Editor’s Note: The growing trend of fractional executives is making the C-suite look more like the gig economy, The Wall Street Journal reported last week. Highly skilled and experienced CEOs, COOs, CFOs and CMOs are electing to take part-time jobs, often for more than one company at a time.
The strategy helps small and mid-sized companies fill these key roles on an interim basis or operate permanently without a full-time executive, while providing the part-time executives with more work/life balance. One executive profiled in the WSJ story wanted to travel less than her full-time job required while another wanted to travel more for leisure, which the fractional work allowed her to do.
Bizzuka Inc. provides fractional chief marketing officers to client companies. Bizzuka submitted this content about the differences between a fractional CMO and one that is hired full time.
As a business owner, you know that having a strong marketing strategy is essential for driving growth and success. But with so many options available, it can be difficult to decide which type of marketing leadership is best for your company.
Two popular options are a fractional CMO (chief marketing officer) and a full-time CMO. While both can bring valuable skills and experience to your team, there are key differences that you should be aware of before making a decision.
1. Time Commitment
The biggest difference between a fractional CMO and a full-time CMO is the time commitment needed.
A full-time CMO will typically work 40 hours or more per week, while a fractional CMO works on a part-time or project basis. This means that a full-time CMO will be more involved in the day-to-day operations of your marketing department, while a fractional CMO may only be available for a set number of hours or specific projects.
2. Cost
A full-time CMO will typically have a higher salary and benefits package than a fractional CMO, as they will work more hours. A fractional CMO can be a more cost-effective solution for businesses that do not have the budget for a full-time CMO, or only need marketing support on a part-time basis.
3. Experience
Fractional CMOs and full-time CMOs both bring valuable experience to the table, but the extent of their experience may be different.
As a part-time employee, a fractional CMO can take on multiple clients at once, which means they can bring a diverse range of experience and skills to your business. A full-time CMO may have a narrower focus, but a fractional CMO who has their hands in many different pots may be able to offer a broader perspective.
A fractional CMO may even come with an experienced marketing team of their own to consult with, getting the party started faster than a full-time CMO who’s on their own.
4. Flexibility
A fractional CMO is often more flexible than a full-time CMO, however, both will offer the same services. Because a fractional CMO is so flexible and can be brought in as needed, you can save money by only paying for the services you need when you need them.
5. Availability
A full-time CMO is typically available to work on your marketing strategy and campaigns on a daily basis. A fractional CMO, on the other hand, may only be available for a set number of hours or specific projects.
This can be both a positive and a negative, depending on your business needs. If you need someone to be available on a daily basis to handle immediate marketing issues, a full-time CMO may be the better choice. But if you only need someone to work on specific projects or campaigns, a fractional CMO may be a better fit.
When it comes to deciding between a fractional CMO and a full-time CMO, it’s essential to consider your business’s unique needs and goals. Whether you need full-time or part-time depends on where you are growth-wise and your capacity to meet that growth.
Both types of marketing leaders can bring valuable skills and experience to your team, but they have different time commitments, costs, and areas of expertise. It’s important to weigh the pros and cons of each option and choose the one that will best support your business’s growth and success.
Bizzuka Inc., based in Lafayette, Louisiana, places fractional CMOs that work to optimize each client’s strategy to help them retain current clients and recruit new ones.
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