Today’s guest is Jon McMonagle, the Director of Enrollment at CMOx. Jon helps marketers become Fractional CMOs so they can solve bigger problems. In this episode, Jon shares where the growing demand for Fractional CMOs is coming from, why Fractional CMOs are not the same as consultants, and what lies ahead for fractional work.
Takeaways
- The range of companies that are now looking for Fractional CMOs has grown drastically over the past few years. Although the early demand came from B2B SaaS companies, now legacy businesses that have existed for decades are looking for Fractional leaders.
- A driving force behind the increased demand for Fractional CMOs is private equity firms that have analyzed the business model and are looking for the insights of a CMO without paying someone a full-time salary.
- Once a Fractional CMO establishes a relationship with a private equity firm and shows them the results they are looking for, that private equity firm will often introduce the Fractional CMO to their other ventures and become a valuable referral partner.
- Many seven to eight-figure businesses have traditionally thought that a CMO would be inaccessible due to their salary demands, however, through the fractional model, these companies can now get access to the crucial marketing leadership they need.
- The difference between a Fractional CMO and a marketing consultant is that consultants come in to fix a marketing problem and leave, whereas a Fractional CMO comes in to fix a structural problem and they tend to stick around with their clients.
- Becoming a Fractional CMO is so much more than just doing run-of-the-mill marketing work. The role requires you to provide not only strategy but also leadership. If you are a great marketer but you can’t lead, you’re going to struggle to be a Fractional CMO.
- While marketing tactics will change and become more complex in the future, the strategy and value proposition of a Fractional CMO will become more important.
Quote of the Show:
- “A Fractional CMO will come in to solve a structural problem, it just happens to pertain to marketing” - Jon McMonagle
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