The Rise of Fractional Marketing: How Aussie Workers Can Thrive in the Gig Economy

Original article published 1st September, 2024, Herald Sun

In today's rapidly evolving job market, Australian workers are experiencing a significant shift from traditional full-time roles to freelance and fractional positions. This trend, highlighted by recent research from freelance marketplace Fiverr.com, presents both challenges and opportunities for savvy professionals, especially in fields like marketing and executive leadership.

The Growing Demand for Fractional Workers

According to Fiverr's study, a staggering 70% of Australian businesses now employ freelance or fractional workers. This number is expected to rise, with 60% of companies planning to increase their freelance workforce in the coming year. By 2025, 62% of businesses are considering hiring fractional executives.

This shift is partly driven by economic pressures, with 62% of Australian businesses having made redundancies in the past year. Companies are turning to fractional workers to access specialised skills without the long-term commitment and higher costs associated with permanent full-time positions.

The Rise of the Fractional CMO

One area where this trend is particularly evident is in marketing leadership. The role of the fractional Chief Marketing Officer (CMO) is gaining traction, offering businesses access to high-level marketing expertise on a part-time or project basis.

Amy de Groot, a seasoned marketing professional with 20 years of experience in senior management roles, exemplifies this new career path. After being made redundant from her full-time marketing position, de Groot successfully transitioned to become a fractional CMO, working for multiple enterprises simultaneously.

"It probably took me six months to be at the capacity where I was out earning what I was paid previously, so it's been quite quick," says de Groot, who recently launched her fractional consulting business, The Brand Aid. "I've been very fortunate in being able to have consistent work, but I definitely do plan for quieter periods."

Benefits of Fractional Marketing Roles

Fractional marketing positions, including fractional CMO roles, offer several advantages:

1. Higher Earning Potential: Skilled professionals can match or exceed their previous full-time salaries by working with multiple clients.

2. Diverse Experience: Working across various industries and businesses provides valuable insights and broadens skill sets.

3. Flexibility: Fractional workers often enjoy more control over their schedules and work-life balance.

4. Reduced Job Insecurity: By diversifying their client base, fractional workers can mitigate the risk of sudden job loss.

Keys to Success as a Fractional Marketing Consultant

To thrive in fractional marketing roles, professionals should focus on:

1. Networking: Building a strong network is crucial for securing ongoing work opportunities.

2. Skill Development: Continuously updating skills and staying abreast of industry trends is essential to remain competitive.

3. Client Relationships: Developing strong relationships with clients can lead to repeat business and referrals.

4. Business Development: Even when fully booked, successful fractional workers continue to build their pipeline of future projects.

The Future of Work in Australia

The trend towards fractional work is not limited to marketing. Fields such as accounting, auditing, and technology are also seeing increased demand for fractional expertise. As more companies, including major players like PwC, Telstra, AWS, and TikTok, announce redundancies, fractional work offers a way for professionals to diversify their income streams and potentially increase job security.

Jo Jakobs, Professional Talent Director at Randstad, believes fractional work will become increasingly common. "A lot of people may not have heard about fractional work, but I feel very strongly that it's going to become the norm," she says.

For Australian workers looking to adapt to this changing landscape, exploring fractional marketing and CMO opportunities could be a smart career move. Platforms like Fiverr.com offer a starting point for professionals looking to enter the fractional workforce or for businesses seeking to hire fractional talent.

As the job market continues to evolve, those who embrace the flexibility and opportunities of fractional work may find themselves well-positioned for success in the future of Australian business.