Flexible Leadership: The Rise of the New CMO

In an age of disruption, the role of Chief Marketing Officer (CMO) has been disrupted too.

Historically, a CMO has been responsible for shaping an organisation's brand identity, crafting marketing strategies, and driving revenue growth. A recent article by McKinsey & Company advises that marketing departments responsibilities have expanded well beyond this remit.

Successful CMOs must now also be change makers - unifiers that support the long term vision of a company while delivering short term results in turbulent market conditions. 

They are now required to deliver transformation alongside growth - and do more with less.

Adding to market dynamics and the additional capability required of the role, companies also face the perpetual challenge of balancing resource allocation while striving for growth. This is particularly so for startups and small to medium-sized enterprises (SMEs). 

The need for specialised expertise can often outstrip available resources and budgets. Therefore the historical model of hiring a full-time Chief Marketing Officer (CMO) may not align with many company requirements.

How can this gap in the market be addressed?

Enter the Fractional Chief Marketing Officer (FCMO) - they offer businesses a flexible leadership solution that provides access to top tier talent without the commitment (or expense) of a full-time hire.  

Understanding the FMCO vs. CMO

At its core, a FMCO is a seasoned marketing executive who offers their expertise and leadership on a part-time, project or on-demand basis. 

Unlike a traditional full-time CMO, who’s employed by a single company and oversees its entire marketing strategy, they work with multiple clients simultaneously, providing strategic guidance, insight, and execution across a range of marketing initiatives.

The skills required to be an effective FMCO may vary based on the size, industry and lifecycle of a business. 

However, broad capability and senior management experience, coupled with consulting expertise across a range of business types and size are desirable.

The Difference Between a Strategic Marketing Consultant and FMCO

The difference between both roles is quite simple. 

Essentially, the scope of the FMCO role goes beyond strategic marketing guidance. 

A marketing consultant is brought into an organisation to solve a problem in a strategic way, however they won’t be involved in the implementation or optimisation of it. 

In contrast, the FMCO develops and shows how to deliver the strategy. This may involve managing marketing personnel, agents  and key stakeholders (including the C-suite). They also collaborate broadly across businesses with strong and competent leadership experience. 

Importantly, FMCOs are adept at switching seamlessly between strategy and execution to drive deliverables (and must be able to illustrate how they have achieved this in past roles).

In summary, the key difference is that the FCMO will deliver an overarching strategy and not just trust that the organisation will implement it - they will show them how. This provides continuity and a commitment to deliver results. 

Roles and Responsibilities of the FCMO

1. Strategic Planning & Execution

   FCMOs work closely with their clients to develop comprehensive marketing strategies that integrate brand and demand, tailored to their unique goals and objectives. From market research and competitor analysis to brand development and customer acquisition, they provide strategic direction and oversee the execution of marketing campaigns to drive results.

2. Financial Stewardship

   FMCOs need to have the financial skills to get the balance right between investment in growth strategies and expense minimisation. This is achieved through budget management, effective resource allocation (see point 3 below), cost control and responsiveness to changes in market conditions.  

3. Resource Optimisation

   Adept at optimal resource allocation, FMCOs ensure that budgets and agents or suppliers are utilised efficiently to maximise return on investment (ROI). They also build and manage marketing teams and collaborate key stakeholders to drive outcomes.

4. Specialised Marketing Expertise

   Due to their extensive experience, FMCOs often bring specialised expertise in specific areas of marketing, such as brand development, digital marketing, or content strategy. Generative AI now also tops the list, along with personalisation for deeper customer engagement.

   Their focused skill set enables them to provide targeted solutions tailored to the unique needs of each client, driving greater effectiveness and efficiency in marketing initiatives.

5. Flexibility & Scalability

   One of the key advantages of the FMCO is the flexibility it offers. Candidates therefore need to have a broad skillset and be agile to changing requirements. 

   Regardless of whether it's launching a new product, entering a new market, or scaling up existing marketing efforts, effective FMCOs need to hit the ground running - and be able to seamlessly switch between strategy and execution.

   This flexibility allows businesses to adapt quickly to changing market conditions and seize opportunities for growth.

6. Collaborative Leadership Style

   In instances where a company is in transition or experiencing a temporary gap in leadership, a FMCO can step in to provide interim management and continuity until a permanent solution is found. Unification and collaboration across the company during these times is key. The FMCO should be adept at nurturing relationships for effective leadership.

   This ensures that marketing initiatives remain on track and aligned with business objectives during times of change or expansion.

7. Measurement & Demonstrating Value

   Actively defining and measuring against clear KPIs is key to FMCOs to optimise their efforts to deliver better outcomes. 

   Being adept at integration of data and analytics and the ability to illustrate marketing attributed revenue is key.

8. Creative & Visionary

   While  analytical tools are often viewed as essential for any contemporary marketer, there are now indications of an imbalance. According to the Deloitte 2023 Global Marketing Trends Report, organisations may now lack the creativity needed to meet the challenges of the modern business world, due to lower emphasis on creative skills among CMOs and in the C-suite. 

   Therefore, FCMOS, like their full time counterparts, still require creative prowess and experimentation as the brand custodian of the company - however it’s much broader than this. They must also have a sound understanding of purpose, sustainability, governance, technology, legal and regulatory changes as well as other market trends. They must be adept at balancing short and long term objectives. 

Is the FCMO Right for Your Business?

Determining whether to engage a Fractional CMO depends on various factors, including the company's stage of growth, budget constraints, and specific marketing needs. 

Here are some scenarios where hiring a FMCO might be advantageous:

• Startups

  Startups often operate with limited resources and may not require a full-time CMO in the early stages. Engaging a FMCO allows them to access strategic marketing expertise without committing to a permanent hire, enabling them to launch and grow their businesses more efficiently.

• Small to Medium-Sized Enterprises (SMEs)

  Similarly, SMEs may find it challenging to justify the expense of a full-time CMO, especially if they have limited marketing budgets. The FMCO offers a cost-effective solution for SMEs looking to enhance their marketing efforts and compete more effectively in their respective markets.

• Specialised Projects

  Companies embarking on specific marketing initiatives, such as launching a new product or entering a new market, can benefit from the targeted expertise of a FMCO. By leveraging their specialised knowledge and experience, businesses can ensure the success of their projects and achieve their desired outcomes more effectively.

• Interim Leadership Needs

  In cases where a company is undergoing leadership transitions or restructuring, a Fractional CMO can provide temporary leadership and strategic direction to keep marketing initiatives on track. This can help businesses maintain momentum and continuity during times of change, ensuring that marketing efforts remain focused and aligned with business objectives.

Conclusion

In an increasingly competitive business landscape, the role of marketing has never been more critical. 

However, for many companies, hiring a full-time CMO may not be feasible or practical. 

FCMOs enable companies to access top-tier marketing talent without the commitment of a full-time hire. 

Whether you're a startup looking to gain a competitive edge or an established SME seeking to optimise your marketing efforts, engaging a FMCO can be a strategic investment that pays dividends in driving business growth and success.

About the Author

Awarded internationally, Katrina Savell is a seasoned FCMO (Fractional Chief Marketing Officer) renowned for her leadership expertise, strong track record and passion for developing businesses as a force for good. With extensive experience in executive and consulting roles, she has excelled in steering marketing and communications strategies across diverse sectors, from startups to multinationals. Skilled in managing the C-suite and engaging business owners, Katrina's collaborative approach has consistently yielded impactful results, elevating brands, driving growth, and making a positive difference in the world.