Fractional CMO Salary: Everything You Need to Know

So, you’re thinking about diving into the world of fractional CMOs, huh? Whether you’re an aspiring Fractional CMO yourself or on the hunt for one to join your team, understanding the ins and outs of the salary landscape is crucial. But don’t worry, I’ve got you covered! Let’s break it all down—from becoming a fractional CMO to what you should charge or expect to pay. Ready? Let’s dive in!

 

How to Become a Fractional CMO?

 

If you’ve ever dreamed of becoming a fractional CMO, you’re in good company. With the rise of flexible work arrangements and the gig economy, more marketing professionals are exploring this dynamic career path and enabling themselves to make a greater impact on their ideal market in the process. But how do you actually get there? It’s not like fractional CMO jobs are the lowing hanging fruit like fast food restaurant work.  It is a C-suite level position, after all. Finding fractional CMO jobs can be like navigating a maze, but it’s absolutely doable with the right approach. Here’s the game plan:

 

1. Showcasing Your Expertise: Whip up a killer portfolio that highlights your achievements. Think of it as your personal highlight reel—make it shine with case studies that show your impact on previous employers.

 

2. Networking: Get out there! Attend industry events and join professional groups where you can rub elbows with potential clients or companies looking for a fractional CMO.

 

3. Online Presence: Leverage LinkedIn and other professional networks to announce your availability and expertise. Writing thought leadership articles can also position you as the go-to expert.

 

4. Market Yourself Like You Know How to Market: It’s a total deal killer if you claim to be a great marketer but fall flat when it comes to marketing yourself. So finding CMO jobs should be right up you alley, you’re a CHIEF marketer, right? So put into play the strategies that you would if you were advising a client.  Use that magic on your own behalf.

 

5. Get Good at Selling Yourself: Marketers are not the same as sales people. I find that where fractional CMOs fall flat is when it comes to talking about themselves to prospective clients.  But even if you have to consult with an expert or two, perhaps a fractional CRO that you know, you’re going to have to get good about selling yourself if you want to snag a worthwhile fractional CMO job.

How to Get a Fractional CMO Role?

 

Let’s get into this in a bit greater detail because landing a fractional CMO role isn’t just about luck; it’s about strategy. Here’s how to tilt the odds in your favor:

 

1. Tailored Pitches: When applying for gigs, customize your pitches to show how your unique skills can solve the specific challenges of the company. Make them feel like you’re the missing puzzle piece because there’s a boatload of statistics that say you ARE! So do your research and be buoyed up by those statistics and know them like the back of your hand.

 

2. Referrals: Referrals are gold. Ask satisfied clients or colleagues to put in a good word for you.

 

3. Freelance Platforms: Check out Upwork, Freelancer, and specialized marketing platforms. These can be treasure troves of opportunities if you know where to look. You may think that your price range isn’t the right fit on those kinds of platforms, but think again. There are countless fractional professionals making a good living on those platforms.

 

 

What Experience Should a Fractional CMO Have?

 

What kind of background does a top-notch fractional CMO bring to the table? Here’s the lowdown on the kind of experience that makes a fractional CMO a valuable asset:

 

1. Diverse Marketing Background: A fractional CMO should have a well-rounded experience in various marketing disciplines—digital marketing, content strategy, brand management, and analytics. This diversity allows them to tackle a wide range of challenges and craft holistic strategies. Make sure you’ve got great shoulder pads because there’s a lot to tackle!  They typically have 10-15 year of well-rounded experience.

 

2. Leadership Experience: Having a history of leading marketing teams is crucial. This involves not just managing people but also inspiring and guiding teams to achieve their best work. You should be someone who has demonstrated their ability to build and lead successful marketing departments.

 

3. Proven Track Record: Results speak louder than words. A fractional CMO should have a portfolio of successful campaigns, projects, or initiatives they’ve spearheaded. This includes measurable outcomes like increased revenue, enhanced brand recognition, or improved customer engagement.

