When it comes to hiring a fractional CMO, money is a major deciding factor. It's important to have an honest and open conversation with your finance department about realistic budgets and what you can afford. A fractional CMO, sometimes referred to as an FCMO, offers the same benefits and value as a full-time CMO, but at a fraction of the cost. They are often hired as a contractor with a predetermined term rather than as a traditional employee. If you're stuck between working with freelancers or agencies and hiring a full-time CMO, a fractional CMO may be an option worth considering.
Before signing any contract, make sure you partner with someone who can take on all of the fractional CMO responsibilities. A fractional CMO has a specific purpose and isn't necessarily a substitute for a full-time marketing director. They work with their team to design a cohesive brand image and message that can be effectively communicated through marketing materials. The fractional payment rates of CMOs can vary, but instead of worrying about the cost, evaluate the value you'll receive and whether you'll save money. Clearly defining your expectations and requirements ahead of time will help you ensure that you're matched with the right fractional CMO.
Ultimately, the best way to find a fractional CMO is to map out exactly what you need and base your hiring criteria on that.