What is a fractional CMO? And, do I really need one?
The B2B tech world has always been comfortable with outsourcing key areas of marketing to agencies, freelancers or consultants that have the knowledge, experience, or bandwidth. More recently there has been a growing trend for companies to outsource marketing leadership and strategy. This rise has lent itself to the growth in a new role: The fractional CMO.
Fractional CMOs are experienced marketing professionals who help multiple companies with their leadership and strategy at the same time. They can work on an interim or part-time basis. Unlike a consultant, a fractional CMO is often involved in the day-to-day operations and the key decision-making activities. The value of hiring a fractional CMO for businesses can be significant, as it allows execs and their organisations to access high-level marketing expertise without the cost of hiring a full-time executive – and they can do it quickly.
For B2B tech businesses, there can be significant benefits in hiring a fractional CMO:
Cost-effective: Hiring a full-time CMO can be expensive, especially for small businesses. By hiring a fractional CMO, businesses can get access to experienced marketing executives without the significant salary costs and commitment. Furthermore, there are no additional costs to be factored into the hiring cost e.g. benefits such as private medical cover, pension contributions, stock options, making it much easier to activate the hire at an affordable cost.
Expertise: Fractional CMOs are usually experienced and well connected marketing professionals who have worked with a variety of businesses across different industries. This means that they have a broad range of skills and knowledge that can be applied to a business's unique needs.
Reduced risk:With greater experience and lower upfront costs comes reduced risks to the business. The hiring costs are significantly lower, you get to ‘try before you buy’ and you can get going with your marketing projects really fast. Think of it like doing a ‘test drive’ before you buy an expensive car. You will benefit from the opportunity to see if they are the right culture fit and have the right blend of skills your organisation needs.
Flexibility: Fractional CMOs can work on a part-time or interim basis, which means that businesses can access and tap into their expertise on an ‘as-needed basis’. This can be particularly beneficial for B2B companies that do not yet have a consistent need for a full-time senior marketer or CMO.
Fresh perspective: Fractional CMOs bring a fresh perspective to a business's marketing strategy, help elevate executives’ knowledge and provide new ideas, insights and processes that the business may not have considered before.
Objective viewpoint: Fractional CMOs are not emotionally invested in a business, which means that they can provide an objective viewpoint on marketing strategy – and wider commercial strategy. This can be particularly valuable for businesses that are struggling to identify and nail down their marketing or commercial challenges and opportunities.
Mentors for the business: Bringing in a fractional marketing leader has upsides for both the C-suite and leadership team, as well as any existing marketing team members you may have in place. They often act as valuable mentors at both levels and can assist with the recruitment and selection of additional team members, helping identify the key skills that may be missing and needed to complete your team.
In summary, for the right companies, hiring a fractional CMO provides cost-effective access to high-level marketing expertise and experience, flexibility, fresh perspectives, and objective viewpoints. Ultimately, the role a Fractional CMO offers will come down to a combination of the needs of the hiring company and the expertise of the marketer. It can be a highly effective way for B2B companies to improve their marketing strategy, optimise their resources and achieve their business objectives – quickly and effectively.
For more information on fractional CMO service offering please reach out to Lynda Greeves or Catherine Stenson at NeoMar here.
