Fractional CMO services are the á la carte alternative to traditional, full-time CMOs. For startups and other small to mid-sized businesses, the flexibility that fractional CMO services offer can make all the difference when it comes to accessibility. Instead of needing to budget for an entire full-time position, your organization can pick and choose what aspects of the role you want to prioritize.
In this guide, we cover the key differences between CMOs and fractional CMOs, including cost.
What Does a Fractional CMO Do?
Fractional chief marketing officers (CMOs) provide executive marketing leadership for organizations that either don’t have the need or the resources for a full-time CMO. Ultimately, fractional CMOs have the same goal as traditional CMOs: to grow your business’s revenue.
If this sounds like a goal your organization is aligned with, then you’re in the right place. Fractional CMOs can perform the following to help your business connect with customers and increase revenue:
- Leading marketing, advertising, and sales strategy development
- Breaking down silos between marketing, advertising, and sales departments
- Driving revenue growth by optimizing campaigns
- Overseeing the development of the marketing department
- Facilitating contract negotiations with third-party service providers
- Coordinating brand positioning with broader organizational goals
Fractional CMO for startups can be especially effective because these services are growth-oriented. The best fractional CMO companies to partner with provide executives who know how to optimize limited resources to improve your organization’s marketing ROI.
To learn more about fractional CMO services, contact us.
What Is the Difference between a CMO and a Fractional CMO?
Full-time and fractional CMOs focus on overseeing similar initiatives, but the scope and costs of each role vary greatly. Traditional CMOs are full-time, internal hires. They get paid a salary and benefits and are responsible for the entire performance of the organization’s marketing, advertising, and sales initiatives. Check out more about the benefits of a fractional CMO.
In contrast, fractional CMOs focus on a specific aspect of the overall scope of CMO responsibilities. The end goal is still to increase your organization’s revenue, but fractional CMOs work toward this goal on a project-by-project basis. Because fractional services are part-time, your business can adjust the scope of the role to fit your needs. That way, you never have to pay for services that aren’t a priority.
To see if fractional CMO services could be right for your business, contact our team.
What Is the Difference between a Fractional and an Interim CMO?
Interim and fractional CMOs serve organizations during different durations and for different supporting purposes. While both roles still aim to increase revenue, interim CMOs serve as transitionary roles until the organization finds a new full-time CMO. While balancing typical CMO responsibilities, interim CMOs also need to prioritize change management. Interim CMOs also typically work full-time in this temporary role.
On the other hand, fractional CMOs can provide a long-term replacement for a traditional CMO role. This model provides part-time coverage for CMO roles that focus on the initiatives you’re currently prioritizing. When partnering with a fractional CMO, you can continue working with the same executive as you transition between different projects and goals. In other words, the best fractional CMO for startups and growth-oriented businesses offers the best of both flexibility and consistency.
Contact us to learn more about the advantages of working with a fractional CMO.
What Is the Hourly Rate for a CMO?
The average hourly rate for a traditional, full-time CEO is $172. According to Salary.com, higher-end CMOs have rates that can exceed $234 per hour. However, it’s important to note that traditional CMOs don’t operate on a per-hour basis. As a full-time employee, CMOs are typically paid through a combination of salary and benefits packages. Salary.com reports the average CMO salary (before benefits) as $357,747. In other words, traditional CMOs are always on your payroll, regardless of their output.
What Is the Hourly Rate for a Fractional CEO or CMO?
Fractional CMO rates vary depending on your organization’s needs. The more responsibility you want your fractional CMO to take on, the higher their rates will be. LinkedIn estimates that the average fractional CEO rate falls between $150 and $500. That’s a pretty big range, but budgeting for a fractional CMO hourly rate of $200 to $300 will likely land you a high-quality candidate.
For an estimate of how much a fractional CMO would cost for your business, give us a call.
Contact Us To Learn How To Leverage Fractional CMO Services for Your Business
Are you currently searching for a “fractional CMO near me”? If so, then you’re taking the first step to give your marketing strategy the fuel it needs to launch your business to the next level. At SMB, we’re here to help guide you along the rest of the way. Contact us today to learn more about fractional CMO services.
