Can you afford a fractional CMO?
A fractional CMO offers cost savings compared to a full-time Chief Marketing Officer, with the option to utilize their services for just a few hours weekly (instead of a full-time executive). The average hourly rate for a fractional CMO ranges from $200 to $375.
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Answers to Your Questions
What is the cost of a fractional CMO?
A fractional CMO can be a valuable investment. You get the benefits of a Chief Marketing Officer without paying for a full-time CMO. The price varies based on your strategic goals, business growth goals and company objectives. The cost is typically proportional to the level of service you require.
Hourly rates for fractional CMOs vary depending on their level of expertise, ranging from $150 to $500 per hour. On average, the typical hourly rate for a fractional CMO falls between $200 and $375.
What is the average hourly rate for a fractional CMO hourly rate?
The hourly, retainer, or day rate of a CMO is determined by the scope and time commitment. Fractional CMO rates can vary from $150 to $500 per hour, depending on the industry. The average hourly rate for a fractional CMO is between $200 and $375.
What’s included in a fractional CMO retainer?
The fractional CMO retainer fee entails occupying your head of marketing seat. They will audit, own, and strategically guide marketing initiatives towards your business and revenue goals:
- They are selected as a part-time marketing executive based on being a marketing expert, marketing leadership, and leadership skills.
- A plan and process will be developed for customer acquisition and retention activities aligned to a customer-journey marketing budget.
- This marketing investment requires a long-term commitment and significant time and effort to achieve measurable outcomes.
What is NOT included in a fractional CMO retainer?
- Predetermined strategies, approaches, digital marketing campaigns, marketing tactics or software tools
- A guarantee of increased leads and revenue growth within a short time frame
- A substitute for paying for outside services to accomplish your marketing goals such as digital advertising, content marketing, technical SEO support, and public relations
What is the estimated cost for a fractional CMO?
If you’re looking for someone to help with just strategy and planning, the “salary” cost will be lower than if you’re looking for someone to do both strategy and execute those plans. That said, it’s always important to get quotes from several different fractional marketing leaders in order to find the best fit and pricing structure.
The amount you budget for a fractional CMO will depend on the scope of work and the time commitment required. Generally, you can expect to spend anywhere from 1-10 hours per week or over 40 hours per month on this type of arrangement.
If you have a small organization or are just getting started, you may only need 1-3 hours per week for tasks like developing marketing strategy, coordinating digital campaigns and collateral, measuring marketing performance, and creating monthly marketing insights reports. On the other hand, if you have a larger organization with an existing marketing team in place, you may need 10 or more hours per week to provide strategic oversight, manage initiatives and projects, and act as a mentor and coach to your marketing team.
What is the cost of using a fractional CMO service?
Working with a fractional CMO can be advantageous in terms of budget allocation, as it allows for a higher return on investment despite a smaller initial investment in your marketing efforts on a part-time basis.
Some businesses believe that spending a significant amount on marketing is essential for success. However, this is not always the case. Employing a fractional CMO can help prevent common marketing mistakes and enhance your business growth without excessive spending.
What should I pay for a fractional executive-level CMO?
Our cost calculator helps determine the price for a fractional CMO. The payment is typically based on the number of hours per week the part-time CMO will work, and the specific project scope of marketing deliverables required. For instance, if you need assistance for developing and implementing a marketing plan, 10 hours of work per week may be required.
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