In today’s competitive business landscape and talent vast talent pool due to company layoffs, companies of all sizes are looking for ways to increase their marketing reach and boost their bottom line. A fractional Chief Marketing Officer (CMO) is one solution that many companies are turning to in order to achieve these goals. A fractional CMO is a professional who offers marketing expertise and guidance on a part-time or project basis, rather than as a full-time employee.
Fractional CMO Benefits
Cost of a Fractional CMO
The cost of a fractional CMO varies depending on the scope of the project, the size of the company, and the level of experience of the professional. What to look for is the Effective Hourly Rate (ERR) that the fractional CMO will charge. This ranged depending on the level of expertise and experience from $250-$450 per hour.
Generally, a fractional CMO can cost anywhere from a few thousand dollars per month to tens of thousands of dollars per year. The cost is often a fraction of what it would cost to hire a full-time CMO, and the benefits can be substantial.
One of the biggest advantages of a fractional CMO is that they bring a wealth of experience and knowledge to the table. They have likely worked with a variety of companies in different industries and have a deep understanding of the latest marketing trends and technologies. This can be incredibly valuable for companies that are looking to take their marketing efforts to the next level.
Bottom Line Cost Savings
A fractional CMO can also help a company save money by avoiding the need to hire a full-time employee. By only hiring a fractional CMO on a part-time or project basis, a company can avoid the cost of a full-time salary, benefits, and other overhead expenses. Additionally, a fractional CMO can be hired for a specific project or short-term engagement, which can help a company control costs and avoid the long-term commitment of a full-time hire.
Another benefit of a fractional CMO is that it can provide a fresh perspective on a company’s marketing strategy. They can offer an objective viewpoint and help a company identify areas for improvement and growth. This can be particularly useful for companies that are stuck in a rut or are looking to pivot their marketing efforts.
Expert and Accountable
It’s also worth noting that a fractional CMO can provide a high level of expertise and accountability. They are held to the same standards as full-time employees and are motivated to deliver results for their clients. This can help a company get more out of its marketing budget and achieve better results in a shorter period of time.
However, it’s important to keep in mind that a fractional CMO may not be the best fit for every company. Some companies may require a full-time CMO in order to achieve their marketing goals, especially if they have complex or extensive marketing needs. Additionally, a fractional CMO may not be able to provide the same level of support as a full-time CMO, which can limit their ability to help a company achieve its goals.
In conclusion, a fractional CMO can be a valuable addition to a company’s marketing team. They bring a wealth of experience and knowledge, can help a company save money, and offer a fresh perspective on a company’s marketing strategy. However, companies should carefully consider their needs and goals before deciding whether a fractional CMO is a right choice for them. Ultimately, the cost of a fractional CMO is a small investment that can deliver big results for a company’s bottom line.