Improving your marketing ROI can be done in many ways, and one of them is to assess the effectiveness of your in-house CMO and overall marketing returns. Such high-paying positions should be bringing in your ROI tenfold; however, if you find that your strategies are outsourced to agencies anyway, then it might be time to consider a part-time or consultant-based outsourced CMO to free-up your cash flow.
In fact, you might even find your business bringing in a higher return for bringing in an independent and experienced marketing contractor. To add to that, you also get to hire a level of expertise for less than what you previously paid your in-house CMO—which is a bang-for-the-buck deal on all accounts!
There may be a question of when it’s a good time to hire an outsourced CMO for your mortgage firm. Here are the perfect situations:
1. You’ve never had or currently don’t have a CMO
If you’ve never had a Chief Marketing Officer on board, you’re in for a breath of fresh air for your marketing team. Having a dedicated executive directing the strategies for your business’ marketing will help streamline your strategies and whip your team into shape.
2. You need specialized marketing skills in your industry
Outsourced CMOs come with a specialized skill set that allows them to zone in and focus on clients’ specific marketing skills.
Let’s say you need mortgage marketing services or a marketing strategy for financial advisory services. They’ll have a good understanding of marketing tactics and tools to use depending on where the firm is from a marketing standpoint—and, more importantly, they have the skills to execute them!
3. You need to create an impact with your strategy
Because your CMO is coming from outside the business and is there with a consultative approach, they can look at your marketing obstacles with fresh eyes and implement strategies from different angles. It’s important to have someone driving the strategy while the rest of the team operationalizes.
4. Your budget for hiring was slashed
At the end of every year, budgets get approved, and not everybody gets the headcount they planned for. As an alternative to hiring in-house, you can make a case for a marketing head’s need without adding an extra count on the payroll. This way, you can drive ROI on existing marketing strategies to help the business’s marketing arm—which is a win-win for everyone!
5. You need more data to make better decisions
Everything is data-driven these days, and businesses can use such insights to make smarter decisions about what direction they should be taking. These insights are especially important in marketing strategies.
An outsourced CMO can collect data from customers, vendors, and third-party sources to fuel your strategies. This will allow them to come up with a plan based on what the company needs to do and what gap they need to close, as given by your business goals.
Each industry comes with it a unique set of needs and requirements for marketing out to their niche. Digital marketing for mortgage brokers, for example, will look very different from a strategy executed by the financial advisory sector. However, they have in common an opportunity to bring in more returns from marketing strategies with an outsourced Chief Marketing Officer.
Doing so allows more focused and specific marketing strategies for less effort and budget—all with the potential for a fresh perspective. If your marketing team feels a little stuck, then perhaps it’s time to look outside for your next CMO!
Revamping your marketing strategy may require the help of outsourced CMO services. Here at Exclusive Marketing Agency, we are a branding agency for mortgage companies, insurance companies, and financial advisory businesses. To find out more about how our specializations in marketing can help your business, visit our website today.
Leave a Comment