The Future Is Fractional – Meet Laurie Parfitt A fractional CMO Taking The Industry By Storm
- Apr 27, 2023
- 4 min read
Written by: Elana Cohen, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
I had the pleasure of speaking to the CEO & Principle of LKP Impact Consulting. Laurie is an accomplished executive, leader, and coach who inspires companies with her vision for what’s possible and her ability to execute and drive results. She has over two decades of driving innovation & execution across multiple functional areas. Laurie and her highly engaged team bring a unique perspective based on their extensive experience across multiple industries.
How did you start your career as a Fractional CMO?
I started my career as a Fractional CMO after the 2020 capital markets crisis in the cannabis space. At that time, I fell into consulting and discovered my passion for working with small to mid-size companies. When I decided to transition from consulting being a stop-gap to a full-time business, I had to come up with a vision for the firm. Initially, I went with Commercial Strategy & Execution, but I soon realized that potential clients found it confusing. While I was exploring my options, I noticed the emergence of Fractional CFOs and Fractional General Counsels. As marketing was my passion, I decided to focus on being a Fractional CMO. Once I made that decision, I changed my messaging and started building my brand. As I brought more visibility to the concept of a Fractional CMO, my business started gaining traction.
What is a Fractional CMO?
A Fractional CMO is a marketing executive who provides high-level oversight, strategy, and leadership on a part-time and/or fractional basis. They provide everything a company needs on a size and scale that works for growing businesses.
What are the benefits of having a Fractional CMO?
There are many benefits to having a Fractional CMO. First, companies can scale up and down as needed depending on the cycle of their business. Second, they can get an executive-level role at a price that works for their business without commitment. Third, Fractional leaders have a fresh perspective on the organization and can take best practices from multiple businesses and apply what works best for their clients. Fourth, Fractional CMOs are not mired in the politics of their client's organization and can rise above the fray. Fifth, Fractional leaders are consultants who can negotiate better rates for their clients.
Finally, when a company is ready for a full-time CMO, the Fractional leader can help them find the right one.
What are the challenges of having a Fractional CMO?
Even though there are quite a few benefits, fractional leadership can have its challenges. One challenge is that businesses only get part-time support, and as the business grows, the Fractional CMO might not be able to grow with it due to time constraints. Second, Fractional CMOs don't necessarily want to be full-time executives. If a company becomes attached, it might be disappointing if the Fractional CMO does not want to come on full-time. Third, this type of executive is not immersed in the business, and it might take more time to get them up-to-speed on the nuances.
How can a Fractional CMO help your mission-based brand?
A Fractional CMO is perfect for mission-based brands and can support them by providing leadership and advisory support to help get the brand off the ground at a price that the brand can afford. Most small brands do not need full-time support or cannot afford it. A Fractional CMO can support at a lower cost so that the brand can deploy its resources on the tactics that grow the business.
What are the trends in Fractional CMOs?
Fractional CMOs, as well as all types of fractional leadership, are a trend that companies are moving towards so that they get the strategy they need and can stay solvent, especially in times of tightening capital.
Is the future of marketing the Fractional CMO?
The future is fractional! Fractional leadership continues to grow and especially so in marketing. The average tenure of a CMO in traditional industries is 18 months and in nascent industries like cannabis, it is 6 months. Marketing is one of the larger investments that a company has to make. When you hire a full-time CMO, you are paying a high salary, benefits, bonus, equity, and a negotiated severance package. That is a hefty investment! From there, a CMO wants to build a team. Before you even spend money on the marketing levers that you need to pull, you have likely already made a $750K+ investment. Then, if the leader doesn’t work out, you are back at square one. A Fractional leader is the ultimate solution as you don’t commit, but you get the benefits of having a senior leader. Everything you need for marketing at a fraction of the cost!
Elana Cohen, Executive Contributor Brainz Magazine
Elana Cohen is a freelance writer based in Chicago. She covers cannabis topics from product reviews, thought leaders in the industry, brands, features on cannabis players in the market and her own experience with cannabis and mental health. Elana is on a mission to end the negative stigmas on cannabis, mental health & tattoos. All topics considered to be fighting the taboos and negative stigmas they have. Elana also covers entertainment, specifically electronic dance music concerts and festivals. I also cover FOOD and the hospitality industry. Send restaurant news and upcoming launches this way!
