Did you know the average annual pay for a chief marketing officer in the U.S. is $160,891?
Whether you’re a startup operating on a shoestring budget or a small company with little financial flexibility, footing the salary for a CMO can be difficult.
Even so, you need a CMO. They spearhead initiatives related to developing marketing strategies, conducting market research, driving growth and revenue, leading brand management, measuring marketing outcomes, monitoring key performance indicators, and more.
If your business can’t afford to add a CMO to the payroll full-time, a good alternative is a fractional CMO. A fractional CMO is an experienced C-level executive that you can hire on an interim basis to spearhead corporate marketing initiatives. Rather than hiring one full-time, you can hire one on an as-needed basis to get the help you need when you need it.
Here are five reasons your business can benefit by retaining the services of a fractional CMO.
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High-Level Expertise on an Interim Basis
Fractional CMOs typically come with a high level of experience from companies in various industries. So, you can leverage the skillset of a C-level executive — one whose salary you might not otherwise be able to afford — on a part-time basis.
Paying an hourly wage when you need the expertise of a fractional CMO will be easier on the corporate budget than earmarking hundreds of thousands of dollars for such a professional’s full-time services. Your company can get the marketing leadership required, and it won’t have to jeopardize its financial flexibility.
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Save a Ton of Money
A fractional CMO charges hourly, meaning you can budget based on your needs. You can scale up and down based on your company’s needs and cash flow. It’s one of the few areas where the more cost-effective options can be better than the costlier choice. When hiring a fractional CMO, you’ll get a C-level executive with a strong set of skills. And you’ll save money.
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Gain Access to Expertise
When you hire a fractional CMO, you can gain access to a professional with decades of experience in your specific industry. You can choose someone with specialized skills who can take your company’s marketing efforts to the next level. Again, finding a full-time CMO with the same skillset and expertise could cost well over the average annual salary for a CMO.
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Gain Help Launching Major Marketing Campaigns
If you have a small business, you might not need a full-time CMO. Hiring one on an as-needed basis to help create and execute major marketing initiatives may make more sense. Hiring a fractional CMO can be a wise decision in such scenarios. You’ll have someone with strategic planning skills who can help promote your products and services to your target demographic.
If you don’t have a department, you need a CMO. And with the fractional CMO option, you no longer need to worry about the expense of a full-time C-level executive.
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Get New Perspectives
You might be surprised how bringing in an outsider can introduce fresh perspectives. Businesses sometimes get stuck in their ways and stop innovating. While your company might do things a specific way, a fractional CMO can offer new ideas. Opening up to different perspectives and ways of doing things can lead to more effective marketing campaigns.
Consider these five benefits of hiring a fractional CMO. You don’t have to retain a CMO full-time, especially if doing so is not financially feasible. Hiring a CMO on an interim basis can provide all the benefits of working with a skilled CMO and help your company thrive.