What is a Fractional CMO?
A fractional CMO (Chief Marketing Officer) is a strategic partner for leaders of organizations who want to elevate their marketing. He/She works collaboratively with a founder, director, or CEO to develop strategic marketing plans that align with the goals of an organization, joining meetings remotely and working collaboratively as an extension of the team. The fractional CMO then works with the existing marketing resources or brings in specialists to execute the marketing plan and measure and optimize marketing tactics over time.
Benefits of a Fractional CMO
A fractional CMO is a combination of an experienced strategic marketer who will develop a plan and project manager who will execute the plan, at a lower cost than hiring a full-time Chief Marketing Officer or VP of Marketing. In Boston, the average salary of a CMO in 2020 is $204,000, according to PayScale. A fractional CMO costs much less than that.
There are multiple options for who can help an organization develop marketing strategies, including a fractional CMO, hiring a full-time CMO, training existing marketing staff, or hiring a marketing consultant. The right choice depends on the organization's priorities.