In 2023 amidst the rapidly evolving landscape of digital products, technology, AI, and more, the need for product leadership has never been more critical. Whether the role is in the form of CPO, Head of Product or other titles, clear strategy and execution aligned with business goals that high-performing PM’s deliver cannot be understated. 
Yet not all companies have the resources to hire a full-time CPO, and/or product managers, particularly startups and small to medium businesses. Enter the concept of fractional product management, a strategic approach that leverages the expertise of a CPO and product management firm on a part-time or need-based arrangement. This solution offers the leadership and vision of seasoned professionals to guide companies through various growth phases without the commitment of a full-time executive or PM. This concept goes beyond traditional project-based consulting. This is product management as a service. This means giving clients the elasticity and flexibility to leverage the benefits of product management leadership on demand, when needed, and on their schedule without full-time commitment. 
Understanding the Fractional CPO A fractional CPO is an experienced product leader who provides services to multiple companies, typically on a part-time or contractual basis. They bring a wealth of knowledge, having typically worked across diverse industries and product life cycles, and are adept at crafting strategies that push for innovation and market fit.
 Understanding Fractional Product ManagementLike the fractional CPO, firms specializing in product consulting can also offer fractional product management. However, the difference here is that unlike the fCPO, fractional product management is much more diverse and can focus on other areas of the development lifecycle beyond strategy. In fact, Fractional Product Management (FPM) is an emerging approach in the field, particularly suited for startups and small to medium-sized businesses (SMBs) that may not require or cannot afford a full-time product manager. In this model, an experienced product manager is engaged on a part-time or contract basis to provide strategic guidance and manage product development. Like the fCPO, this allows companies to benefit from the expertise of seasoned product managers without the overhead of a full-time salary.
 How a Fractional CPO/PM Benefits CompaniesA fractional CPO and/or PM is particularly beneficial for organizations in early stages, those ready to scale, undergoing digital transformations, or looking to expand into new markets.
Some benefits include: 
- Strategic Guidance: Steering product strategy to align with business objectives and market needs via roadmap creation, success metrics, market alignment, product portfolio management and prioritization.
- Leadership: Providing direction and motivation to in-house product and adjacent teams, ensuring focus and productivity, and alignment around product and business goals.
- Market Insight: Using their experience to predict market trends and position products effectively via competitive analysis, market research, and customer insights.
- Risk Management: Identifying potential pitfalls and implementing strategies to mitigate risks by leading cross-functional initiatives, improving development processes, and balancing leadership with hands-on execution best practices.
- Innovation: Identifying areas for new products, features, and expansion opportunities.
- Product Ops: Establishing product operations, product-led discipline, and reinforcement of methodologies.
- Cost-Effectiveness: Access to top-tier talent without the full-time executive salary.
- Flexibility: Ability to scale involvement up or down based on the company's needs and budget.
- Diverse Experience: Brings a broad perspective from working with various products and industries.
- Objective Insight: Offers unbiased opinions that can challenge the status quo and drive innovation.
- Process Installation: Implements efficient product management processes tailored to the company's stage and goals.
- Resource Optimization: Ensures that product development efforts are aligned with the available resources.
 ConclusionThe fractional model in product management is not just a trend; it is a pragmatic solution for companies seeking to innovate and grow in the digital space. By engaging a fractional CPO and partnering with a product management firm, businesses can navigate the complexities of product development with the insight and acumen of experienced leaders. This strategic collaboration equips companies with the competitive edge needed to thrive in today's dynamic market.
 When you hear "elasticity" or "on-demand services" in the tech world, chances are, you're instantly thinking about cloud computing and Uber-like apps, right? However, the truth is, if there are two things to take away from this article, cost savings and flexibility are something that all businesses can benefit from. Fractional product management is here to deliver exactly that and more.
 If you feel that your organization can benefit from fractional product services, please feel free to reach out to us anytime.