Startup owners know how valuable marketing can be to grow their business but many cannot afford a full-time marketing executive/CMO and are, therefore, presented with a number of growth-limiting challenges. Thus, outsourced CMOs can be a beneficial alternative to hiring expensive full-time senior level marketing executives.
What is an outsourced / fractional CMO?
A CMO stands for a Chief Marketing Officer. CMOs typically get this title through years of experience in leadership and management of the marketing function within an organization. With their senior-level marketing skills, CMOs provide companies with their abundant knowledge around expanding markets, building customer loyalty, sales development, marketing execution, and how to grow a company. An outsourced CMO, on the other hand, is simply someone who does not reside in the business but takes on the responsibility of running the marketing operation and making the CEO’s vision come to life with measurable results. In this way, an outsourced CMO takes part in the company’s affairs by inserting him-or herself into a company either temporarily or on a part-time basis. The role of an outsourced CMO is broad-based and includes a variety of services to their clients including, but not limited to: advising the CEO on marketing related strategies and opportunities, mentoring/coaching lower-level marketing staffers, helping the CEO allocate the company’s marketing budget, and aligning business strategy and marketing tactics for company growth.
What are the benefits of an outsourced CMO compared to a full-time CMO?
Outsourced CMOs accomplish what a traditional CMO accomplishes but are used more on a “rent instead of hire” basis and are much more cost-effective. These two primary differences make outsourced CMOs particularly invaluable when a company only needs marketing expertise pertaining to a fixed scope of challenges or when marketing needs are particularly high during a certain season of the year. As such, an outsourced CMO can be hired as a freelancer or on a consulting basis, making them quicker to hire than a new employee, especially at the executive level. Hiring someone without such strings attached and without having to go through the arduous hiring process, therefore, becomes very appealing to companies that do not necessarily need a full-time CMO.
How an Outsourced CMO can benefit a small to mid-sized business
Growing small to mid-sized companies that do not want to a full-time CMO/VP of Marketing along with their considerable price-tag can benefit substantially from hiring an outsourced CMO. An article from Business.com states that companies can see savings in the 40 to 65 percent just by outsourcing high-level positions like a CMO. This article points out that because an outsourced CMO typically has had successful marketing experiences for a variety of businesses, they will also know how to have success across the board compared to a full-time CMO that may have experience in only one or two companies. Additionally, outsourced CMOs are great for businesses that may be looking for a full-time in-house CMO but have a gap in the employment transition and need someone to fill that gap immediately. According to the article from Business.com, these outsourced resources can help to make the transition much smoother, can bring the business up to speed with little to no lag time, and can educate a new CMO when the company finds one.
Finding an Outsourced CMO
The outsourced CMO practice here at DIGITECH understands that in order to bring about success in a company, one must understand the values of the company and immerse him-or herself in the culture of the company in order to launch the company forward. By spending the time needed to get to know your business, your mission, and your drive, DIGITECH becomes an extension of your team and takes the work seriously as such. With over a decade of experience, DIGITECH has proven results in increasing qualified lead flow and translating the CEO’s vision into measurable results.
Sound like something you might be interested in? Get in touch with us and we’d love to see how an outsourced CMO could be of benefit to your company.