Are you considering hiring a fractional CMO for your business? It's important to understand the cost of a fractional CMO before making a decision. The cost of a fractional CMO depends on their level of knowledge and experience, the number of working hours, and the scope and duration of the project. A fractional CMO is someone who has extensive knowledge of marketing and is a leader with experience in all types of areas, from developing a business strategy to having experience as a team leader in the marketing department. The main differences between a fractional CMO and a marketing director are the hours they work and the salaries they receive.
A fractional CMO usually works with several companies as part of their executive management team. The benefit of working with a fractional CMO is more than the dollar-for-dollar cost savings. These fractional CMOs “flying overhead” are much cheaper than hiring a full-time CMO and can offer considerable wisdom to small businesses. Not all fractional CMO models are created the same way, so different models require different value evaluations.
Part of the value equation of a fractional CMO is to consider how quickly the executive can make a significant difference in their company. Being a fractional CMO allows them to offer a cost-effective service with high added value to their clients, where they literally operate like one of their employees with aligned objectives. As you can tell from this, the role that a fractional CMO will play will be reduced to a combination of the needs of the company that hires them and the skills and experience that the marketing professional brings. As a result, the fractional salaries of CMOs represent only a fraction of the cost of salaries for marketing managers.
If you are evaluating if a fractional CMO is right for your company, it's important to consider all these factors before making your decision. A fractional CMO can be an invaluable asset to your business, but it's important to understand how much it will cost before making any commitments.
