How to Fulfill Your Marketing Requirements
Exploring the Pros and Cons of Outsourcing vs. In-House Marketing
Every business needs marketing. Without it, growth is evasive. However, exactly how you fulfill that need varies. With the unemployment rate reaching historically low levels, hiring new talented marketing personnel may not be so easy. Recently, a potential client told us that he plans to hire a marketing manager who is going to be responsible for their website, content creation, graphics, social media management, strategic direction, events, and the list continued. My colleague told him “Let me know when you find that person because I want to hire him/her!” Most likely a one person or even a few-person marketing department will not be able to fulfill all your marketing needs with the level of expertise desired. To determine the best approach for your company’s expanding marketing needs, we have provided a few points to consider about outsourcing vs. in-house marketing.
In-House Marketing Personnel
In today’s competitive marketplace, many companies know that they need to ramp up their marketing efforts. Exactly how to do this is not always so clear cut. If you plan to increase your marketing presence by expanding your in-house team, we have a few points for you to consider first.
- The average full-time marketing manager is paid over $60,000 annually. Along with salary, other benefits, such as holidays, vacation time and health insurance, must be taken into consideration too. These often add up to another $20K plus per year.
- For smaller companies, in particular, turnover is often an issue because they cannot offer the benefits of large corporations. With today’s tight job market, turnover is becoming the norm unfortunately. According to New York-based consultancy, Future Workplace LLC, the average U.S. worker stays at a job for a little over four years, but the youngest members of today’s workforce have an expected tenure that is half that number.
- If you are looking to hire only one marketing person, he/she will most likely not have the level of expertise you are looking for in every aspect of marketing, but instead offer a few core strengths.
- An in-house marketing person sitting just down the hall does offer easier access and collaboration can be quicker and easier.
- Depending upon your budget, you may be able to hire an in-house person who is very knowledgeable about your company’s industry. Being up to speed on industry specific terminology, trends and the competition can prove to be invaluable.
Contracting a marketing agency is another option for ramping up your marketing efforts. An agency can be an extension of your in-house marketing department or can be your outsourced marketing department. Of course, there are pros and cons to hiring a marketing agency as outlined below:
- Access to team members may not be as ready since marketing agencies often work virtually with clients and with multiple companies at a time, resulting in different priorities. And, with a virtual work environment, the benefits gained through in-person collaboration are not available.
- If you are in a niche industry, it may be difficult to find a marketing agency that has experience in your field. In the beginning of a new client-agency partnership, it may take time and resources to help ensure the agency is up to speed on your industry. However, as one client told me, “We selected diamonddog Marketing because we wanted an agency that was not entrenched in our industry, but one that was an outsider and would hopefully bring out-of-the-box thinking.” We have been working with this client for over three years now. So, depending upon your perspective this could be a pro, not a con, for your business.
- A strong marketing agency can offer expertise in a wide array of marketing services. Each member of that specialized team is actively working with several accounts so valuable insights can be applied to your new campaigns and situations.
- With a marketing agency, it is easier to scale up or down as product launches and marketing campaigns are finalized. Marketing agencies can be hired either on a per project basis or on retainer. Retainers often run anywhere from three months to a year. Often, annual retainers, especially from boutique marketing agencies, are much less expensive than an employee’s combined yearly salary and benefits, and provide you with a team of experts in different marketing areas.
Making a Marketing Decision
These are just a few pros and cons to consider when faced with the decision of whether to hire an in-house marketing person or outsource functions to a marketing agency. This may seem like a big decision, but hiring a marketing agency for a short-term project may help you determine the best way to move your marketing efforts forward in the long run. With this approach, you can experience first-hand the quality of their work and determine if the working relationship is a fit.
If you would like to discuss an upcoming marketing project, please reach out to us at email@example.com or give us a call at 847-269-1422. Our team of experts are ready to help you grow your business!
January 24, 2021