Fractional Executives: Are They Still Needed?
Every company needs effective leadership, and the most impactful leadership teams include experts that can leverage their industry-focused experience and knowledge for the business’s benefit. These types of executives are able to look beyond what a company has always done and examine how the company actually performs in the market, as well as how it appears to stakeholders and potential investors. It turns out that, for many companies, the best way to achieve this is to work with someone from outside the organization: a fractional executive.
A Brief Introduction to the Fractional Executive
Fractional executives are business leaders that firms hire on a temporary or contract basis to come in and lend insight and expertise with the goal of business growth and success. A fractional chief marketing officer (CMO), for example, can handle the marketing aspects of the business from a business-wide perspective, giving guidance and direction to campaigns in line with business goals and vision.
Fractional executives can work with a company on an “on and off” basis or for a set amount of time to help with a particular transformation project or marketing campaign. This provides businesses with flexibility and often helps the permanent leadership team learn new skills that are transferable across different areas of the business.
Benefits of the Fractional Executive
Fractional executives are highly focused on success for several reasons:
Their reputation as a freelancer relies on your business’s growth or success
They’ve worked with many companies in a wide range of industries and can bring genuine “outside-the-box” thinking to your boardroom
Fractional executives often have very specific goals, such as ensuring a particular marketing campaign is successful, so they are able to drill down to granular detail and dedicate their efforts solely in that direction without distraction by other, unrelated company matters
A fractional CMO will work with the rest of your business’s leadership team but won’t have any bias and bring a truly objective, external perspective that allows them to be cool, calculating, and really see how your business is performing in the market. Sometimes, the messages a fractional CMO delivers might not be what you want to hear! But they’re there to help fix any issues — not to judge. Fractional executives can say, without a doubt, what parts of the business strategy are working, which aren’t, and which have the potential to make waves.
Fractional executives are ideal for startups that might not have the budget for a new, permanent executive hire. Fractional CMOs are particularly suitable for helping new ventures source funding at critical stages.
Why Companies Need Fractional Executives Now More Than Ever
As the world starts opening up and we learn to live with the COVID-19 virus, there’s a tendency to assume that there’s some sort of “business as normal” to return to. Of course, that’s not the case. More Americans than ever are working remotely compared to pre-pandemic levels, with 40% believing this boosts productivity and innovation. Disruptive technologies have transformed the way we communicate and do business, and investment echoes that with a narrow focus on innovative tech ventures aimed at resilience and growth in an ever-more volatile world.
Partnering with highly qualified and experienced fractional executives gives you an edge. A fractional CMO has normally worked with dozens of tech startups, all of whom are trying to prove that their innovation is the world-changer the market needs right now. A fractional executive will be able to show you the results for any of these companies, to reassure you that you’re choosing the right person for the job. Freelance marketing executives are able to use their broad market knowledge, connections, and deep understanding of the digital market landscape to make sure your product breaks ahead of the crowd.
Marketing budgets are higher than ever, so it makes sense that companies still want to streamline their expenses by hiring the most qualified person, as and when they need them.
Final Word
Here at Arch Collective, we’ve worked with tech startups from a range of emerging industries, including FinTech, PropTech, InsurTech, and more. We can look at your brand messaging and pair you with an experienced fractional CMO with proven results getting startups like yours the Series B funding they need — or even work toward an acquisition. If you want to learn more about getting your ideas in front of the right people, book a 15-minute introductory call with our dedicated and experienced marketing team to find out more.
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