Marketing leaders are faced with difficult decisions regarding outsourcing. As new technologies and skillsets are required, CMO’s are turning to consultants. What functions should be built in-house vs. outsourced?
It is a common business practice among world class companies to outsource significant levels of strategy and execution. The strong get stronger. But when do you do it in-house? When do you outsource?
Top marketing leaders focus on building a strong internal team, while outsourcing key projects. Consultants can be brought in to provide these benefits:
It is a common business practice among world class companies to outsource significant levels of strategy and execution. The strong get stronger. But when do you do it in-house? When do you outsource?
Top marketing leaders focus on building a strong internal team, while outsourcing key projects. Consultants can be brought in to provide these benefits:
- Increase success rate priority projects
- Extend capacity
- Leverage experience
- Accelerate timelines
When outsourcing you should expect more. The following are 'multiples' to evaluate when considering whether to outsource or do it yourself. Every marketing team is different. Not all multiples apply to every case. Gravitate toward the multiples that dovetail with your team’s capabilities. Download the Outsource Evaluation Worksheet to calculate the impact factor of outsourcing.
Execution Multiple - Does the firm provide strategic input and execution support?
Companies that embark on a major consultancy engagement can find it difficult to execute. Companies struggle going from strategy to execution. The digestion period can be months before springing into action. I’ve had senior executives tell me after a major strategic engagement that they need another consultant like they need a hole in their head. My personal favorite quote on this topic is “I don’t need more Bain pain.”
Execution Multiple - Does the firm provide strategic input and execution support?
Companies that embark on a major consultancy engagement can find it difficult to execute. Companies struggle going from strategy to execution. The digestion period can be months before springing into action. I’ve had senior executives tell me after a major strategic engagement that they need another consultant like they need a hole in their head. My personal favorite quote on this topic is “I don’t need more Bain pain.”