Why Your Business Needs
an Outsourced CMO
We live in a world where what we see is what we buy and sell. In other words, we live in a society where marketing your goods and services is much more important than the business itself – it is what makes and breaks a business.
In the line of business, the Chief Marketing Officer, also known as the CMO is the main person in charge of marketing a company’s products, services, and the entire business.
So, it goes without saying that the person responsible for such an important task should be highly efficient with years of experience in management and leadership quality that will help run marketing activities in an organization, right from strategy development to tactical execution of things.
a CMO Do?
It is the CMO’s job is to create and communicate what the brand and business stand for and what it represents.
Besides, expand markets, increase brand awareness, build customer loyalty, drive engagement, and grow revenue, the CMO also acts as the brand ambassador, engagement advocate, and customer champion for the entire business.
Now, one must have experience and leadership of the marketing function to earn this C-suite designation within a business.
Whatever the size of your company – small or midsize, you need a CMO or a manager to aid you to develop and execute marketing strategies that will help your business grow.
While an in-house, full-time CMO helps bring specialized knowledge into the business with them formulating strategies and campaigns with analytics, reporting, product positioning, competitors’ knowledge, trends, technology, and more; there is a rising trend where businesses all over the world are starting to take up outsourcing their CMO.
Outsource marketing is basically the art of handing over the entire marketing demands of a company to a third party, which is convenient and quite helpful for the companies.
So, whatever be your business structure, you can consider outsourcing CMO services as a way to get experienced marketing leadership to grow your brand.
Now, while most big firms and businesses prefer to have in-house services and permanent staff, there are many benefits of outsourcing a CMO. To begin with, an outsourced CMO becomes an additional part-time member of your executive staff that brings with them a market-based perspective to develop a comprehensive marketing strategy and manage its implementation. Think of it as renting a CMO that your service needs as per their services.
This process is more faster, convenient, cost-effective, and helps your business stay connected and be equipped with the current and latest trending technologies. An outsourced CMO can provide the experience required to create, define, build, manage, and execute the multitude of tactics needed to achieve your business goals.
For, it is not always practical to have a large marketing team. So, having a well-connected leader who has consultants, vendors, and suppliers at their disposal will make sure to quickly execute your marketing plan without the need for additional hiring.
Now, what do start-ups, small and medium-sized enterprises, turnaround, and transitioning businesses have in common? They all have a scarcity of time and a shortfall of money, especially when it comes to bringing aboard a full-time senior marketing executive or CMO.
In such situations, outsourcing the CMO allows brands to strengthen high-level talent in smaller increments of time and budget, without compromising on the expertise that can help accelerate strategic business plans.
Also, outsourcing a CMO can provide the experience required to create, define, build, and manage strategies to achieve your business goals, that small businesses and start-ups otherwise lack.
Besides the obvious cost-saving, get on board an experienced outsourced CMO is very helpful. They will help you quickly spot trends, gaps, and problems in a company’s sales and marketing strategy through their years of experience in helping growing businesses.
This, paired with an outside perspective provides great value to increase marketing activities and generate new sources of revenue.
How Much Does It Cost To
The beauty of an outsourced CMO is that not only your company gets a class A level of service from someone with great knowledge and experience, but this all comes without the financial stress of keeping someone on your payroll indefinitely.
By now we are sure you must have concluded that hiring an outsourced CMO is not just great for your business but also for your treasury.
According to experts, executive outsourcing is more cost-effective than hiring a marketing agency or even an in-house manager.
There is a huge demand for competent and experienced marketing executives, a virtual, outsourced CMO costs significantly less than hiring an in-house manager.
This also allows your business to invest in more significant and important growth programs instead of spending on high salaries and compensation packages for employees.
To put it in monetary terms, the company can save 30% to 50% in salary and benefits alone, if they choose to hire an outsourced CMO, instead of a permanent, in-house one.
This is besides the savings of being able to ramp up marketing activities without a lengthy onboarding process as there are no actual recruiting, relocation, or benefits costs
This is a huge plus for all the budding start-ups, small and medium-sized enterprises, and businesses.
Now that we have discovered a number of benefits and reasons that you should opt for an outsourced CMO instead of going for hiring an in-house, permanent one, here comes the most important question – how to get started?
Well, there are a number of websites and portals out online that can help you with this. These services help you get in touch with the perfect candidate while providing you with many options. You can also opt for posting about a virtual CMO online and seek responses.
We all understand and know the constraints and troubles of small and budding businesses, So, to help your company grow, you can outsource some positions, like that of a CMO in order to gain industry-wide expertise, knowledge, and of course, to save money.