The Modern CMO Facilitates growth in 4 areas
- August 15, 2020
- Posted by: IDMG
- Categories: Dedicated Team Retainer, Digital Transformation, Strategy & Consulting
According to Harvard Business Review, the modern CMO facilitates growth in four areas: brand marketing, product development, data and analytics; and sales support.
These categories definitely make sense however the problem is when the CMO is only able to excel in the areas they are proficient in, which leads to noticeable gaps in business growth.
By having an outsourced CMO and marketing agency you are able to uncover more solutions.
Let’s face it every brand has a unique set of marketing requirements. Some may require a full-time CMO, while others may simply require CMO level observation and analysis during the customer journey, or sales cycle. The CMO might be an expert in brand awareness or messaging, however, they might not be as proficient in understanding why they lost a sale during the customer journey, so this is where outsourcing the CMO role and flexibility come into play.
The flexibility of services that an agency offers remedies specific pain points and problem areas by engaging elite experts within certain disciplines to fill in the holes and gaps for the CMO.
Agencies service a wide range of clients with unique requirements, so they must constantly stay on the cutting edge to maintain their competitive advantage. Therefore, most agency experts come from a very diverse background and will offer a certain level of expertise with a broadened perspective whereas a one person CMO will be limited. When engaging an agency you will have one point of contact but gain access to a team of well-rounded professionals and experts.
According to data obtained from Glassdoor, the annual salary of a CMO is approximately $200,000 in addition to bonuses the number could jump up to about $250-300,000. Given the success rate that is quite a hefty investment, and for some businesses this isn’t feasible. Although there are many variables when considering outsourcing most often brands are able to engage a deeper level of expertise as we mentioned earlier with a much smaller investment.
If you are seeking to outsource your CMO partner you should be very mindful of their level of expertise and scope of services before engaging or entering into a contractual relationship.
Does the agency focus on the full marketing mix, and start with developing a marketing strategy and plan prior to deploying services?
Make sure they have a deep understanding of all aspects of marketing. This is crucial or else you are no better off than having a limited scope CMO working in house.
We as an agency understand that it is sometimes challenging to hand over your marketing to an unknown audience or group of people, however, more often than not, we as an organization have been told that our clients found it to be a breath of fresh air for those seeking to fill a CMO role.
To learn more feel free to book an appointment with one of our experts today!