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Thinking of Becoming a Fractional CMO?
Here’s What You Need to Know...
So, you’re thinking about stepping into the world of the Fractional CMO? The appeal is real – you get to work across multiple brands, maintain flexibility, and, let’s be honest, potentially earn a pretty penny. But before you dive headfirst into this exciting role, there are a few important things to keep in mind. The life of a fractional CMO can be as rewarding as it is challenging, so here are some top tips to ensure you’re prepared!
Know Your Worth and Sell Your Value
First and foremost, you’ve got to be crystal clear on the value you bring. Fractional CMOs are brought into organisations for their expertise, but it’s easy to get caught in the trap of over-delivering. Be comfortable with selling your value, and set boundaries from day one. Define what you will deliver upfront and ensure your clients understand what to expect. In Australia’s competitive marketing landscape, where CMO salaries can range from $230,000 to $330,000 according to the 2024 New Chapter Salary Guide, it’s essential to stand firm on what you're worth.
Time Management is Crucial
Juggling multiple clients means being a time-management wizard. You need to set clear boundaries on how much time you can realistically commit to each client. Many fractional CMOs work with three to five clients at a time, but this will depend on the complexity and scope of each engagement. The ability to prioritise and balance different projects will help you stay productive and ensure that no client feels neglected.
Cash Flow – The Less Glamorous Side of Freelance Life
Let’s talk about the cash flow. As a fractional CMO, you’re responsible for chasing your own invoices and managing your financials. The freedom of working independently comes with the occasional hassle of chasing payments. While Australia is known for a generally prompt payment culture, it’s still common for small businesses to experience delayed payments, with an average invoice payment time of 27 days according to Xero’s Small Business Insights. It’s wise to establish clear payment terms and be prepared to follow up on overdue invoices – it’s not glamorous, but it’s part of the gig!
You're an Outsider – and that’s a Double-Edged Sword
As a fractional CMO, you’ll always be seen as somewhat of an outsider. On the one hand, you bring a fresh perspective to the table, and that’s exactly why companies hire you. However, this can also work against you. Sometimes, you’ll be viewed as a temporary solution, which means you could face resistance to change, even when you’ve been brought in to lead a transformation. Managing relationships and building trust quickly is essential for getting things done.
It’s a Sales Game, Always
There’s no such thing as “set it and forget it” when you’re a fractional CMO. You need to be in constant sales mode to keep your pipeline full. Landing clients is great, but maintaining a steady flow of opportunities is essential for long-term success. According to HubSpot’s State of Marketing report, 65% of marketers in Australia say generating traffic and leads is their top challenge. Fractional CMOs are no exception to this rule – you’ve got to be proactive about business development and comfortable with rolling up your sleeves to sell your services.
Loneliness and Isolation – The Less Talked About Reality
Being a fractional CMO means you’re often a solo operator. While this independence can be empowering, it also means you won’t have the consistent camaraderie of a team like you would in a full-time CMO role. Yes, you’ll collaborate with internal teams, but you’re not going to be around long enough to build deep relationships. Over time, the isolation of working alone can become a real challenge, so it’s important to find ways to stay connected – whether it’s through networking, mentorship, or simply finding a community of fellow freelancers.
Exciting, Rewarding, and Flexible – But Keep It Real
Don’t get me wrong – the life of a fractional CMO can be incredibly rewarding. It’s flexible, exciting, and allows you to work on a variety of projects. If you’re in between jobs, it’s a fantastic way to keep your skills sharp and your income flowing. However, this lifestyle requires a high level of adaptability, a proactive mindset, and the ability to manage relationships effectively. Success in this space comes from being strategic, setting clear expectations, and embracing the hustle that comes with the territory.
So, if you’re up for the challenge, a career as a fractional CMO could be a perfect fit. Just remember to balance the excitement with the realities – and you’ll be ready to thrive!
Thinking of Becoming a Fractional CMO?
If you’re curious about taking the leap into the world of fractional CMO roles or need advice on how to get started, Lucy at New Chapter Talent is here to help! Whether it’s understanding the market, negotiating your value, or navigating client relationships, reach out to Lucy for expert guidance tailored to your career goals.
Connect with Lucy at New Chapter Talent and get the support you need to thrive in this exciting career path!
📧 lucy@newchaptertalent.com.au
📞 +61 416 153 144
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