We’ve had a few questions recently from people asking about the role of a CMO, CMO for Hire, and Fractional CMO (Chief Marketing Officer) so….. we are sharing more info here.
Okay, here are some FAQs about working with a CMO for Hire.
What is a Fractional Chief Marketing Officer, or Fractional CMO?
What does a Fractional CMO or CMO for Hire do?
Why do organizations need a CMO for Hire?
How much does a CMO for Hire cost when compared to a full time CMO?
What is a fractional CMO?
A fractional CMO is a marketing executive hired by an organization that helps with customer acquisition, sales development and company growth. The hiring company gets marketing executive experience and leadership without the full-time cost of hiring a CMO.
Is a fractional CMO the same thing as a CMO for hire?
According to Forbes, a fractional CMO is “a marketer who works with businesses for a fixed amount of time in a given month, often just a handful of hours.”
At KIRated Communications, our CMO for Hire services equate to a fractional CMO. For a monthly retainer, we offer a set amount of hours per month in return for marketing campaign development and oversight.
What are three key things a CMO for hire does for an organization?
- Develops strategies to support a brand and achieve company goals
- Provides executive level marketing leadership and motivates an in house marketing team
- Keeps marketing efforts on track with unique and creative ideas & resources
Any other tasks or responsibilities a CMO for hire handles for an organization?
- Works with C-Suite executives to achieve agreement on marketing goals
- Oversees development and implementation of marketing campaigns
- Shares outcomes with other C-suite execs, reports to Board of Directors on KPIs achieved
- Secures and manages marketing budgets
- Develops fresh and impactful strategies to achieve goals (i.e. drive awareness, new customer acquisition, employee retention or overall business growth)
- Oversees campaigns and promotions that help companies stand out in the marketplace
- Works with national and local marketing partners to build campaigns that engage new and current customers
What are the benefits of hiring a CMO for Hire?
Hiring a fractional CMO or CMO for hire, allows the hiring company to leverage the expertise and insights of an experienced marketing leader. A CMO for hire is an established marketing executive that can be hired at a fraction of the cost of hiring a full time CMO. The hiring company can find the right combination of experience and executive presence at a fixed price point they can afford.
At KIRated our CMO for hire has led marketing for brands in nearly every category of business including auto, education, entertainment, finance, healthcare, pharma, and technology. We have built campaigns for many well known brands. Some of these include American Express, Blue Cross, Eli Lilly, Intuit, Quicken Loans, Verizon and Zillow.
How much does it cost to hire a full time CMO vs. a CMO for hire?
Compensation for full time CMOs vary widely. Depending on the skills, experience and region the person may get paid more or less. The salary range looks to be $178k – $700k+ as annual base salary. This does not include bonus pay, and the salary range quoted are based on a quick Google search. Fractional CMOs, or a CMO for hire, by contrast, usually collect a set fee or monthly retainer. The CMO for Hire fee covers a block of hours of dedicated time to manage marketing for a company. The CMO for Hire fee or retainer is a much smaller outlay that a full time CMO salary.
At KIRated our CMO for hire retainer usually ranges from ~$5k-$10k a month. Each CMO for Hire engagement is customized to meet particular client/organizational needs and typically includes; a dedicated on call block each week, plus two separate weekly status calls. One high level status call with Founder/C-Suite members. The second meeting is an “in the weeds” all hands on deck, call with marketing team members. Throughout the engagement the CMO for Hire will work with the team to plan, implement, and oversee all marketing activity. CMO for hire will review operationally how the campaign/s are progressing, discuss findings with the executive team, explore recommendations and provide analysis of campaign performance versus goals.
Learn more about hiring a fractional Chief Marketing Officer, fractional CMO or CMO for Hire from this article in Forbes.
The basis for any successful marketing campaign are quite simple…
To learn more about the marketing expertise provided by KIRated Communications and view other services offered.
Kirsten has been a landscaper, a lifeguard and a liquor store clerk. An entrepreneur at heart, her early paychecks came from various roles, including babysitter, pachysandra broker, pet-sitter, cashier, receptionist and office clerk. After almost 30 years living/working in NYC, in 2019 Voege moved to the 518. The 518 is the Capital Region of NY state, and includes Albany, Schenectady, Rensselaer, Saratoga counties. The Nielsen DMA is Albany-Schenectady-Troy (#57) with a population of more than 1.2MM people. (IYKYK)
The consultancy Kirated Communications provides strategic marketing and business consulting. Since its founding, Kirated has been working with companies in the real estate, financial services, technology, entertainment, SaaS, healthcare and auto industries. Founded by Kirsten Voege who has led marketing & media for many well known consumer brands, including, Amazon, American Express, Anthem, Bacardi, Eli Lilly, Intuit, J&J, L’Oreal, Merck, Match, Nordic Track, Quicken Loans, Verizon and Zillow.