So what is an outsourced CMO, and what are its different benefits and advantages over hiring a full-time CMO in-house? Well, it’s pretty simple, actually. What’s an outsourced CMO? To begin, it stands for Chief Marketing Officer.
The Chief Marketing Officer Job Description
The CMO’s role is to assist the CEO and key executive team with strategy development, how to increase engagement, drive sales and expand markets. They are generally the head of one marketing department but can be found across the different divisions of a company at any given time. Now, what’s the real magic behind outsourced CMO strategy development? Well, the CMO is not an employee, so their skill set and style of communication are unique and very different than an employee would have. For example, a financial services company we know of was using an outsourced CMO to track and strategize on the marketing strategy and performance. After about a year, the strategy had completely failed, the CMO realized it needed to change its messaging and tactics to more closely align with what the company was trying to accomplish.
Although hiring in-house is a viable option that works well sometimes, there is just something about having someone that is a “true” CMO on staff. And when you have a true CMO on staff, you can count on him or her to be a strategic genius and really make a difference in how your business performs. Now, we’re not saying you should hire someone who is a marketing guru because this is ultimately a choice for your company and one you need to make for yourself. What we are saying is that hiring an outsourced CMO, while expensive, can be one of the most beneficial decisions you make.
Benefits Of Outsourcing Your CMO
It is an option that offers your company a flexible option to deploy your strategy. The company providing you with your outsourced employee will manage your marketing strategy, coordinate with your hiring process, execute your strategy, track your metrics, provide ongoing advice, respond to any issues and ensure your company’s CRM is compliant. You can also rest assured your employees, clients and vendors are benefiting from your strategy. This is because they will receive the training and the guidance they need to execute the tasks assigned to them as well as the assistance they need to monitor the performance of their organization.
Another benefit of using an outsourced CMO is its cost-effectiveness. When compared with hiring a full-time CMO, you can save up to 40% per month. A fractional marketing management team will also benefit your business because of the added benefit of time efficiency. Hiring a full-time CMO can be a costly venture. Fractional marketing agencies will bring down your costs by deploying your marketing strategy in tandem with their services.
You can also count on your outsourced CMO to execute your marketing strategies and meet your strategic goals. You can have effective marketing at a fraction of the cost you would spend for a full-time professional. Using a fractional marketing ROI provider can also help you align all of your departments with one goal. This will enable you to achieve all of your growth goals.
Last but certainly not least, using a company that will bring the most efficiency to your sales and marketing departments while saving you time and money. The ability to use in-house outsourcing will free up your marketing management team and sales staff to handle other pertinent tasks, thereby increasing overall productivity and saving time. This will increase customer retention and ultimately boost sales. If you want to find out more about using a fractional CMO agency to leverage your current in-house staff and save money and time while growing your business, contact a marketing agency that specializes in outsourcing to today.
Outsourced CMO providers are an excellent way to leverage the strengths and resources of your company while saving you time and money. Small to mid-sized companies can utilize these services to effectively reduce their costs while meeting their growth goals. A marketing company offering outsourced services is an expert in delivering ROI for small to mid-sized companies while providing a streamlined solution to their CMO. A good part-time or full-time outsourced to a provider can perform an analysis of your current sales mix to determine what marketing medium to invest in to reach your next set of growth goals. They can then implement solutions that target key areas such as pay-per-click advertising, digital media marketing, and print advertising. Using a CMO provider will allow your business to enjoy cost savings, increased productivity, and enhanced sales performance while managing your advertising costs.