the key benefits.

First, fractional CMOs are a cost-efficient option for most organizations. When comparing a fractional CMO to a full-time CMO, the financial differences are significant. A fractional CMO provides high-level expertise at a fraction of the cost of a full-time hire, often without the added expenses of benefits, bonuses, and other compensation packages.

This cost efficiency allows businesses to invest their marketing budget more strategically, allocating resources to high-impact projects and initiatives that drive growth. The financial advantages of hiring a fractional CMO can result in substantial savings and a higher return on investment.

There’s also the fact that fractional CMOs offer extensive expertise without the long-term commitment. Fractional CMOs provide access to a pool of specialized skills and industry knowledge without needing a long-term commitment. This means companies can tap into top-tier marketing expertise on an as-needed basis.

But despite their temporary involvement with a company, fractional CMOs are adept at delivering quick wins and long-term success. Whether it’s refining a marketing strategy or executing a new campaign, fractional CMOs are skilled at driving results efficiently. Their ability to deliver both long-term strategies and short-term victories makes them an ideal choice for organizations looking to enhance their marketing efforts and achieve rapid growth.

Finally, one big draw of fractional CMOs is their diverse backgrounds means they bring fresh perspectives and creative solutions to the table. Their experience with various industries and companies allows them to introduce innovative ideas and approaches that might not be considered within a traditional full-time role.

By fostering a culture of innovation, fractional CMOs can help organizations stay ahead of trends and find new ways to engage with their audience. Their external viewpoint often leads to novel strategies and creative solutions that drive business success.

Curious what this looks like in action? Here are 3 examples of success featuring real-world stories from your peers.

Related: How a Fractional CMO Can Help Grow Your Business

How to Choose the Right Fractional CMO

Because fractional CMOs are so diverse, with many bringing decades of experience across various industries to the table, it’s important to be picky when selecting one for your organization.

The right fractional CMO should align with your organization’s goals and be able to integrate seamlessly into your existing team. Finding the perfect fit involves evaluating candidates based on their strategic vision, ability to deliver results, and compatibility with your company culture. 

You also need to be aware of any red flags that might signal a poor fit. Some fractional CMOs may come with ulterior motives, such as hoping you’ll buy a full package of services in addition to hiring them. Or, some might come with appealing experience—but that experience is dated and no longer relevant. Some may also make huge promises that they can’t deliver, so it’s important to vet out those who seem too good to be true.

Click here for help understanding other red flags and how to find your perfect fit.

But the truth is, the best way to know if a fractional CMO is the right fit for you is by speaking with them directly. So, let’s talk about how to get that done.

Related: The Bright Future of Fractional CMOs

Let’s Set You Up!

Ready to unlock the potential of a fractional CMO for your business? Click here to schedule a free, 30-minute consultation with one of our leaders. 

It’s a no-obligation call, so come prepared with questions, goals, and challenges, and we’ll help figure out the right match for you.