Marketing is integral if you want to keep up with the intense competition in today’s technology-driven world. However, developing the right marketing strategies is easier said than done because of the complexity of this entire process. Due to this, you need the services of a professional who can create and develop effective marketing strategies to steer your company in the right direction. This is the role of a chief marketing officer (CMO) who boasts specialized knowledge on ways this can be executed. In this article, you’ll learn what can an outsourced CMO do and when do you need them.
Rather than hiring a CMO as a full-time employee, an option that’s quickly becoming popular is outsourcing the services of this professional. If you’re wondering whether this is the right path for your company, you’re in luck.
What Is An Outsourced CMO?
An outsourced CMO is also known as fractional CMO, and they usually act as a part time VP marketing tasked with providing services to your business on a contractual basis. Unlike a full-time who works 40 hours a week, these professionals only offer you their services between 10 to 40 hours each month.
The task of the outsourced CMO is to give you a market-based perspective needed to develop an exhaustive market strategy and carry out its implementation. They do this by advising the CEO and other executive members to increase awareness, drive engagement, build loyalty, expand markets, and increase revenues. For them to achieve this, they need to have an in-depth understanding of several marketing aspects, including:
- Print marketing
- Social media
- Lead acquisition
- Content marketing
- Paid marketing channels such as Google Ads and Facebook
It’s expected that the outsourced CMO is well-versed with all the aspects of marketing, but this doesn’t need to be a detailed understanding of the technical matters. They still get to accomplish their set marketing objectives as they work alongside a team of marketing directors and technicians.
When Should You Hire An Outsourced CMO?
Hiring an outsourced CMO is essential as they’re knowledgeable and experienced in best developing excellent marketing strategies. Here are several instances when hiring an outsourced is beneficial to your business:
1. Increased Productivity
Having the outsourced CMO handle most of the matters related to marketing means you and your employees can shift your focus to more pertinent business issues. This is achieved because your employees now have additional time that they would have otherwise spent developing your company’s marketing strategy. But thanks to the outsourced CMO, this isn’t necessary altogether, and they can concentrate on their primary tasks. This then translates to increased profits for your business.
In addition, having an outsourced CMO means all your employees get to work on areas they’re knowledgeable and trained to tackle. As a result, they feel greater satisfaction when performing their assigned tasks, increasing their productivity.
2. Lower Marketing Costs
A CMO is an executive-level, meaning they’re paid an executive-level salary. If you’re running a small or medium-sized business, this considerably reduces your profit margins. When in such a situation, the best thing to do is to hire a fractional. This way, you can still get the services of this professional when necessary. So, which is considerably cheaper than hiring a full-time. Therefore, this is the approach you should employ. If you want to avoid the obligations linked with having an in-house CMO.
3. Easier Scaling With Outsourced CMO
To quickly scale your business, you should consider hiring a fractional CMO. This professional, unlike in-house CMO, boasts great experience having worked with companies of different shapes and sizes. Therefore, these professionals are in an excellent position to know the best marketing strategy. To implement to push your business to the next level.
An outsourced CMO also helps your company scale a lot faster as they reduce your business costs. They also promote the production of greater quality products. Moreover, enhance improved focus due to less commitment from you and your employees. All of these positively impact your business, giving it a competitive advantage that quickly fuels growth and enhances your CMO dashboard.
4. Fresh Perspective
After some time, you’ll need to come up with a new marketing strategy. This is crucial as the market dynamics are constantly changing. This necessitates a quick paradigm shift in how you do things. Hiring a fractional CMO helps you achieve exactly this goal as they’ll develop. For your company a big-picture marketing plan and strategy. This can then act on by your in-house marketing staff. Moreover, will be crucial in maintaining your company’s competitive edge.
Outsourced CMO Takeaway
If you own a small or medium-sized business, one of the most challenging things is making management, hiring, and human resource decisions. Another thing you need to make is hiring a full-time CMO or outsourcing these services. This guide has elaborated everything you need to know about an outsourced CMO and why they’re the best choice for your business.