Money makes the world go around, and with virtual or fractional CMO services, your business can make and keep more of it. These services work by giving your business access to C-suite-level marketing leadership on your terms. Rather than hiring a full-time chief marketing officer at a hefty salary, hiring a virtual CMO offers significant financial savings, flexibility, and access to specialized skills. In this blog, we go into the initiatives that fractional CMOs help optimize and how much these services cost.
Do You Need a Fractional CMO for Your Marketing Strategy?
Fractional CMO services are ideal for businesses that are growth-oriented, navigating changes, and need to be agile with their resources. For small businesses and startups, these scenarios are likely all too familiar, especially when it comes to budget. Fractional CMO—and more specifically, virtual CMO—services offer a solution: executive-level marketing leadership with marketing expertise at a fraction of the cost of a traditional, full-time CMO.
The benefits of a fractional CMO can include:
- Access to C-suite level leadership
- Reduced overhead costs
- Draw from experience in a variety of industries and growth stages
- Increased ROI from marketing
- Development of a unified marketing vision
- Increased cohesion between marketing team members
A virtual CMO also helps businesses achieve their marketing objectives by providing strategic guidance and insights.
In other words, fractional CMO services are an opportunity for smaller businesses to sharpen their competitive edge. Contact us today to seize this opportunity.
How Can Your Business Profit from a Virtual Chief Marketing Officer?
To increase profit, your business has two options: increase revenue or decrease costs. Virtual CMO services allow your business to do both—talk about ROI!
Marketing efforts are the key to connecting with your customer base. For example, research reported by LinkedIn cites that businesses experienced a 23% increase in revenue by portraying a consistent brand image across a variety of platforms. Fractional and virtual CMOs can create and oversee the execution of brand development and reach.
Content marketing is a crucial strategy employed by virtual CMOs, alongside other marketing techniques, such as SEO and social media, to achieve success.
Other revenue-driving initiatives that virtual CMOs can pursue include:
- Research into new markets
- Setting and analyzing KPIs for marketing campaigns
- Guiding creative direction for marketing campaigns
- Improving synergy between marketing, advertising, and sales efforts
Tailored marketing strategies provided by virtual CMOs enhance brand visibility, customer engagement, and overall marketing effectiveness. Discover how your business can leverage fractional CMO services. Reach out to our experts today.
How Much Should You Pay a Fractional CMO?
How much you should pay a fractional CMO depends on the scope of the role. The key advantage of these services is that you can tailor them to your specific needs, but that also means costs can vary widely from situation to situation. Still, it can help to have some guidelines. Here are some industry standards to be aware of when researching fractional CMO services:
- Full-Time CMO Salary: $358,743 per year (according to Salary.com)
- Fractional CMO Yearly Cost: $139,184 per year (according to Glassdoor)
- Fractional CMO Hourly Rate: $200 to $300 per hour
Using these standard figures, we can find that:
- On average, it costs $219,559 less per year to work with a fractional CMO than a traditional, full-time CMO.
- The average monthly cost for fractional CMO services is $11,599.
- Hiring a fractional CMO for 10 hours per week costs between $104,000 and $182,000 per year. Hiring a fractional CMO for 15 hours per week costs between $156,000 and $273,000.
When budgeting for a fractional CMO, you need specific numbers. Contact us today for a quote.
Should I Hire a Fractional CMO for Marketing Expertise?
Businesses who are experiencing any of the following can benefit from hiring a fractional CMO:
- Growth-Oriented Goals
- Organizational Change
- Budget Restrictions
Here are some specific examples of situations in which fractional CMO services can make a significant difference:
- Your marketing methods aren’t getting the results they used to, especially in the realm of digital marketing.
- You want to break into a new market and make a big splash.
- You want to strengthen or adjust your brand identity.
- You want to expand brand visibility.
- You want to unify your marketing team after personnel changes.
- You want to increase synergy between your marketing, advertising, and sales efforts.
- You want to improve coordination between marketing initiatives and overall organizational goals.
- You want to enable impactful changes, but you are often limited by budget.
A fractional CMO can provide the strategic direction needed to navigate these challenges effectively.
If some or all of the above situations describe your organization, it’s time to consider fractional CMO services. Contact us to learn more.
Where Can I Find a Fractional CMO?
Small businesses and startups can partner with third-party companies to leverage virtual chief marketing officer (CMO) and fractional CMO services. The advantage of working with an organization that provides fractional CMO for startup services is that they can help match you with the right executive. Because of the flexible nature of the role, fractional executives have the opportunity to work with many businesses across different industries and growth stages. That means that there’s a fractional CMO who has experienced what you’re going through and can help you turn challenges into opportunities.
Contact Us To Learn How Your Business Can Benefit from a Virtual CMO
Ready to leverage the advantages of virtual or fractional CMO services for your business? At Bohu, our team is ready to get you through the entire process, from evaluating your needs to matching you with the right executive. Get in touch today to get started.
