Access top-tier expertise with a fractional CMO without the hefty price tag
Hey there! Let’s dive into the differences between a full-time Chief Marketing Officer (CMO) and a Fractional CMO, and explore how the latter might be the game-changer for your business needs.
Marketing and sales are critical, but not every business needs just a full-time CMO. Enter the Fractional CRO (Chief Revenue Officer) model, which provides high-level expertise in various areas without the full-time commitment. But what about focusing on just the marketing side? That’s where the fractional CMO services come in. This role allows businesses to zero in on top-tier marketing expertise without the hefty salary.
What is the Difference Between a Fractional CMO and a CMO?
First off, let’s clear up what these roles entail. A full-time CMO is deeply embedded in your organization, handling everything from branding and digital presence to demand generation and thought leadership. According to Salary.com, “The average Chief Marketing Officer (CMO) salary in the United States is $358,743 as of March 2024, but the range typically falls between $313,265 and $425,914.” That’s a hefty investment!
A fractional CMO, on the other hand, provides similar strategic oversight but on a part-time or project basis. This means you get top-tier marketing guidance without the full-time salary burden. Fractional CMOs typically charge between $200 and $350 per hour, making them a cost-effective solution for many businesses (source). Now you’re starting to see that the benefits of a fractional CMO might be more significant than you thought.
Benefits of a Fractional CMO
Expenses are dramatically lower with a fractional CMO with a higher level of expertise
Cost Savings
Hiring a full-time CMO can be prohibitively expensive for many small to medium-sized businesses. The significant cost difference between a full-time CMO and a fractional CMO can free up resources for other critical areas in your business. According to AlchemyLeads, “You will pay a fractional CMO between $200 and $250 an hour for their services. This is a huge difference when you compare the salary of a full-time CMO and other full-time costs, including bonuses, health insurance, and payroll taxes.” (note, this information has not been updated for 2024 as our previous resource quoted from Salary.com)
Flexibility and Scalability
One of the standout benefits of a fractional CMO is flexibility. They can work on a project-by-project basis, allowing you to scale their involvement based on your needs. As highlighted by Ampleo, “Fractional CMOs work on a project-by-project or retainer basis, which allows for flexibility and scalability.”
Immediate Impact
Fractional CMOs are experienced professionals who can hit the ground running. They quickly assess your company’s marketing needs and develop actionable plans to drive growth. This means they can make an immediate impact, helping to steer your marketing efforts effectively from the get-go [Source: Ampleo].
Fractional CMOs make an immediate impact
What Does a Fractional CMO Do?
A fractional CMO brings diverse expertise to the table, having worked across various industries and projects. This breadth of experience allows them to offer fresh insights and innovative strategies that might not be available internally. As noted by Rialto Marketing, “Fractional CMOs bring a wealth of specialized marketing expertise to the table.”
They oversee marketing strategies, messaging, marketing campaigns, manage budgets, and often work closely with your existing team to ensure alignment with your business goals. Their external perspective can help identify areas of improvement that internal teams might miss. They can even help you to better identify your market of influence.
What is the Hourly Rate for a Freelance CMO?
Typically, a freelance CMO that’s worth the money you pay them will not charge by the hour, rather they will charge by the project or a retainer on a monthly basis. That’s typically between $5,000 and $10,000 a month. The hourly rate for a freelance CMO varies, but as mentioned earlier, it typically ranges from $200 to $350 per hour. If you’re paying less than $200 an hour, you’re not getting a great deal. You’re likely getting a poor CMO who either doesn’t know their own value, which means they may undersell YOUR value, or they aren’t experienced enough in the fractional world to appreciate the work that goes into the full-fledged fractional CMO role. Regardless, the fractional pay structure allows businesses to access high-level marketing expertise without the financial burden of a full-time executive salary.
Is a Fractional CMO Worth It?
Fractional CMOs are at the top of their game when it comes to strategy
In short, yes. For many businesses, especially small to medium-sized ones, a fractional CMO provides the expertise needed to drive marketing success without the high costs associated with a full-time hire. CMO Alliance states, “A fractional CMO offers cost savings by providing expertise on a part-time basis and can be more affordable than hiring a full-time employee.” In fact,92% of all small to medium-sized businesses who have taken advantage of a fractional CMO wish that they had hired their fractional CMO sooner.
What Should I Look for in a Fractional CMO?
When considering a fractional CMO, look for someone with a proven track record in your industry. They should have a strong strategic mindset, excellent communication skills, and the ability to work seamlessly with your existing team. Ensuring they have a broad network of resources can also be beneficial for executing your marketing strategy effectively. We’re unaware of any other fractional CMO that guarantees their work as we do at Invictus CMO for our lead generation tactic. But a guarantee is definitely a great bonus when considering which fractional CMO to hire.
Considering a Fractional CRO or CMO could be the strategic move your business needs. It offers flexibility, expertise, and significant cost savings. As you navigate your marketing needs, think about the value a fractional executive could bring to your team. Ready to explore further? Dive into the benefits of a fractional CMO today with Invictus CMO—the only fractional CMO to guarantee their work. Take your marketing to the next level!
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