Fractional Chief Marketing Officers (CMOs) are a popular option for businesses in search of top-level marketing expertise and talent but don’t have the budget or need for a full-time CMO. The pay rates for fractional CMOs can vary significantly depending on a number of factors, including the CMO‘s experience, the size and needs of the company, and the scope of the project. Keeping this in mind, how much does a fractional CMO cost… on average?
Average Pay Rate for Fractional CMOs
According to a survey conducted by the CMO Club, the average pay rate for a fractional CMO is around $200 per hour. This rate can vary depending on the CMO‘s experience and expertise, with more experienced CMOs typically commanding higher pay rates. For example, a CMO with 15+ years of experience may charge $250+ per hour, while a CMO with 5-10 years of experience may charge $150-200 per hour.
It’s worth noting that these pay rates are just rough estimates, and the actual rate that a fractional CMO charges may be higher or lower depending on the specific circumstances.
How Do Fractional CMOs Charge?
Some CMOs may charge a flat rate for a specific project, while others may offer flexible pricing based on the scope of the project and the CMO‘s level of involvement.
In addition to hourly pay rates, some fractional CMOs may also charge a retainer fee. This is a fixed fee that the CMO charges on a monthly or quarterly basis in exchange for a certain number of hours of work. Retainer fees can be a good option for businesses that want a more predictable budget for their marketing efforts.
Variables that Affect Fractional CMO Salary Requirements
Factors that may affect a fractional CMO‘s pay rate include the location of the business, the size of the company, and the industry in which the business operates. For example, a CMO working with a large company in a major city may charge a higher rate than a CMO working with a small business in a rural area.
It’s worth noting that pay rates for fractional CMOs can vary significantly depending on the specific circumstances and the CMO‘s level of experience and expertise. Some sources estimate that pay rates for fractional CMOs can range from $100-300 per hour, with the average rate falling somewhere in the middle.
Ultimately, the best way to determine the right pay rate for a fractional CMO is to communicate with the CMO about your budget and needs and to negotiate a rate that works for both parties. It’s important to remember that the value that a fractional CMO brings to your business may be well worth the investment, particularly if they can help you achieve your marketing goals and drive business growth.