In the past, if you needed an executive, you would have to hire them as full-time workers and pay them high wages. A less costly solution is to hire what is known as a fractional executive since they only work a portion of the time a full-time executive would.
What Is a CMO?
A chief marketing officer, also known as a marketing director or a global marketing officer, is a corporate C-level executive responsible for an organization’s marketing activities.
What Is a Fractional CMO?
A fractional outsourced CMO is a chief marketing officer who only works temporarily or part-time for an hourly wage or a set amount per project. These professional freelancers may either work ly, at the office or both.
What Does a CMO Do?
CMOs oversees the design, development, and execution of an organization’s advertising strategies, marketing campaigns, and activity planning to drive growth. They are also responsible for customer communications and focus on delivering valuable offerings to clients, customers, and business partners.
What Does a Fractional CMO Do?
Fractional CMOs have the same job requirements and responsibilities as CMOs with the added benefit of performing these duties on a part-time basis or as needed by the organization.
How Much Does a CMO Earn?
A full-time average CMO salary is $250,260, but earnings can also range from $204,620 to $374,458. However, the pay rates for any job will vary substantially depending on certain factors that include:
- The organization you work for
- How much experience you have
- Additional skills
- Certificates held
- Your education
How Much Does a Fractional CMO Earn?
A fractional chief marketing officer does not get a salary or benefits since they are not full-time workers but instead work on a contractual basis with a set pay rate or part-time with an hourly wage. As of November 2021, fractional CMOs in America earned an average of 120 per hour, ranging from $98 to $152.
Benefits of Using a Fractional CMO
Now that you know the differences between the role of a CMO and a fractional CMO, here are just some of the top benefits associated with hiring a fractional chief marketing officer.
New Strategies
One of the main tasks of a CMO is to change your current marketing strategies into valuable insights that win. They do this by looking at your organization’s current marketing techniques with fresh eyes, then provide you with new tangible methods that will help you reach new goals.
Efficiency
Because a fractional CMO doesn’t work full time, they look for ways to use their time wisely and perform more efficiently. Rather than waste time tending to other daily tasks, they completely focus on specific marketing efforts and projects to ensure they are completed before the deadline.
Future Growth Marketing
The experience and strategic planning these professionals bring to the table will allow your startup to kick into high gear. Fractional marketing specialists also set goals for future growth marketing. Not only will they help you climb the ladder of success, but they will also ensure you stay on top.
Knowledgeable Consultant
While helping you to refine your marketing methods, a fractional CMO is also educating you and setting you up for success. These CMOs have the knowledge and experience to act as consultants, advising you on the next steps to take toward your goals while guiding you through the growth process.
Cost Savings
In the past, new business owners couldn’t even consider hiring a CMO since they didn’t have the budget to afford their salary. Now you can have all the benefits of a full-time CMO on a part-time basis at a fraction of the cost.
Don’t risk your business failing. Ensure its security by getting the expert help needed to move forward and bring about changes for growth and resilience. An outsourced CMO is an investment that will lead to higher profits and success.
Sources
https://searchcio.techtarget.com/definition/CMO-chief-marketing-officer
https://www.cxcglobal.com/en-us/what-is-a-cmo-why-do-you-need-it-and-how-will-a-cmo-protect-your-organization-cmo
https://www.paladinstaff.com/jobs/careers/chief-marketing-officer-job-description/
https://www.salary.com/research/salary/alternate/chief-marketing-officer-salary
https://www.salary.com/research/salary/alternate/chief-marketing-officer-hourly-wages
https://www.linkedin.com/pulse/5-reasons-you-need-fractional-cmo-bastiaan-ellen
https://www.forbes.com/sites/forbescommunicationscouncil/2021/01/07/eight-situations-where-a-fractional-cmo-may-benefit-your-business/
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