Fractional CMOs are an in-demand role and a critical player for startups needing short-term marketing strategy and guidance in their growth trajectory.
Fractional CMOs are often hired on a part-time basis and do not make the same amounts as the in-house CMO or Marketing Director would for a full work week.
Typically a fractional CMO would work 10-15 hours per week or an estimated 60 hours per month. The pricing for a fractional CMO is generally $200 to $300 hourly, and businesses should plan accordingly for that industry standard rate for a fractional role.
Estimated fractional CMO costs
At 50~ weeks yearly (assuming 2 weeks off for holidays or vacations) the costs yearly for a fractional CMO can fall in between $100,000 to $150,000. For a six-month project, you can cut this amount in half and get a fair estimate of costs. This is all dependent on your organization’s needs.
Recruiting a fractional CMO
Finding a successful fractional CMO with experience and marketing competence, including knowledge of digital marketing, advertising, social media, and SEO, is the most crucial step in the recruiting process.
Hiring someone who adheres to best practices and has experience developing the appropriate level of company growth for other organizations is essential.
Additionally, this person must have led an equal number of teams and individuals as your business does. Experience in management and marketing leadership is essential. Gaining the confidence of their marketing staff and board executives will also be facilitated by strong leadership.
To achieve business goals and boost revenue, the marketing team’s talent must mesh well with the CMO.
Choosing Fractional or Full Time?
The overall cost is the key distinction between a part-time chief marketing officer and a full-time CMO.
Employing a part-time CMO would be advantageous for smaller businesses and those without significant income because it would cost around half as much and provide the same marketing expertise.
Companies who hire a part-time CMO will still get a stronger marketing plan, competent expertise to carry out marketing initiatives, and an improved brand image.
Hopefully, this is helpful in painting a picture of the fractional CMO role, their standard pay, the recruitment process, and more. You can read more about the fractional CMO role and our resources on our blog.