Before I answer the question ‘Why hire a fractional chief marketing officer’ allow me to take a moment and explain a few basic concepts to ensure we’re on the same page by. I’ll do this by defining some basic terms and concepts as they relate to the topic at hand… after all, clear and concise communication is key to crafting and executing successful marketing strategy. But let’s not get ahead of ourselves. Read on…
What does a chief marketing offer, or CMO, do anyway?
A chief marketing officer (CMO) is the executive responsible for marketing activities in their organization. The CMO is a member of the C-suite and typically reports to the CEO. The CEO leads – yes, the CMO is a leader – the organization’s efforts in planning, research, strategy development, branding (and rebranding), pricing, new product development, analytics, and much more…
The CMO plays a major role in organizational matters internal and external. Another key role is the CMO’s involvement in transitional matters including, but not limited to, marketing automation, B2B content marketing, B2C content marketing, influencer marketing, just to name a few.
Ok, great! So… why go fractional?
While a CMO plays an important role in the success of the organization, they don’t come cheap. In California alone, the salary of a CMO can range from about $180k – $420k per year, with the media salary at about $278,450[i]. Add to the bonus that typically accompanies the salary and the salary can reach upwards of $600k, with a median salary of $349,920[ii].
That’s a nice chunk of change. With these numbers, it becomes clear that the CMO does indeed play a major role in the organization’s success.
You may be thinking, “okay, but my company doesn’t have that kind of money. What am I to do?”
And to that I say, “glad you asked… go fractional!”
With a fractional CMO, or fCMO, you can get a knowledgeable CMO for a fraction of the cost because they only spend a fraction of their working hours on your company. Hiring a fractional CMO will save you and your company some serious money. In addition to the high salary of a full-time CMO you must pay for benefits, bonuses, a corner office, and many more perks. A fractional CMO, on the other hand, charges you a fixed rate in return for the work they will do. That’s it. It’s that simple. But it doesn’t end there. An experienced fCMO will not only save you money, but they will also ensure all the money you have budgeted for your marketing related activities get you the best possible ROI by helping craft and execute your marketing strategy and supervising/leading the people charged with carrying out the tasks, both internal and external to your organization. It’s a no-brainer. Hire a fractional CMO.