Outsourced CPM is the buzzword in the finance industry for the past few years. Today, financial organisations have a huge need for professionals who can deliver marketing communications like the way an internal CMO does. But how do you get into this business? What are the things to look out for?
The Outsourcing Cycle
Basically, outsourced CMMS is just one aspect of the entire outsourcing cycle. It’s not the whole thing. The company or the principal selling organization doesn’t give up control of the project in order for the technical project management department to do all the work. This is just one function. The chief function that outsourced CPM takes is to give a technical support team that has a market-based perspective.
Most of the time, it’s a question of hiring someone on contract who can bring the benefit of hiring and firing people. In other words, it’s not about hiring someone full-time because you need to have a full-time person on contract, while you hire a part-time CMO to perform all the market-based functions. Nowadays, an added advantage (in the tumultuous climate of the pandemic) is that you don’t have to worry about their vaccination perspective—part time workers aren’t there to stay. The key is to outsource a functional specialist, and keep them only when the need arises – say, when your organization suffers a big attrition rate and the number of employees it has is more than the number of new hires it can make in a fixed period of time. When you do that, you have solved the problems of hiring and firing by hiring again.
That’s why many companies now choose a full-time outsourced CMO or a CPO (Chief Procurement Officer) to perform the functions of hiring and firing. They’re not happy with doing it themselves, so they go to someone who is experienced in doing those functions. The truth is, it’s better for you (the company) when someone else does that job. And that’s why many companies are turning to CMOs or CPOs today to do the hiring and firing for them.
Why Would Companies Ever Turn To An Outsourced CMO Or A Cpo Instead Of Hiring Them In-House?
There are of course some really good reasons to outsource. First, it saves money, which is one of the reasons why many companies use CPOs. For one thing, they won’t have to pay for training anyone who isn’t on their payroll, which can be expensive.
Another thing that makes outsourcing a great idea is that it gives a company a fresh perspective. Many of the problems that beset companies today, such as poor quality and low morale, can be alleviated by having a strong outsourcing strategy. A full-time in-house outsourced CMO or a CPO can provide a fresh perspective that can improve the bottom line.
Marketing ROI
Many companies are choosing to outsource their CMO because they can get a better return on the investment by hiring a cheaper and more efficient full-time CMO. Companies need to realize that if they’re going to hire a full-time CMO, it may not be worth it for them. After all, a full-time CMO usually works around 30 hours per week. By contrast, a cheaper and more efficient full-time CMO can work around eight to ten hours per week. This is important to keep in mind, especially when trying to compete with other businesses who also have full-time CMO’s available.
Summary
A full-time outsourced CMO may cost less, but it may not produce the right kind of results for a company. If a company needs to cut back on costs, but wants to get the most output for those costs, then it may be a better idea to hire a cheaper and more efficient full-time CMO. The best way to find out if this is the case is to start out by hiring an outsourced marketing team, and work with these individuals to find out what kind of results they create for a company before committing to the purchase of its own full-time in-house CMO.