Introduction -Fractional CMO
When it comes to hiring a Fractional Chief Marketing Officer (CMO) it is important to ensure that you have decent execution capability before proceeding. As the most senior hire in the team, you want to ensure your Fractional CMO is leading rather than doing.
The marketing function in most B2B and SaaS companies is ‘full on’. There is always a lot to do and often (especially amongst European Startups) resource constraints. When a Fractional CMO joins they will want to deliver results and thus in practical terms, they will create work. A lot of work.
The question is - is there someone to do the work?
After all, you’ll want to avoid a situation where the CMO is also ‘doing the doing’.
Why should the Fractional CMO not do the work?
Well firstly this is not a good ROI - they are being paid to lead not to do.
Secondly, the function is so broad its execution capability will vary depending on the task required. They may be a strong writer but have poor design skills for example.
Finally, it just doesn’t scale. You need leverage.
Of course, like everything, there is some nuance here - sometimes rolling up their sleeves is critical. But it should generally be a one-off activity. Ideally, they do something to create a recipe that someone else can do the next time. For example, I’ll often create ‘Loom videos’ that illustrate how something gets done. The next time though it will be someone else doing the doing.
What Process Should Your Fractional CMO Follow?
Ideally, there is someone in-house already that can work on delivery.
While it will vary depending on the context, a typical first 30 days/onboarding process is one where the incoming CMO does the following:
1- Meets the leadership function/ key stakeholders to understand their primary goals
2- Agrees on some key deliverables (or KPIs)
3- Undertakes an audit to understand the current status of the function
4- Aligns on budgets and resourcing
5- Prioritizes tasks based on the information gleaned from their initial engagement
List of Jobs
Again in terms of managing expectations, the process will likely generate many “jobs to be done”. Some will need external expertise. Others will need a budget. Again it will depend on the maturity of the function.
However, if a Fractional CMO is being hired it likely indicates a function that may historically have been an ‘order taker’ from sales, and often one that has been neglected. ‘Playing catchup’ entails investment, and again the initial discussions can align on what budget is available. The array of options open to marketing leaders all vary - and can be tailored depending on the budget available and the company’s ambitions.
One other consequence to be aware of is that the behaviour of ‘marketing’ will now change. What gets done and what gets prioritised will be determined in the function and ‘on-demand’ support will cease.
Resourcing the Function
So who will get stuff done?
There are several different ways this can typically operate.
1. The Incumbent
It may be that there is someone in situ already. They’ll likely be a generalist and will hopefully be ‘high-octane’ and have a strong natural bias to ‘getting shit done’. However, there are also a lot of C-players in circulation especially in early-stage startups where the pool of candidates in play is shallower (especially for cash-constrained startups). Great candidates will thrive under the stewardship of someone senior, but others may struggle. Being aware of this inherent tension is crucial. Some may complain about the extra workload.
The key point though is that bringing in senior marketing leadership is an inflection point and if they are to deliver the growth required maintaining the status quo won’t be an option.
2. A New Hire
If there is no execution capability within the team, a new hire may be appropriate (again if budgets permit). The good news is the role is one that is capable of being delivered remotely which has resulted in downward pressure on salaries.
It can be a junior role and needs to be very broad - a classic generalist hire (jack/ jill of all trades).
Who should hire them?
Ideally, the CMO writes the spec and supports the process but the hiring needs to be done by the leadership team. After all, the Fractional CMO lacks ‘skin in the game’ and thus decisions with longer-term impact are best taken by the founders.
3. Freelancers
Another common approach is for Fractionals to have a rolodex of Freelancers on call. These can range from SEO specialists to graphic designers to website builders. An attraction of this approach is you are gaining access to specialists that have effectively been pre-screened so you are reducing the risk and aligning cost with short-term needs. However, it is rare to have a ‘full stack’ generalist freelancer who can act as the generalist.
4. Agencies
A final approach that tends to be less common is to outsource everything to an external agency*. In many instances you are on annual contracts and the costs can rack up quite quickly. However, these work well if you have just had a significant raise and 'need to move quickly’.
Even with an agency in situ, I’d still recommend using a Fractional CMO as an intermediary. A key part of the rationale to enlist a Fractional CMO is to give them decision-making authority. Without them a steady stream of decisions will need to be made, serving to add to the workloads of the founders.
*Again by way of clarity the category of agency is broad. In this instance, I refer to marketing agencies who may provide content creation, SEO, design and paid acquisition support as part of a monthly retainer.
Which Route to Go Down?
I’d recommend that the above is discussed with the incoming Fractional CMO before they join. Their input will be invaluable however as mentioned above it needs to align with founder expectations. After all, the Fractional CMO lacks ‘skin in the game’.
Summary
When it comes to leveraging the services of a Fractional CMO, it is important to also think about the execution capability. Of course, most Fractional CMO’s can also do what needs to get done. However, this should only ever be a short-term approach. To generate the necessary momentum you need to pair them with a junior with a bias-for-action who is keen to learn. Ideally, they learn quickly and make the Fractional CMO redundant before too long. As a Fractional CMO that’s a very desirable outcome counter-intuitive as it may seem.
Finally, by way of a recap, this following article outlines some of the Key Advantages of a Fractional CMO.
Recommended Reading: How to Engage Effectively with a Fractional CMO