Last week, as I was helping my client develop her offer, she mentioned she is considering pivoting to become a fractional CMO. The CXO route can be a good model to consider if you have the skills to pull it off; not everyone has the mad skills of Tom Cruise in Cocktail.
My client has those mad skills, and I wondered if any StraightUp folks are considering the CXO route, so let's take a quick trip down the CXO lane and see what falls out.
What's a Fractional CXO?
First, let's get clear on the menu. The concept of a fractional CXO allows you to insert your X into their C__O via roles such as a fractional Chief Marketing Officer (CMO), Chief Technology Officer (CTO), Chief Financial Officer (CFO), or other executive c-suite positions.
CXOs allow companies to skip buying the bottle and opt for a shot glass or long pour instead. They're part-time execs who pack a full-time punch of executive-level management, strategy, and seasoned leadership to any business without the company breaking the bank for a corner office.
If you are looking for a role that allows for a more flexible lifestyle (which my client is), the CXO route can be professionally and personally beneficial.
Why a Fractional Top Hat?
As we continued our discussion on the CXO model, we eventually got to the Pros and Cons of the role. One of the biggest Pros for my client is that you get to taste different business brews without the morning-after commitment. Additionally, it allows her to flex her strategic muscles, build a diverse portfolio, and avoid the monotony of the same old corporate politics.
Here are some key points about the fractional CXO Role we discussed.
Benefits for the company
Cost-Effective
Hiring a fractional CXO is more cost-effective than a full-time executive, as the company only pays for the services it needs.
Flexibility
Companies can engage a fractional CXO for a specific project, during a transition period, or for ongoing strategic guidance without the commitment to a full-time position.
Expertise
Companies benefit from a Fractional CXO's wealth of experience and can bring best practices, strategic insights, mentorship, and needed leadership to the company.
Scalability
As the company grows, the role of the fractional CXO can evolve. The company can increase the executive's hours or transition to a full-time position.
Benefits to the Sole Proprietor
Lifestyle
As mentioned at the beginning, you have the freedom and flexibility to shape the role to meet your desired lifestyle because you're part-time.
Fewer clients - bigger bucks
Typically, solopreneurs need upwards of 20 clients, maybe more (inflation), to meet or exceed their compensation needs. As a CXO, you may only need five clients to hit $500K.
Work in your zone
Imagine working with people you like, on projects you enjoy, and using your mad skills all day.
Objective Perspective
Since you are not involved in the day-to-day operations, you can provide an objective perspective on the business strategy and operations.
Cons of the Fractional CXO life
Being a fractional CXO is not all fun and games; you will be subjected to many of the same corporate politics and games a full-time CXO experiences, such as:
- Last minute changes
- Conflicting agendas
- Difficult people
- PowerPoint
But the good news is, if you feel like you're becoming more of an employee, you're not stuck with a full-time commitment. Like a fine wine subscription, you can cancel anytime – no strings attached.
What it takes to pull it off
I know. At this point, being a fractional CXO sounds fantastic, and it certainly can be, but (there's always a but) you still need to focus on distilling your brand positioning, overall branding, messaging, and creating an irresistible offer, which brings us back to the start of the email.
You can't just say you're a fractional CXO; snap your fingers, and voila! You're there. Well, technically, you can, but you should put some things in place first.
1 Clarify your messaging and positioning
Even though you'll engage with various disciplines, social, content, email, campaigns, etc., your messaging and positioning must be focused on the type of company you want to work with and the specific role you want to play.
2 Focus your offer
Just like a signature cocktail, you need an offering that is unique to you. Offering "everything" won't work long-term. You'll wear yourself down and become an accidental employee.
To prevent this, you need to package up an offer that leverages your strengths and clearly defines what you will and won't do, like my client and I did for her offer at the beginning of this email.
3 Align your Marketing
With your messaging and offer defined, marketing becomes infinitely easier. Instead of marketing for everything, your marketing aligns with what you offer and the benefits the companies receive from hiring you.
Last Call
So, whether you're looking to add a dash of executive flair to your business or you're an exec who's ready to spread your wings, the world of Fractional CXOs could be the playground for you.
Speaking of things that could be for you, if you're considering this route or you're already on the solopreneurship path, The Brand Messaging System™ could be for you.
Like a blended or on-the-rocks margarita, The Brand Messaging System™ is available as a peer group or a 1:1 program guided by me. You'll learn to articulate who you are and what you do, package up a high-ticket offer (no more selling multiple $37 products), and market your product or service confidently.
Warning though. Unlike a bar, I don't just let anyone into the programs; only the most ambitious are allowed in. If you think you've got what it takes, reply to this email, and I'll send you the deets.