Hiring a Fractional CMO: Growth’s calling, time to answer with a Chief Marketing Officer on retainer!
Your business is primed for expansion, but you need a marketing manager to drive growth. There are many factors driving the rise of fractional CMOs. In this post, we explore what fractional CMOs are, how they can use agency resources to meet business objectives, and the benefits they offer.
Businesses that are looking for marketing expertise but don’t have the budget for a full-time CMO can benefit from hiring a fractional CMO.
Fractional CMOs can provide the same level of marketing expertise as a full-time CMO at a fraction of the cost.
By hiring a fractional CMO, businesses can get the marketing help they need without breaking the bank.
Let’s figure out how hiring a fractional CMO can truly help your business, cut down costs and drive revenue.
The challenge lies in finding someone with the right skillset and attitude for the job – someone who will give you honest feedback and provide the necessary guidance at a reasonable price.
What your business needs is a Chief Marketing Officer (CMO) to oversee all marketing endeavors. However, CMOs typically require salaries that mid-sized businesses may not be able to afford. “You said that already!! — we know, worth saying it again so it really sinks in!”
One of the big healthcare networks I was marketing at used a fractional CMO in the past. I have found it to be a great way to quickly get the benefits of having a marketing expert working on your business without having to pay the high cost of hiring a full-time CMO.
The “on-call” CMO comes in, isn’t scared to say what works and what doesn’t and what needs to change ASAP. You pay for straight answers and tangible solutions, they deliver!
How much will it cost to hire a Fractional CMO?
CMO pay rates vary depending on the company, but it is important to weigh the value of their services against the cost. For example, if you hire a fractional CMO for $200 per hour and they work 15 hours a month, that equals $3,000 per month or $36,000 per year.
You usually only need them 10-20 or so hours a month for 1-2 months. You’re looking at 30 hours, $200 per hour give or take depending on the skillset the CMO you’re hiring has. All and all, paying an experienced CMO on a retainer will make you save a lot of money versus a full-time CMO. You usually won’t hire anyone as a Chief of Marketing under 100k+ and that’s low-end pay rate for such a high-skilled job.
If you’re looking to save on your marketing budget, hiring a fractional CMO is a great option. You can get all the benefits of having an experienced marketing professional on your team without breaking the bank.
Your company’s marketing campaigns will be overseen by a CMO, which can free up time for other executives to focus on their individual roles. Additionally, a CMO can help ensure that your company’s paid ads, social media efforts and organic growth (SEO/Content) are up to speed with competing brands.
A busy chief marketing officer might get caught up in office politics or other responsibilities, but a fractional CMO will only interact with your business enough to provide honest feedback, instructions, guidance and training.
LinkedIn reports that there are more than 14,000 Chief Marketing Officer positions available globally. The average tenure for a Chief Marketing Officer is approximately three years.
How can you find a good fractional CMO?
Here are a few ideas on hiring the right person for the job and seeing exponential growth:
- Ask your friends and colleagues for recommendations.
- Look through freelancer websites.
- Post job ads on platforms like Indeed or LinkedIn.
The hardest part isn’t finding someone to act as a fractional CMO; it’s deciding if they’re a good match for your company. Someone who can align with your core values perhaps? Or someone that will be edgy enough to push through a rebrand!
The most important thing when interviewing candidates for this position is to ask about their experience in creating sustainable growth in your specific industry. It’s better to hire someone who has experience in what you need than someone who is generally good at “marketing for brands”.
If someone has the experience you’re looking for, they’ll be able to speak the language of your industry. The candidate should be able to answer specific questions you may have about marketing within it. In other words, they’ll know how to talk to you about marketing stuff.
What are the key differences between a fractional CMO and a chief marketing officer, you ask?
Well, let’s see. A fractional CMO is a partial CMO, while a chief marketing officer is a full-fledged CMO. A fractional CMO only works part-time, while a chief marketing officer works full-time.
The MAIN difference is money. A fractional CMO usually puts only a few hours per week or month into each business they work with. Even at a HIGH pay rate, this can allow you to pay a manageable fee in exchange for EXTREMELY VALUABLE services.
If you’re undecided about whether to work with freelancers and agencies or to hire a full-time CMO. Maybe hiring a fractional CMO could be a great option to consider. Just be sure to do your research so you can find the right partner for your unique company.
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Our fractional model is designed to let us integrate with your existing team, so you can get the customized solutions, executive expertise, and proven process you need.