Fractional CMO Hourly Rates
Typically, a fractional CMO charges an hourly rate between $200-$350 per hour for their services. This means their annual salary varies depending both on their rate and the number of hours they’re hired on for. For example, a fractional CMO who charges $250 per hour and works for a client for 40 hours in a month, they’d have an annual salary of $120,000 from that client alone.
For the best results, hire a fractional CMO on a retainer and clearly outline their time and establish what the cost will be. Unlike a full-time CMO, a fractional CMO is not an ongoing expense. You can hire a fractional CMO at your convenience, so consider your needs when determining how many hours they need.
Full-time Chief Marketing Officer vs Fractional CMO Salaries
When considering a year of work for both options, ask which model works best for your needs. Ideally, smaller companies with dedicated marketing departments should be allocating around $7,000 to $9,000 toward a fractional CMO. The math shows that a fractional CMO would cost in the range of $84,000 at $7,000 per month. Compared to the $174,000 national average for the full-time position, this is much easier for smaller companies to justify.
A Fractional CMO (Chief Marketing Officer) is an external marketing executive companies can hire in place of a full-time CMO. Fractional CMOs are experienced in their field and bring expertise in leading marketing/branding strategies, sales development, and general leadership.
Hiring a fractional CMO is great for smaller businesses and businesses that are in desperate need of outside support of their marketing efforts
Benefits of a Chief Marketing Officer for Your Business
Fractional CMOs offer all the benefits of a full-time CMO at a fraction of the cost. Some businesses don’t need a full-time CMO, and the majority of the goals can be accomplished in about 10 hours per week. If you are a smaller company and recognize the need for strong marketing leadership, then a fractional CMO is the best option. Even in situations when your business likely needs a full-time CMO, a fractional CMO can bring your marketing department up to speed and ready for the transition.