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Does your business need a Fractional Marketing Executive (FME)?

An FME, also known as an Outsourced/Fractional CMO, is an experienced marketing leader who becomes a part-time executive addition to your company. While an FME can be considered the same as a part-time CMO, the key difference is that the time spent by your FME will be shared amongst multiple companies he or she is serving.
This type of service can be beneficial for companies that are not quite ready to hire a full-time Marketing Executive but still need experienced leadership to accelerate their strategic objectives and reach next-level growth and profitability. An FME can help with marketing leadership without the need to outsource to an agency or a general, project-based consultant, at a fraction of the traditional cost of hiring someone full-time for your business.

The main advantage of using an FME is that you can hire someone to be involved in your business as if he or she were a Marketing Executive without needing to pay the salary of a full-time marketing executive.

I’D LIKE TO LEARN MORE
It’s worth noting that a Fractional Marketing Executive (FME) differs from an external consultant in that they typically have an active role in the day-to-day operations of a business, as if they were an employee. In contrast, external consultants are often brought in for specific key decision-making activities and remain outside of day-to-day operations. The main goal of an FME is to optimize the marketing strategies, initiatives, and campaigns of an organization to generate revenue and achieve overall business objectives. Although the FME reports directly to the CEO, they collaborate with other c-suite executives, such as the Chief Sales Officer and Chief Financial Officer, to make decisions that will impact the entire company.

What is the difference between a CMO and an FME?

The main difference is money and time. An FME will only be working for you for the strategies you pay for, while a full-time CMO will be working full-time. Paying for only a fraction of the time can be much more affordable for your business. Depending on who you hire as a CMO for a full-time position, they may only be starting out and not have the experience other CMOs have. While to be an FME they have to have this experience to do this work as they have no time to learn the tricks of the trades on a short-term contract.

How much does an FME cost?

The rates of a fractional CMO vary by project scope. Clients are typically billed under a contracted retainer for a pre-determined commitment ranging from 5-15 hours per week or by the campaign.  An FME will be cheaper to hire than a full-time CMO, saving your company money, while still providing you the expertise and guidance your company needs.

When hiring a Full-Time Marketing Executive, in addition to an average base salary being close to $175,000, the variable cost of hiring an employee is generally considered to be 1.25 to 1.5 times greater than their base salary. This means on average the annual cost of hiring a Full-Time Marketing Executive is closer to $230,000.

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What does it take to be a good FME?

An FME would need an advanced degree in business or marketing, at least 15 years working in the marketing field, and at least 7 years in a managerial or leadership role.

This is someone who has done this work before, who has seen the right level of growth that your company is looking for, and who has managed to accomplish that goal for a similar company. They should be able to manage, lead, and deliver Return on Investment (ROI) for your company. They are decisive and sure in how to get your company the marketing strategy it needs to provide the results you want.

What does an FME not do?

An FME is on the same level as an executive, which means they don’t do the grunt work, if you need people to be doing that work, you should hire an agency or more in-house employees. An FME also won’t write and send all emails to your list, they won’t upload blog posts, schedule social media posts, redesign button colors on landing pages, or track detailed metrics for every marketing asset.

They can direct, help hire or build the strategy.  But, they would need internal or external support to carry out these activities.  They are here to provide the path and tell you what you need to do, it’s up to your company to follow their advice.

Why not just hire an agency?

An agency doesn’t come up with the directions or marketing plan, they are just there to deliver the work, you need someone who can give them the directions they need to follow to drive your marketing plan to succeed.  An FME can provide that team with the leadership they need. The FME  can be used alongside an agency to create and follow through with the plan needed for your company.

How can an FME expand my marketing efforts

An FME can expand marketing by implementing a variety of strategies and tactics, such as
  • Conducting market research to identify new target audiences and opportunities for growth.
  • Developing a comprehensive marketing plan that includes tactics for reaching and engaging those audiences.
  • Utilizing a mix of traditional and digital marketing channels, such as social media, email, and content marketing, to reach a wider audience.
  • Measuring and analyzing the effectiveness of marketing efforts to continually improve and refine strategies.
  • Building and managing a team of marketing professionals to execute the plan effectively.
  • Building partnerships and collaborations with other businesses, organizations, and influencers to expand reach and achieve greater impact.
  • Utilizing data-driven marketing techniques to optimize marketing campaigns.
  • Continuously monitoring the industry trends and adapting the strategy accordingly.
I’D LIKE TO LEARN MORE

Here are the top 9 best practices for conducting an effective interview for an FME position

  • Prepare a list of relevant questions
  • Before the interview, prepare a list of questions that are specific to the role of a CMO and that will help you evaluate the candidate’s qualifications, experience, and skills.
  • Ask about their experience and qualifications
  • Ask the candidate to describe their experience and qualifications for the role, and what they believe makes them a good fit for the position.
  • Ask about their approach to setting and achieving marketing goals
  • Ask the candidate to describe their approach to setting and achieving marketing goals, and how they would align those goals with overall business objectives.
  • Ask about their experience with different marketing channels and tactics
  • Ask the candidate to describe their experience with different marketing channels and tactics, such as social media, email marketing, and content marketing, and how they would use these channels to reach and engage target audiences.
  • Ask about their experience with data and analytics
  • Ask the candidate to describe their experience with data and analytics, and how they would use data to measure the effectiveness of marketing efforts and make informed decisions.
  • Ask about their management and leadership skills
  • Ask the candidate about their management and leadership skills, including how they would build and manage a team of marketing professionals.
  • Ask about their experience with budgeting and financial planning
  • Ask the candidate to describe their experience with budgeting and financial planning, and how they would manage a marketing budget.
  • Allow the candidate to ask questions
  • Allow the candidate to ask questions at the end of the interview. This will give you an idea of how much they understand the role and if they have any concerns.
  • Evaluate the candidate’s responses
  • After the interview, evaluate the candidate’s responses, and take note of any red flags or areas of concern.

There are several reasons why a company might hire an FME
(Fractional Marketing Executive)

Cost-effectiveness
An FME works part-time or project-based, which can be more cost effective for a company than hiring a full-time CMO.
Expertise

An FME brings a high level of knowledge and experience in marketing to the company, which can be valuable for companies that don’t have a dedicated marketing team or need specialized marketing expertise.

Time commitment

An FME is not expected to be on the job full-time, so they may have more flexibility in terms of the time they can commit to the role. This can be beneficial for companies that don’t require a full-time CMO

Hiring a Part Time Marketing Executive can be a good option for companies that need marketing leadership but don’t have the resources or need for a full-time CMO. Please contact us if you would like a Free Consultation with an Experienced Marketing executive.

Mike Sweigart

Mike Sweigart is a highly regarded expert in the field of sales and marketing transformation for construction and manufacturing businesses. He has gained extensive experience over the years through consulting, training, and advising enterprises of all sizes, from small startups to large corporations.

One of his key areas of expertise is helping businesses develop and execute effective marketing strategies that enable them to open new revenue streams and grow their customer base. Through his guidance and support, many businesses have been able to achieve significant growth and improve their bottom line.

In addition to his consulting work, Mike is also an accomplished author, having published two books on sales and marketing: “Great at LinkedIn” and “Great at Email”. Both books have received rave reviews and have been recognized as top performers on Amazon.

Based in Atlanta, Georgia, Mike is a sought-after speaker and has presented at numerous workshops and conferences across the country. His insights and expertise have helped many businesses stay ahead of the competition and achieve success in today’s rapidly evolving marketplace.

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