Marketing is a tricky business, and one wrong move can do exceptional harm to your company’s reputation. Therefore, keeping it in-house might not be the best option at your disposal as a company owner. Your primary choice in this instance is outsourcing the marketing function.
You might have heard some outsourcing horror stories from fellow business owners. However, they should not deter you. Outsourcing can be successful if done correctly and with the right company. Here are some advantages and disadvantages of outsourcing your marketing function:
A solidified marketing strategy
A fractional CMO (chief marketing officer) is a marketing executive from a third-party company like KEO Marketing that helps your business with customer acquisition, sales development, and company growth. These executives bring substantial value to a business by applying their knowledge, skills, and experience to your company’s marketing needs without having to hire a full-time employee.
With an expert at the helm, your company has a better chance of marketing success. These professionals can prepare a detailed marketing strategy and plan that is bound to generate the desired result. Included in such services are the research and identification of target markets for your company’s products. This function requires a high degree of skill that many small business owners might lack.
Focus on your business’s nuts and bolts
Marketing can be a time-consuming minefield if it does not fall within your area of expertise. Instead of spending hours agonizing over decisions that could have lasting ramifications for your business, leave these worries in the hands of an expert while you remain focused on other company functions.
Think about it this way: a great marketing plan and campaign mean nothing if you cannot fulfill orders because of logistical challenges. This might be a situation you are comfortable dealing with and overseeing interventions to ensure it does not happen again. As a small to medium enterprise owner, you have so many responsibilities that it is easy to neglect some due to time constraints.
Get the media attention you need
A fractional CMO knows how to get the word about your company out into the public domain. This could happen via digital marketing, social media platforms, or more traditional marketing efforts like flyers or newspaper and radio advertising.
This additional attention can generate significant revenue for your company as it attracts new customers. Having an experienced PR person dealing with the media ensures that you get good publicity and a growing client base.
Outsourcing costs can be high
If you want the best fractional CMO from a reputable company, it may cost you substantial sums of money. However, the investment of these financial resources will pay themselves off over and over if you hire the right firm.
When looking at these costs, many company owners decide to perform marketing functions themselves, thinking they will get similar results without spending that money. Truthfully, this is seldom a successful approach. An experienced fractional CMO will garner your firm a higher return on investment (ROI).
An outsourced marketing company or agency might not have an accurate picture of your company’s culture or may operate on a diametrically opposed one. This can lead to conflict and disruption, including defensive behavior on both sides that hinders the success of a marketing campaign.
When looking to outsource your marketing, do extensive research and interview potential candidate companies and agencies thoroughly. This gives you an indication of whether they will align with how you do business. Alternatively, consider that a different organizational culture might do your company some long-term good as a breath of fresh air might not be a bad idea.