When it comes to ensuring that your fractional CMO is accountable for their performance, there are a few key steps you can take. First, it's important to ensure that the fractional CMO is familiar with the norms and values of your company's culture. This will help them to lead the team effectively and ensure that they are meeting key performance indicators (KPIs). Metrics such as sales are important KPIs that measure the success of the team and its strategy.
It's also important to make sure that the fractional CMO is able to work well with your current marketing or sales team, and that they are able to adapt in order to foster collaboration and cooperation. When it comes to managing money invested in paid advertising, paid media, social management, and paid SEO, a good fractional CMO should take responsibility for this. The only exception is if you want them to evaluate and hire other external agencies or fill vacant marketing positions in your company. Ultimately, the performance of a good fractional CMO depends on their ability to manage marketing channels, resources, and strategies that will generate additional revenue for your company.
It's also important to consider whether or not you need a fractional CMO at all. If they jump straight into execution without asking questions about current strategies, this is not a fractional CMO. For many companies, it doesn't make sense to hire a full-time CMO since they don't have enough work for them to do on a weekly basis. A fractional CMO is a great option for companies that need a long-term solution for their marketing department but don't need full-time work.
They can provide structure, strategy, and leadership to your marketing team, as well as an external perspective that can help you build on current strategies and highlight new opportunities. When hiring a fractional CMO, it's important to consider how much time they need to learn about your company. Additionally, once strategic growth objectives have been established, allow your fractional CMO to allocate dollars for the highest ROI. A true fractional CMO of a brand should not be looking to leave their job quickly and get a full-time leader; instead, they should be focused on helping your company grow.