Last year, I met an executive from a leading renowned brand in an international conclave. During our discussion, I asked a simple question about his company goals and top priority. As expected, he pointed out the priorities are GROWTH followed by REVENUE generation and an increase in MARKET SHARE. When we deep-dive into this topic, he accepts that his company outsource professional experts on branding and marketing even though they have top executives internally.
They outsource many managers with expert knowledge, and to my surprise, their outsourcing includes senior positions like Chief Marketing Officer.
From brand positioning to creative communication, marketing strategy to media buying are executed by hired outside talent.
Let us analyze the pros and cons of moving an in-house CMO to a virtual role. We can save money and deliver good results.
Why Virtual CMO the best fit and the reasons are:
The company’s marketing budgets are higher in number when compared with other support functions. Almost all marketing strategies are looked at as expensive, but the person hired to conduct the entire marketing function comes with a hefty price. An efficient and experienced hired virtual CMO would likely cost less than 50% compared with the in-house resource.
Along with being more cost-effective but not limiting yourself to the area that your company is located, your talent pool widens and with that comes a broader range of expertise. One in-house expert is great, but their expertise may be limited to a single industry or a single type of outreach.
For example, when you launch a new product that focuses on a different target audience or wants to venture into a new marketing medium, where-in your in-house team may not have expertise. You always hire an outsourced team to get a broader range of knowledge and experience.
An outside firm will have great experts in nearly every functional area and every type of effort, from design to strategy to public relations to copywriting to content marketing.
The virtual CMO’s outside view can provide an unbiased, objective perspective that could be exactly what your product needs to take it to the next level. Virtual CMO to provide expected and measurable results within a given period and ensure achieving ROI.
EXPERTISE — Demonstrate an understanding of your industry and the challenges and opportunities you face? Always look for similar leadership and marketing campaigns in the same industry.
SUPPORT FUNCTION — Most Marketing companies often outsource specific projects, such as graphic design, photography, videography, or web development, to outside vendors.
Moving to the virtual role will help reducing customer acquisition costs, save time, resources and money. Strategic, focused, consistent marketing and communication drives revenue and increases market share.
Be Virtual; Be Virtue
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