 

4. Industry Knowledge: While it’s beneficial for a CMO to have experience in various industries, expertise in your specific field can be a huge advantage. They should understand the unique challenges and opportunities within your market.

 

5. Strategic Thinking: Beyond tactical execution, a fractional CMO must excel in strategic planning. This involves long-term vision, market analysis, and the ability to align marketing strategies with overarching business goals.

 

6. 

   Become a fractional CMO

   Adaptability: The world of marketing is ever-evolving. A great fractional CMO stays ahead of trends, continually updating their skills and knowledge to keep their strategies fresh and effective. What are you doing to stay sharp?

 

7. Communication Skills: They should be adept at communicating complex ideas to stakeholders, team members, and clients. This includes strong writing skills, public speaking, and the ability to listen and adapt based on feedback.

 

8. Analytical Mindset: Data drives decisions. A fractional CMO should be comfortable working with analytics, understanding KPIs, and using data to inform and adjust strategies.

 

9. Problem-Solving Abilities: Every business faces unique challenges. A fractional CMO should be a creative problem solver, capable of thinking outside the box to find innovative solutions.

 

As you can see, a fractional CMO is a very talented individual. If you think you fit the bill, then let’s continue down this path.

 

What Should I Charge as a Fractional CMO?

 

Setting your rates can feel like playing darts blindfolded, but it doesn’t have to be. Understanding market rates and knowing your worth are key. Also important is to stick by those rates.  Understand that your rates are a marketing reflection on your value to the marketplace.  If you’re only charging $150 an hour, I would tell anyone who’s considering you to run away because only amateurs would charge that low.  I’ll get into more of that in a moment.

 

What’s the Fractional CMO Hourly Rate?

 

The fractional CMO hourly rate can vary quite a bit depending on your experience and industry. Some say that location plays a role as well but considering you can work remotely then you can work wherever you please, so the location restrictions are really in your own mind.  On average, you might charge anywhere from $150 to $300 per hour. Top-tier pros with extensive experience might even command rates north of $500 per hour. But a fractional CMO who’s worth anything won’t charge less than $200 an hour. Also, remember, don’t shy away from adjusting your rate based on the project’s complexity and the value you bring to the table. Make sure you flesh out that value in your preliminary discovery call with the prospective client.

 

What is the Hourly Rate for a Freelance CMO?

 

Another name for a fractional CMO is a freelance CMO.  So we’re going to address if there’s any difference in charging hourly in that regard. Peeking into the broader market for freelance CMOs helps set your own rates competitively and the answer is, there is no difference. If you want to identify yourself as a freelance CMO, go for it, but the fractional title is more familiar to your target market, so I’d do away with the “freelance CMO” title if I were you. The fractional CMO hourly rate should be no different than the freelance CMO.

 

What Are the Duties of a Fractional CMO?

It’s important to recognize that a fractional CMO is a C-suite executive.  They are like the conductor of the orchestra, not the actual violinist.  They don’t do the actual execution of the tasks; the rest of the marketing team does that.  If you’re working with a client that doesn’t have a marketing team, then it’s important that you have a network of professionals that can execute on your campaigns and initiatives for you. Having said that, here are some of the key fractional CMO services:

 

1. Strategic Planning: Crafting marketing strategies that align with the company’s goals. This isn’t just about throwing spaghetti at the wall and seeing what sticks—this is strategic stuff.

 

2. Team Leadership: Leading marketing teams, whether in-house or outsourced. Think of yourself as the marketing maestro, conducting a symphony of talents.

 

3. Budget Management: Allocating marketing budgets wisely to get the biggest bang for the buck.

 

4. Performance Tracking: Using analytics to measure the success of campaigns and tweak strategies as needed.

 

What is the Average Wage of a CMO?

