3 Reasons a Fractional Chief Marketing Officer works for Small Business
Small Businesses have the same needs as larger ones to grow: great leadership, new customers through great marketing, a strong sales team, solid operations, accurate financials, and a whole lot of passion and vision from the owner. But hiring individual experts for each of these roles is often out of reach for the average small business. Hiring a Fractional Chief Marketing Officer, or Fractional CMO, can be the best of both worlds.
What is a Fractional CMO (Fractional Chief Marketing Officer)?
Fractional is a term that describes a small piece of something. It can be used to describe someone’s response to something “there was a fractional hesitation before he said yes” or a small part, or a fraction, of something. In terms of Fractional jobs, it typically means that a small business will pay for a fraction of the C-Level executive’s salary, as opposed to a multiple 6-figure salary plus taxes and benefits. A Fractional CMO is someone who is paid typically for 1-2 hours per week of work for the small business, not full time, with a significant cost savings to the business.
What is a Chief Marketing Officer? What responsibilities should a Chief Marketing Officer have?
A Chief Marketing Officer is typically a seasoned, experienced marketing expert who is focused on high level goals and strategies. The CMO sits at the table with the CEO, CFO, and other C-Suite members and advises the board and the leadership team on ways to drive the business forward through obtaining and retaining new customers. The CMO typically has training in creative strategies, budgeting, financial reporting, public relations, advertising, messaging & storytelling and more. The CMO is the person who directs the marketing team, including the Marketing Director, Marketing Assistant, and Marketing Administrator on the goals of the business, goals for new customer acquisition, marketing budgets, analytics and data, and accountability for strategies and actions to meet the goals. Often, the CMO is a close partner to the sales team leadership as new prospects come in and are converted to paying customers.
What is a Marketing Director? What responsibilities should a Marketing Director have?
A Marketing Director or Marketing Assistant is there to execute daily marketing tasks, such as creating social media content, posting on social media, managing direct mail campaigns, making simple changes to the website, planning and executing events, and drafting and sending emails. This person likely has some marketing experience, or has recently graduated with a degree in Marketing or Communication from college. Marketing Directors can also have years of experience working in smaller businesses with increasing responsibilities.
How much does a Fractional CMO cost?
The great news is that a Fractional CMO costs very little compared to a full-time Chief Marketing Officer. Typically, a seasoned CMO will require a salary of between $150,000 and $300,000 and way more plus benefits and taxes. Every Fractional CMO is different, and every business is different as well, so our fees are customized for every situation. We generally charge between $2,000 and $3,000 for Fractional CMO services. We will never take on a client where we don’t see a possibility of a large return on investment.
What is the benefit of hiring a Fractional CMO?
A Fractional CMO has years of experience, often in multiple-sized businesses and industries, and they can share those years of experience for a fraction of the cost of a full-time entry-level employee. They can use ideas, knowledge, and reporting in order to drive your business forward. As an independent contractor, you are also not responsible for payroll taxes, workers compensation insurance, and health benefits as you would for an employee. More than anything, you are drawing on their ability to look from the outside and be honest about the challenges and opportunities in your business. Your CMO is there to think outside the box in your unique business.
Is it time for some new customers? Do you need some new ideas on generating leads? Want to know if your marketing is actually working in your small business? We can help. Schedule your marketing audit today by contacting us.
