According to SEEK, last year the average CMO was earning around $200,000pa, and this is before factoring costs of teams, creatives, pr and sponsored content, marketing and event activities.
Understandably, that is a big outlay for a lot of companies, particularly at the moment, when business is highly volatile.
Given the expense of an in-house CMO, it is no wonder many businesses consider this function to be a cost centre rather than a money maker, and slash accordingly.
Don’t shut down your marketing altogether in lean times, outsource it
We all should understand by now why ceasing all marketing activity during this leaner time is a big mistake and can kill your business fast.
Smart, forward-thinking and agile companies are recognising the cost vs value benefits of outsourcing the CMO function.
Here's 5 reasons why you should outsource your CMO function:
1. It's far more cost-effective
Business.com estimates your company can save from 40 to 65 per cent just by outsourcing high-level positions like a CMO instead of hiring a full-time employee.
Think about it. Once all the facets of an in-house marketing team have been factored in - it is a massive outlay most companies simply can’t afford at the moment. For half the cost of a marketing team, you can keep your marketing going by outsourcing to a specialist consultancy with the right expertise, while still retaining control.
On top of this there's also no long recruitment process or getting a new hire ‘up to speed’ to see results. With the right outsourced marketing partner, you have a fully functioning talented team on tap, ready to go.
2. Your marketing capability can quickly scale when you do
Whether your activity goes through escalations or downturns, outsourcing your marketing capability will be able to scale more easily with you, without all the messy hiring and firing needed for in-house movements.
3. Outsourced specialists know what works
By their very function, undertaking the CMO function for multiple companies in multiple industries, an outsourced marketing partner knows what works and what doesn't. This is particularly the case if your marketing partner is an expert specialists who have a deep and nuanced understanding of your industry and your customers.
4. There's more accountability
An outsourced marketing partner has to get you results, period, and they have to start from day one. This means their deliverables are clearly defined and every single billable hour is accounted for. So you're not spending your marketing budget simply for 'bums on seats,' superfluous marketing 'huddles' and other unproductive internal activities.
5. You have a natural extension of your team
An outsourced marketing partner that is a good, natural fit with your business is highly immersive, collaborative and works closely with your C-Suite to deliver results against your KPIs. This model is completely different from traditional media or marketing agencies, which work on an outdated 'rigid retainer' model.
Invest in a marketing partner
Imagine how powerful your marketing efforts could be if you have a full team of senior marketers on hand to direct your strategic marketing efforts and help you make your budget work smarter, not harder.
Discover how AZK Media can be your trusted outsourced CMO partner here.