This article will demonstrate how the current pandemic is making businesses adapt in new and unforeseen ways. Some businesses will gain an advantage by creating new strategies that are designed with the new market in-mind. Here are three reasons why businesses are choosing an outsourced CMO during these challenging times.
1. Uncertainty and cost-control
Despite the economy being on the mend, there is still uncertainty surrounding various industries. Demand shifts and ‘new normals’ are making business leaders feel uncertain and cautious about how to approach their industries. This uncertainty that appears to be omnipresent is one of the reasons why hiring has slowed down. Businesses just can not fully commit to bringing in new staff. However, many businesses know that they still need to bring in people in order to grow their business. Turning to contractors and freelancers is an alternative, although that brings with it its own challenges.
Contractual agreements, such as those with a marketing consultant, an outsourced CMO, or an agency give the company a lot of control in that they can decide their level of commitment. This is why an outsourced CMO is more preferable to hiring a full-time CMO right now. The chief executive officer or business owner does not know where the economy is going to be in six months so why take the risk of being fully committed to a new, and expensive, hire. It brings a host of responsibilities.
Many outsourced CMOs will offer a 3-month initial contract, and then further negotiations will decide how long the two parties want to work with each other. This is music to the ears of nervous business leaders. Month-by-month is even an option, although that can put unwanted pressure on the relationship.
2. Designed for remote working
I used the recently-chlichéd phrase earlier but there is a ‘new normal.’ And working from home or working remotely is it. Some teams are finding it difficult to adapt, others may have already had an office culture in place whereby frequent working from home was common so the shift has been less turbulent.
The benefit of hiring an outsourced agency, such as an outsourced CMO or a marketing agency is that they are set up for working this way. Not simply adapting to working this way, but designed to. This offers a monumental advantage. There will be things that they can teach your business and ways of working that make your remote working environment more efficient and effective. This can include how they use tools for video conferencing or project management, like Asana.
3. Market changes and the need for strategy
As with every paradigm shift, a new approach and strategy are needed. Using old strategies for new market landscapes is like putting round pegs in square holes. It simply will not work. A new strategy is needed. How have people’s days changed? Their phone-usage patterns, the work times, when are buying decisions being made? All these new questions require fresh and comprehensive solutions that should be answered by an expert. Whatever the industry, there will be new answers to old questions, and new answers to new questions.
This means that businesses should have a fresh approach to their marketing strategy and bring in an expert to help them formulate it. A marketing strategy expert will most likely come in the form of an outsourced CMO, a marketing consultant, or a growth hacker. Any of these would preferably be experienced in the industry and already have exciting ideas on how the ‘new normal’ will impact strategies.
We are in a time that provides great opportunities to many businesses as those with a first-to-market approach to the new market may find themselves with an advantage over their fiercest competitors. As Winston Churchill said, “Never let a good crisis go to waste.” This time is no different and it is time to strategize with fresh eyes.
Interesting Related Article: “How to Set up an Efficient Marketing Funnel for Your Business?“