Fractional CMO services can revolutionize the way small businesses and startups do marketing. All too often, marketing tasks are performed either by cobbled together task forces, or they don’t get the resources they need to soar. Fractional CMO services help overcome both of these challenges. In this guide, we cover different work models for these services.
What Does a Fractional CMO Do?
Fractional CMO jobs are designed to provide executive-level marketing leadership for businesses that don’t have the resources or need for a full-time CMO. Everything that a fractional CMO does contributes to a single essential goal: growing your organization’s revenue. Through the following responsibilities, fractional CMOs can give your business the competitive edge it needs to grow:
- Expanding/optimizing your marketing team
- Coordinating branding efforts with organizational goals
- Handling partnerships with third-party service providers
- Guiding marketing strategy direction
- Setting KPIs to measure campaign performance
In other words, a fractional CMO means to help establish a unified and effective vision for your business’s marketing initiatives. This role also oversees execution to maximize ROI.
The key differences between a fractional CMO and a full-time CMO are scope and price. Full-time CMOs are a salary position, and their responsibilities always cover all of the above roles. In contrast, fractional CMOs are an á la carte solution. You pay for exactly what you need, exactly when you need it.
To learn more about fractional CMO services, reach out to our experts.
How Much Does a Fractional CMO Cost?
The average yearly fractional CMO cost is $114,547, according to Glassdoor. Compared with the average salary of $357,747 (according to Salary.com) for a full-time CMO, organizations can save a significant amount of resources by choosing a fractional CMO. Think about what your team could do with an extra $200,000 per year. With new hires, more exciting campaigns, and additional funding for product development, the options provided by extra cash on hand are nearly endless.
One of the key advantages of hiring a fractional CMO is the flexibility. While the above figure of $114,547 is the average salary, actual costs vary widely depending on each organization’s needs. For example, you could hire a fractional CMO on a monthly retainer to guide strategy. Or, you could take a more hands-on approach and work with a fractional CMO for 20 hours a week, spearheading research into a new market. Both of these options will come with different price tags, and there are plenty of different structures to work with.
For an estimate of how much it would cost to partner with a fractional CMO for your specific goals, contact us.
How Much Do Fractional CMOs Charge Per Hour?
Typical fractional CMO pricing per hour ranges between $200 and $300. Like all customizable services, fractional CMO pricing depends heavily on the scope of responsibility. Having an executive that focuses on high-level action items only will cost different than a professional who gets in the weeds with the rest of your team, for example.
How Many Hours a Week Does a Fractional CMO Work?
One advantage of a fractional CMO is that they can work as few or as many hours as you need. Of course, as you approach full-time hours, your costs will rise to reflect that. However, if you only need part-time executive marketing leadership, then fractional CMO services are an effective way to make an impact while conserving resources.
To help get an idea of how hourly costs can compare to yearly salaries, reference the following figures that use $200 to $300 per hour as the range of rates:
- 10 Hours Per Week: $104,000 – $182,000 per year
- 15 Hours Per Week: $156,000 – $273,000 per year
- 20 Hours Per Week: $208,000 – $364,000 per year
- 30 Hours Per Week: $312,000 – $546,000 per year
These figures can give you a rough idea of how many hours per week would make financial sense for your organziation. However, it’s still best to get numbers that are specific to you. For a fractional CMO services quote, reach out today.
Where Can I Find a Fractional CMO?
Partnering with fractional CMO companies is often a great way to find a reliable fractional CMO for startups. These companies have experience matching startups and other small to mid-sized businesses with executives who meet their needs and budget. Your organization also gets to skip ahead of lengthy job posting and hiring processes. Instead, you can get to the good stuff faster: transforming your marketing efforts to increase revenue.
For a fractional CMO that’s ready to hit the ground running, start your search with SMB.
Contact Us To Learn More About Fractional CMO Services
Fractional CMOs can help small businesses and startups gain the competitive edge they need to thrive in crowded and evolving markets. At SMB, we’re ready to match your organization with an experienced fractional CMO that meets your specific needs. Get in touch to learn more.
