Fractional marketing executives are the latest trend in the IoT industry. It’s easy to see why — you get all the benefits of a CMO or VP of Marketing at half the price. Right? Well, not exactly. 

A fractional marketing executive works part-time for multiple companies. It’s true that this arrangement can be advantageous for marketer and company alike. The fractional marketer gets to work on their own schedule. Growth-stage companies get marketing expertise without a lengthy, expensive C-suite hiring process. Everybody wins.

But what if your company doesn’t have a strong culture of remote collaboration? Or your budget is too tight to attract quality talent, freelance or otherwise? 

Make no mistake: a fractional marketing executive is not right for every company. Here’s how to tell if it’s right for yours.

You are great remote collaborators

Has your company seamlessly transitioned to remote work during the pandemic? Can employees find the information they need to do their jobs without getting into email back-and-forths? 

Excellent! A foundation in remote collaboration is a must if you want to hire a fractional marketing professional.

If not, hit the pause button. A fractional marketing professional is almost certainly going to be a remote-first addition to your team. They will need access to data and assets. They will need to work through strategic decisions over Zoom meetings. If this doesn’t appeal to you now and long after the Covid-19 crisis ends, a fractional CMO may not be for you.  

You have the budget to hire well

Full-time marketing executives expect high salaries, benefits, and health insurance. In return, you get their full attention — 40 hours a week, more or less, of an experienced marketer devoting themselves to your company’s growth. 

Your company might not be ready for that kind of expense. More to the point, it might not be necessary. 

Growth-stage companies don’t always need a full-scale marketing strategy. In that case, they can pay for what they do need — part-time guidance.

A fractional executive doesn’t have to cost as much as a full-time employee and marketing department. But buyer beware: you don’t want to go too cheap.

You want to pay enough to attract an experienced marketing professional who wants to help companies grow — not a huckster who will collect a check from as many as possible. If you find yourself hesitating at rates above $200 an hour, remember that you get what you pay for.

You can handle honest feedback

A fractional executive is not your employee: they’re an independent expert providing you their insight. As a result, they might tell you things the marketing assistant you hired wouldn’t. Things like: 

• Your messaging isn’t working
• Your target customer isn’t who you think they are
• You need to spend a lot more money on this campaign to see a return
• Your favorite marketing channel isn’t generating the ROI you think it is
• You need more content —  a lot more content

Of course, to receive constructive criticism well, company leaders need a strong relationship with the fractional executive. Make sure you trust the expertise of anyone you hire. 

You need marketing help now

On average, the hiring process for a C-level executive takes 71 days.  If your current marketing strategy is working, a little over two months’ wait for an overhaul may sound just fine. 

But many companies begin to look for marketing help when performance is already flagging. In that case, every day counts. After all, marketing takes time to work — populating your site with quality content will bring in leads, but it can take six months or more to see the full results. 

A fractional marketing executive can get up-and-running in a matter of days. 

At the same time, try not to rush the process too much. As the saying goes, “measure twice, cut once.” Before you commit to a working relationship with a fractional marketer, make sure they are a good fit with your organization. Do they understand your product, culture, and vision? Do they have a track record of success?

If the answer to these questions is no, you may be better off waiting. If the answer to these questions is yes, go full steam ahead!

The ThreeTwelve Creative team provides fractional executive services to IoT and SaaS companies we believe in. Interested? Contact us today!