In the wake of the pandemic, we've seen a rise in flexible work arrangements, including remote companies, part-time tech jobs, and freelance consulting. Many senior-level leaders have also taken on fractional roles. However, as the supply and demand for fractional leaders increase, so does the confusion about what the title means and how these roles work.
In this article, I'll leverage my own experience as a fractional marketing leader to:
Explore where fractional leadership lies on the "Expertise as a Service" spectrum
Share how fractional marketing leaders differ from other marketing EaaS roles
Navigate common pitfalls of fractional leadership hires
Uncover why companies should hire fractional marketing leaders
Discuss the larger impact of fractional roles
By the end, I hope to have prepared you to engage in a successful fractional arrangement in the upcoming year. I will also establish a framework that I hope will set some industry standards and improve equity in the burgeoning fractional market in Malaysia.
Understanding “Expertise as a Service”
The "Expertise as a Service" (EaaS) spectrum is a rapidly growing landscape and is a model that allows businesses to access specialized expertise on-demand, without the need for full-time employment. There are a number of benefits to leveraging the EaaS spectrum, including:
Diverse service offerings: EaaS encompasses a wide range of specialized expertise available as on-demand services, from marketing and sales to IT and finance.
Flexibility and scalability: Businesses can access the required expertise on a per-need basis, allowing them to scale their operations up or down as required.
Expertise accessibility: It ensures access to high-level expertise that might otherwise be unavailable or too expensive.
Cost-efficiency: By accessing specialized expertise on a per-service basis, businesses can avoid the costs associated with long-term contracts.
Industry-tailored solutions: The EaaS spectrum caters to various industries, providing tailored and targeted solutions.
Time-saving: Traditional recruitment processes can be time-consuming, EaaS streamlines this process by connecting businesses with experts who are ready to start working immediately.
Innovation and fresh perspectives: Experts from diverse backgrounds and experiences can offer new insights and creative solutions to challenges that businesses may face.
To make the most of the EaaS, businesses can consider the following suggestions:
Research and evaluate: Thoroughly research different service providers to evaluate their expertise and service quality. Look for case studies and client testimonials to gauge their track record.
Clearly define requirements: Clearly communicate your specific expertise requirements to ensure a seamless engagement with the service provider. This will help them understand your unique needs and deliver tailored solutions.
Explore collaborative platforms: Consider utilizing collaborative platforms that connect businesses with a pool of specialized experts. These platforms provide easy access to a diverse range of expertise.
Leverage feedback and reviews: Utilize feedback and reviews from other businesses that have utilized the services to assess the reliability and effectiveness of potential service providers.
Stay updated with industry trends: Keep yourself informed about the latest trends and advancements in the EaaS areas. This will enable you to leverage new technologies and stay ahead of the competition.
The EaaS spectrum is a valuable resource for businesses of all sizes and by leveraging the benefits, businesses can access the expertise they need to succeed, efficiently and effectively.
So where does fractional marketing leadership fit on the EaaS spectrum?
Fractional marketing leadership falls somewhere between consulting and advisory services on the EaaS spectrum. Consultants typically provide one-time or short-term engagements, while advisors offer ongoing guidance and support. Fractional marketing leaders, on the other hand, work with companies on a more hands-on basis, often serving as a de facto CMO or Marketing Director.
Here is a table that summarizes the key differences between fractional marketing leadership, consulting, and advisory services on the EaaS spectrum:
Engagement | Fractional Marketing Leadership | Consulting | Advisory |
Duration | Part-time, ongoing | One-time or short-term | Ongoing |
Role | Hands-on, de facto CMO or Marketing Director | Project-based or focused on specific deliverables | Guidance and support |
Level of Expertise | Senior-level marketing executive | Expert in a specific area of marketing | Expert in a specific area of business |
Let’s dive a little into Marketing Advisors and Consultants.
Advisors provide feedback and guidance to businesses on a limited basis, without actually executing on any tasks. They could be world-class operators with a specific set of knowledge that is critical to a company's success.
The commitment level of advisors varies greatly, with most meeting with founders monthly and some "hands-on" advisors dedicating a few hours per week. Regardless of their time commitment, advisors function to provide advice and don't typically interact with people outside of the core leadership team or own any tangible deliverables.
Consultants are typically hired to work on specific projects or initiatives, such as developing a go-to-market (GTM) strategy or launching a new product campaign. And they are more likely to be experts in a specific area of marketing, such as digital marketing, social media marketing, or content marketing.
Typically, marketing consultants charge on a project basis, while marketing advisors charge on a retainer basis.
