Should you hire a fractional CMO to guide your company’s marketing?
If you can’t afford a fulltime Chief Marketing Officer for your B2B manufacturing business, hiring a fractional CMO might be a great choice. Fractional CMO marketing agencies are cost-effective and can be scaled according to your requirements. The right fractional chief marketing officer can deliver results tailored to your specific needs, leveraging their expertise and experience to drive growth and success for your business.
And here are some key statistics to prove this…
- According to the Harvard Business Review, companies that utilized fractional CMOs saw an average revenue growth rate of 29%, compared to just 19% for those without them.
- The CMO Club discovered that 82% of executives feel fractional CMOs offer unique insights.
- A study in the Journal of Business Strategy revealed that businesses with fractional CMOs were 36% more likely to meet their long-term strategic goals than those that don’t.
- A report from the Wall Street Journal indicates that an increasing number of companies are investing in fractional CMOs to enhance their productivity.
In this blog, we will walk through the benefits of working with a fractional CMO as well as how to choose the best one for your B2B manufacturing company.
But first of all, let’s go through this quick definition of a fractional CMO.
What is a Fractional CMO?
A fractional CMO [chief marketing officer] is a marketing executive who works on a part-time basis by contract for multiple clients.
This means that they are outsourced marketing professionals, eliminating the need to hire a full-time, in-house marketing counterpart.
So what does a fractional CMO do?
Some of their key services include strategic insights, branding strategy, and marketing plans tailored to your company’s requirements.
Although they are contracted, these professionals are fully committed to your company, handling daily operations and even presenting at board meetings.
(Also Read: 6 Common B2B Lead Generation Mistakes)
What are the Roles and Responsibilities of a Fractional CMO?
As the name suggests, a fractional CMO directs and oversees all of the marketing activities within your firm which include but are not limited to:
- Directing all marketing activities
- Managing marketing operations and leading the marketing team
- Developing positioning, segmentation, and marketing messaging
- Overseeing launch plans, go-to-market tactics, and product pricing
- Constructing infrastructure for marketing and sales automation
- Creating nurturing and prospect onboarding programs
- Managing trademarks, PR, and branding
What are the Benefits of Hiring a Fractional CMO Marketing Agency?
Cost Efficiency
Hiring a fractional Chief Marketing Officer (CMO) can be a cost-efficient alternative to a full-time CMO, particularly for small to medium-sized businesses.
A fractional CMO provides senior-level marketing expertise on a part-time basis, making this option more affordable for many companies who might otherwise leave this valuable execution function to an inexperienced employee.
For example, a mid-sized medical device company may need results-driven marketing to thrive in a competitive market, but cannot justify the $300,000 annual salary for a full-time CMO.
In such cases, a fractional CMO can deliver better than comparable strategic solutions and expertise for a fraction of this investment, ensuring the business remains competitive without incurring prohibitive costs.
Specialized Expertise
Hiring a seasoned marketing professional with the right level of experience needed to make a significant impact can be incredibly expensive.
However, a fractional CMO with the same [or higher] experience level offers a cost-effective solution. Like a full-time CMO, a fractional CMO brings extensive expertise to the table but at a more affordable rate.
They work with various clients and industries, meaning that they are equipped with a broad and deep range of valuable insights and strategies. This same level of expertise is unlikely to be available internally.
This diverse experience allows them to tailor innovative marketing solutions that meet the unique needs of each business, ensuring high-level marketing leadership without the high costs.
You Are Free to Focus on Core Business Competencies
By outsourcing marketing to a fractional CMO, you can concentrate on the core competencies of your business. Handling all processes in-house can be complex and overwhelming, requiring significant resources and attention to operate smoothly.
Outsourcing this critical function not only reduces overhead costs, but also frees up valuable time. This allows you to focus on crucial business areas that drive sales and revenue.
Additionally, working with a fractional CMO leads to overall efficiency enabling you to deliver high-quality products and services.
Customization and Flexibility
One of the main benefits of working with a fractional CMO agency is their ability to customize to your specific needs based on their wide range of experience. A fractional CMO can tailor their services to fit each client’s specific needs, adjusting their hours, the software they use, and their processes to match the client’s goals and style.
For instance, if you’re a startup seeking rapid growth, the CMO can focus on aggressive digital marketing strategies and use advanced analytics to track progress. On the other hand, if you’re an established industrial manufacturer looking to strengthen your brand, the CMO can prioritize branding and customer engagement efforts. This flexibility ensures that the marketing strategy fits your unique business challenges and goals, providing effective, targeted solutions.
It also comes with significant flexibility. Businesses aren’t bound by rigid structures or processes like with in-house teams. They can outsource specific tasks, functions, or even entire departments based on current needs.
Fresh Perspectives
Research conducted by McKinsey reveals that companies incorporating external experts into strategic roles witness a notable 20% surge in innovative solutions. This underscores the value of seeking fresh perspectives from outside sources.
A fractional CMO injects new ideas, strategies, and insights into a company’s marketing efforts.
With their diverse background and experience working across various industries, a fractional CMO offers a unique advantage point that can inspire creativity and drive innovation.
By embracing the fresh perspective of a fractional CMO, businesses can break free from conventional thinking, explore new opportunities, and stay ahead of the competition in today’s dynamic marketplace.
How to Choose a B2B Fractional CMO for Your Manufacturing Company
Assess Your Needs
Before you start your search for a Fractional CMO, take a step back and assess your company’s needs.
Where are the gaps in your in-house expertise? Do you need help with developing a brand strategy, improving lead generation, or getting digital marketing tactics executed?
Understanding your needs will help you narrow down your search and find a Fractional CMO with the right expertise.
Look for Industry Experience
When choosing a Fractional CMO for your B2B manufacturing company, industry experience is key. Look for someone who has experience working with businesses similar to yours. They should understand the unique challenges and opportunities within the manufacturing sector and be able to tailor their strategies accordingly.
Evaluate Their Track Record
Checking the track record helps you determine the quality and efficiency of your fractional CMO. You can ask for case studies to see how they served their past clients and achieved results for them.
Consider Cultural Fit
While expertise and experience are critical, cultural fit is also a crucial factor you should not forget. After all, your fractional CMO will be working with your team. You need to make sure they align with your team and culture.
Communication and Collaboration Skills
Clear, transparent communication is vitally important for success. Since the fractional CMO will likely be working remotely most of the time, they should be able to clearly articulate their ideas, listen to your feedback, and collaborate effectively with your team to achieve your goals.
Budget Considerations
Finally, consider your budget when choosing a Fractional CMO. While hiring a Fractional CMO can be more cost-effective than hiring a full-time executive, it’s still important to ensure that their fees fit within your budget. Be transparent about your budget constraints upfront and discuss payment terms before signing any contracts.
At Zafari, We Tick All the Boxes to Become Your Reliable Fractional CMO Marketing Agency
At Zafari, we offer the complete package for your fractional CMO marketing needs.
With experts like Pamela Cisneros on board, we stand ready to be your top choice as a fractional CMO marketing agency.
We’ve partnered with numerous B2B manufacturers, delivering tailored and effective marketing solutions that drive real results.
Our framework and approach is rooted in over 23 years experience and incorporates the best of many proven marketing methodologies such as 1 PMP, StoryBrand, and Lean Marketing. Furthermore, we also offer the option of industrial marketing coaching for manufacturers’ in-house marketing teams.
Explore our case studies to see how we have helped other manufacturers and B2B companies and learn how we’ve assisted them in exceeding their business goals.
Let’s chat about whether Fractional CMO and/or marketing coaching might be right for your company. Schedule your FREE STRATEGY CALL now!
