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Outsource your Marketing or build an Asset within your company?
If you do no marketing or outsource your marketing then you may want to consider starting your own in-house marketing department. Why? well there are many reason why this may be a smart move for you and I'll discuss the Pro's and cons to doing just that in this 7 minute read.
At the end of the post you will learn what option will be best for you and what you can do to maximise your marketing spend.
But first I thought I'd share a quick tip that will help you achieve everything you want in life & Business. I recently updated my Google Calendar, not exciting but hear me out. When I say I updated it what I mean is I cleared everything that wasn't client meetings. I did this to free space for clients to book on and get help growing their businesses.
This mean't I took out slots I usually book to work on my business. One such slot was writing my Weekly newsletter. I told myself I would remember, how could I forget? It was a habit to write it every Tuesday and schedule for Wednesday. Guess what, I forgot for 2 weeks to write the letter!!!! I didn't remember, life got in the way and I failed.
The quick lesson is, if you want to achieve something, write it down, Plan it out and schedule when you will execute the task. The more you do this the more you win. When everything is planning and scheduled and I do the work I win. When it's left to chance that I may remember I fail.
It's easy to plan to win, you only need time to think and constant reminders to do what you need to do. So don't leave anything to chance, decide what you want, plan it out and put it into your diary.
Should you build an in-house marketing team?
Building an in-house marketing team has its own set of advantages and considerations. One primary advantage is that you understand your business better than anyone else. This intimate knowledge of your company, its values, mission, and offerings can lend authenticity and credibility to your marketing efforts.
Additionally, an in-house team can produce a significant amount of content at little to no cost, allowing for a better return on investment (ROI). Another benefit of having an in-house marketing team is the heightened control and flexibility it grants you. You have the power to adjust strategies and campaigns as needed, without having to rely on a third-party's availability or responsiveness. Moreover, having dedicated marketing professionals on staff allows for the development of long-term strategies, increased brand consistency, and swifter reaction times to industry trends and competitor moves.
Nonetheless, there are downsides to building an in-house marketing team. First and foremost, it requires a financial investment in both salaries and resources. Furthermore, there's the risk of employee turnover, which can result in the loss of institutional knowledge, inconsistencies in branding and messaging, and the potential need to restart the hiring process. Moreover, building an effective marketing team is not an overnight process. It takes time and resources to find, hire, and train the right individuals. Even after assembling a team, it may take some time for members to learn your business, develop a cohesive strategy, and begin generating results.
In conclusion, the decision to outsource or build an in-house marketing team depends on your unique circumstances and priorities. Both options have their benefits and drawbacks, making it essential to weigh your business's needs, budget, and long-term goals. It's also important to remember that the marketing landscape is constantly evolving, and what works best for your business now may change in the future.
To maximize your marketing spend, consider the following steps, regardless of the option you choose:
1. Clearly define your target audience and marketing goals.
2. Regularly track, analyze, and adjust your marketing efforts based on data-driven insights.
3. Continuously invest in the education and development of your marketing team or partners.
4. Foster a collaborative relationship with your marketing team or agency, ensuring open communication and alignment with your business goals.
By following these best practices, you'll be better positioned to make informed decisions about your marketing strategy and achieve the best possible results for your business.
Should you outsource your marketing?
Outsourcing your marketing comes with its own set of benefits and potential drawbacks. By partnering with an external marketing agency, you gain access to a diverse pool of talent and specialized skill sets. These agencies often work with multiple clients across various industries, providing them with a broad understanding of marketing trends and best practices. Additionally, outsourcing can be more cost-effective than building an in-house team, especially for small businesses or those with limited marketing budgets (source).
However, there are also some potential downsides to outsourcing. It can be challenging to find an agency that truly understands your business and its unique needs. Moreover, achieving a satisfactory return on investment (ROI) might be difficult, particularly in industries with low margins and hourly work, such as home care.
Marketers from outside your organization might not grasp the nuances of your business as well as you or your internal team do. Communication and alignment can also be more complicated when working with an external agency, potentially leading to misunderstandings or misaligned strategies.
To overcome these challenges and make the most of your outsourcing experience, consider the following tips:
1. Clearly communicate your business's values, mission, and offerings to the marketing agency.
2. Thoroughly research and interview multiple agencies to find the best fit for your organization.
3. Establish clear goals, expectations, and KPIs for the marketing agency to track and report on.
4. Regularly communicate with the agency, providing feedback and addressing any issues promptly.
5. Maintain a balance between outsourced and internal marketing efforts to ensure a consistent brand voice and message.
Ultimately, the decision to outsource or build an in-house marketing team depends on your unique circumstances and priorities. Carefully weigh your business's needs, budget, and long-term goals to determine the best course of action. Keep in mind that the marketing landscape is continuously evolving, and what works best for your business now may change in the future. By staying informed and adaptable, you'll be better equipped to maximize your marketing spend and achieve your business objectives.