A fractional marketing leader can be hired on a part-time or contractual basis, usually spending a dedicated number of hours per week with the in-house team and stakeholders. Fractional marketing leaders have a deep understanding of all aspects of marketing, including strategy, leadership, and execution and can fit into the three pillars of business success in a number of ways:
Leadership: Provides leadership and guidance to the organization's in-house marketing team. They can motivate and inspire the team to achieve their goals.
Strategy: Develops a clear and concise marketing strategy, identifying its target market and building personas, define its value propositions, and plan tactics and key messaging to hit targets.
Execution: They can oversee execution their marketing strategies effectively. Managing timelines and budgets, content approval and generate insights from marketing data.
Compensation for fractional marketing leaders can come in many forms and varies widely based on industry, experience, company stage, etc. However, the main approach is to charge by time spent, after agreeing on a base number of hours a week and an estimated length of time (months) to achieve results.
Common Pitfalls of a Fractional Leader
Key things to look out for are communication, trust, and goal-setting factors.
The biggest obstacle for fractional leaders is the communication gap. Working reduced hours means missing out on events, which can lead to playing catch-up with the company and team. However, this can be mitigated by:
Investing in asynchronous communication. Encourage team members to post regular updates in Slack instead of only sharing them verbally in meetings.
Avoiding information overload. It's difficult to stay up-to-date on everything happening in a company. Instead, focus on updates from relevant departments or projects.
Touching base weekly. If your company is in a period of instability, schedule a 30-minute weekly meeting with the leadership team to discuss high-level changes, such as pivots in strategy, critical customer feedback, or staff changes.
Building trust across the organization is essential for any leader, but it can be more challenging for fractional leaders who work on a reduced-hour schedule. To get the most out of a fractional arrangement, mutual trust between management and the fractional leader is essential.
This can only happen when the fractional leader embeds themselves within the company, whether physically or virtually. Fractional leaders are not drive-by consultants; they become part of the leadership team and collaborate consistently with other members. They work week in, week out (or month in, month out) with the team or function they lead, getting to know the business, people, and culture over time.
Here are some specific things that fractional leaders can do to build trust:
Be transparent and communicative. Share your goals and plans with your team and management, and be open to feedback. Keep everyone updated on your progress, and be honest if you encounter any challenges.
Be a team player. Be willing to roll up your sleeves and help out wherever needed. Be supportive of your team members and celebrate their successes.
Be reliable and trustworthy. Deliver on your promises and commitments. Be someone that your team and management can count on.
Fractional marketing leaders will specifically oversee a function that the management team does not have expertise in. This can lead to vague goals, such as "we need marketing help."
Successful fractional engagements go deeper and target a specific sub-organization or problem, such as "we’re not generating enough leads" or "we're unsure how to automate marketing".
Often, business owners or founders are unsure of the exact marketing goal, so it's important for the fractional marketing leader to help establish specific goals and targets. This is often done with a discovery period before the formal agreement begins.
Why businesses should consider hiring a Fractional Marketing Leader?
Lack of specialized marketing knowledge: Too often, startups and small-medium enterprises (SMEs) lack the specialized marketing knowledge and data needed to make informed decisions and develop effective strategies. A fractional marketing leader can provide the guidance and expertise needed to navigate the complex and ever-changing marketing landscape.
Misallocation of resources: With limited resources, it is essential to make every dollar count. A fractional marketing leader can assess the return on investment of marketing initiatives, optimize budgets, and save companies from costly missteps.
Ignoring market trends: It is important for businesses to stay up-to-date on the latest market trends and adapt their strategies accordingly. A fractional marketing leader can provide a broader perspective and help businesses stay aligned with the market.
Poor strategy execution: A brilliant marketing strategy is nothing without effective execution. A fractional marketing leader has the experience and discipline to bring marketing strategies to life.
Neglecting growth planning: Many startups fail to plan beyond the initial stages. A fractional marketing leader can help businesses develop a robust growth plan that sets them up for long-term success.
As a fractional marketing leader, I am excited and optimistic about the future of this rapidly growing and evolving industry. Fractional leaders offer top-level expertise on a part-time basis, which is a flexible and cost-effective option for businesses of all sizes. As the industry evolves, I expect to see further advancements in technology and an even wider range of service offerings, creating a more competitive market but providing more choices and tailored solutions for businesses.
I believe this is a win-win for both professionals and businesses. Fractional leaders can benefit from the flexibility, autonomy, and equity that come with fractional roles. Sometimes these arrangements transition into a full-time executive role, and sometimes they sustain as fractional roles for years. Regardless of the duration, we can use our newfound time to support and pursue other interests.
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