One of our founding partners, Terri Lucas, looks at why fractional CMOs are such powerful additions to ambitious businesses.
The traditional employment model of hiring people full time at fixed costs, in offices, on permanent contracts, is being eroded. Business leaders now have the opportunity to access board level talent on a short-term basis to move the strategic dial in their organisation.
I’ve seen first hand the benefits of this employment model, and heard directly from business leaders about how a fractional CMO has been a market maker for them.
Why are the results so transformative? Here are 5 superpowers of a fractional CMO which create radical changes for the businesses they work in:
1. Diversity of thought – they are experienced and seasoned in their specialism, bringing supercharged knowledge of many sectors and what works (and what doesn’t) in different organisations – large or small, start up and established. They bring fresh ideas on how to solve problems, grasp opportunities and deliver on growth ambitions. They are laser focused on achieving results in a short amount of time.
2. Rapid results – they contribute quickly and honestly, helping leaders understand what is best and how to affect change, without being a threat to the incumbent management team. They create positive disruption, get results fast and help the company move on. For example, sort out a team issue, generate leads, develop new products and services, or build an exciting brand.
3. Objectivity – fractional CMOs are used to moving from business to business, sector to sector, picking up valuable experiences they use to benefit others. It fosters proactive decision making and leads to innovation ideas that can positively influence the team and the growth trajectory of the business.
4. Speed to hire – they are hired in days or at most, in weeks, not the months it takes companies to hire permanent staff into key positions. There is a market out there of proven experts, who choose this lifestyle, with the track record and references that also make this a low-risk choice for the hiring business. And who deliver huge value to the businesses they work within.
5. Value for money – although day rates can be high, fractional CMOs only charge for the time they work and do not get paid the bonuses and benefits that companies offer to permanent employees (these costs can be another 30/40% on top of base pay!). It can be an incredibly cost-effective way of resourcing a particular project or initiative, without having to commit longer term, giving flexibility to bring in the skills only when you need them.
Terri Lucas is a Board level marketing advisor and a Founding Partner of Growth Partners. Growth Partners gives businesses access to the very best marketing consultants through a range of flexible resourcing leadership solutions.
To learn more about how the team at Growth Partners can support your business, please get in touch with Emma Morrison at emma.morrison@growthpartners.org
