When times are good, you market your business. When times are tough, you need to market your business more. As the country plunges headlong into one of its toughest economic periods, amidst businesses folding right and left, companies are faced with a Catch 22 situation. You have to market in order to bring in the profits, but how can you market to bring in the profits when the cash reserves are dwindling?
While tough times call for tough measures, they’re also an opportunity to take a long hard look at your business and find a way to streamline your operations- including your marketing efforts. It’s of utmost importance however that in taking cost-cutting measures, you don’t cut into profits as well. After all, marketing IS your main profit center.
A highly innovative and economically relevant strategy that a lot of business owners are adapting these days is outsource marketing. In a Harvard Business Review article written by Gail J. McGovern and John Quelch, more and more companies are turning to outsource marketing firms.
A recent poll of company executives stated that 53% reported plans to outsource most of their marketing activities, and with good reason. For companies that are unable to or would rather not have the expense of a full-fledged in-house marketing department, an outsource marketing firm provides the creative and strategic horsepower necessary to increase profits while keeping overhead low.
For the same amount of money that a company would pay a top-level VP of Marketing or Marketing Director, it also acquires an entire marketing team- strategists, brand managers, art directors, graphic designers, web designers/developers, SEO experts, media planners, a PR director, and market researchers- at no additional cost.
Functioning as an external marketing department, an outsource marketing firm can handle everything from market research, marketing communications, brand management, product, pricing and distribution strategy to website development and promotion to public relations.
The savings and improved quality benefits are just the start however. With its deeper resource of experts, an outsource marketing firm can increase revenues by combining right-brain creative with left-brain analytics, which have become more and more important in an age of one-on-one marketing. It also eliminates the bias by offering a broader outsider perspective.
By hiring an outsource marketing firm, a company is also able to free up valuable time for its key personnel so that it can focus on its core competencies, thus enabling the business to maximize the return on its investments and expand further.
Whether outsource marketing is going to change the business landscape remains to be seen, but there are clear indications that is becoming the preferred option for companies that understand how top-level marketing expertise at a lower cost can unleash the true potential of their business.https://sarvottam.co.in