Why do you need to know what the average wage of a CMO is?  Well, because every once in a while, you’ll be speaking with a prospective client who will have no clue what to expect in terms of fractional CMO wages.  You’ll give them a price of…let’s say $8,500 a month and for some odd reason that prospect will think that they can get a full-time person for that.  Well yes, they can get a full-time marketing person, but not an executive.  You see, as of May 2024, the average salary for a Chief Marketing Officer (CMO) in the United States can range from $147,742 to $304,669 per year, depending on the source and not including bonuses and stock options. Your prospect may simply not be aware of that. And that makes your $8,500 or even $10,000 a month a great deal especially if you zero in on all of the tasks that need to be done and deliver the average revenue increase of 33% that most fractionals do.

 

When pitching your services, a solid Fractional CMO proposal is your best friend. This should outline your services, expected outcomes, and your rates. Be sure to include a SOW (Scope of Work) as there’s a great deal of work that a CMO CAN do.  But you’ll only be working a handful of hours a week. You won’t have time for everything, so make sure you prioritize what they need prioritized and stay within that framework.

 

How Much Does It Cost to Hire a CMO?

 

Companies looking to actually hire a CMO need to know the costs involved, and they can be substantial. So be prepared to do some educating when necessary. Include the comparison between a fractional CMO and a full-time CMO in your pitchdeck.  The best fractional companies will leave no stone unturned when it comes to making sure that their value has been properly established.

You should know that most fractional CMOs charge on a monthly or project basis.  They do so because, as you no doubt know, in order to have any impact in marketing, time is required. Time, as in months, not hours.  So, it would be ridiculous to just give a client a handful of hours and expect to do much good for them.  Decide what your minimum time frame will be and then stick to it and outline it clearly in your fractional CMO proposal.

 

How Much Does a Fractional Chief Strategy Officer Cost?

Exploring beyond the CMO role, you might wonder about the costs of similar strategic positions. The role of a Chief Strategy Officer has some similarities but is not the same as a fractional CMO. Part of the difference between the two is the path one takes when they want to become a fractional CMO.  Perhaps instead of writing a piece on “How to become a fractional CMO” I should write about the path to being a fractional CSO.  Let’s look a little deeper at the differences between the two roles.

 

Fractional Chief Strategy Officer vs. Fractional CMO?

 

So, what’s the difference between a fractional chief strategy officer and a fractional CMO? While both roles involve high-level strategic oversight, they focus on different aspects of the business.

 

1. Scope of Responsibilities: A fractional CMO zeroes in on marketing strategies, branding, and customer engagement. They live and breathe campaigns, analytics, and marketing tech. On the other hand, a fractional chief strategy officer has a broader purview, often looking at overall business strategy, mergers and acquisitions, and long-term growth plans.

 

2. Expertise: The CMO is your go-to for all things marketing. They know the latest trends, tools, and tactics to boost your brand’s presence. The chief strategy officer, however, might come from a more varied background, often with experience in different business functions beyond marketing, like operations or finance.

 

3. Goals: A fractional CMO’s goal is typically centered around driving revenue through marketing initiatives, enhancing brand equity, and increasing market share. The chief strategy officer focuses on long-term strategic goals, ensuring all departments align with the company’s vision and preparing the business for future challenges and opportunities.

 

4. Cost: Generally, fractional chief strategy officers can command higher rates than fractional CMOs, given the broader scope and impact of their role. But both roles are crucial, depending on your business needs.

 

 

Embarking on a journey as a fractional CMO or hiring one for your company can be a whole new ballgame for you! The flexibility, expertise, and strategic value you could bring to the marketplace would be so valuable.  are unparalleled. If you’re ready to take the next step, consider building your network, honing your skills, and setting your rates based on the market insights we’ve discussed.

If you’re a busy CEO who sees value in bringing on board a skilled fractional CMO who actually guarantees their work, reach out to Invictus CMO today and schedule your CEO Flash Focus Meeting–a preliminary focused and high-level 15-20-minute meeting with CEOs to highlight the main challenges. No selling. Just solutions.