Your company is set to expand, but you’ll need someone to oversee your marketing and help you achieve that goal.
The issue isn’t finding someone who can help; there are plenty of qualified marketers available. The issue is finding the correct person for the job: someone who will tell you the truth and offer you the necessary counsel at a reasonable cost.
You’ll need a chief marketing officer, or CMO, to be in charge of all marketing activities. However, many small- and mid-sized enterprises cannot afford CMO wages. The solutions: the fractional CMO.
What is the definition of a fractional CMO?
A fractional CMO is a marketer that works with companies for a set amount of time each month, usually only a few hours. In other words, they devote a fraction of the time and earn a fraction of the compensation that a traditional CMO would.
What are the advantages of a fractional CMO?
As someone who has previously employed a fractional CMO, I’ve discovered that hiring one may be a terrific way to rapidly obtain the advantages of having a marketing specialist working on your organization without having to pay the exorbitant expense of employing a full-time CMO.
Pay rates for fractional CMOs may vary, but instead of focusing on the price, consider the value you’ll receive and if you’ll save money.
Let’s imagine you pay $200 per hour for a fractional CMO. If they work 15 hours per month, they will earn $3,000 per month or $36,000 annually.
When you consider that a CMO’s compensation, according to Salary.com, starts about $160,000 on the low end, the phrase “fractional CMO” makes sense. However, in my experience, a few hours of concentrated time from an experienced marketing expert may provide a lot of rewards.
Why do you require a CMO (or someone with comparable qualifications)?
Working with freelancers and marketing firms is fantastic for start-ups or a short length of time, but when you’re ready to take off, you’ll want to have an experienced hand at the helm.
A CMO (or a fractional CMO) will be responsible for your company’s marketing efforts’ success or failure. They may not only offer the other C-suite executives more time to focus on their own jobs, but they can also guarantee that everything from advertisements to analytics is correctly implemented.
A full-time chief marketing officer may become entangled in office politics or other duties. In contrast, a fractional CMO will often just focus on marketing for your company and will offer honest criticism, instructions, assistance, and training.
What is the best way to discover a decent fractional CMO?
You may locate applicants for this role in a variety of ways. You can:
- Seek referrals from your peers and partners.
- Look through freelance websites.
- Use networks like Indeed or LinkedIn to post job openings.
- You may also utilize Google or any major social media platform to do relevant keyword searches like “fractional CMO Arizona”
The tough thing isn’t finding someone eager to work as a fractional CMO; it’s assessing whether or not they’re a suitable fit for your company.
Make sure you inquire about their most relevant experience while interviewing applicants for this role. I feel that employing a jack-of-all-trades is preferable than hiring someone with experience establishing sustainable development in your business.
If someone has the experience you’re searching for, they’ll be able to speak your industry’s language and answer particular questions you might have about marketing in that area.
What distinguishes a fractional CMO from a chief marketing officer?
The fundamental distinction is monetary. A fractional CMO often devotes only a few hours per week or month to each client. Even if your pay rate is high, this might let you pay a modest amount in exchange for great services.
If you can’t decide between employing freelancers or agencies or hiring a full-time CMO, a fractional CMO may be a viable choice. Just make sure you do your homework so you can associate with the correct individual for your specific business.