Outsource marketing is a something many businesses need to consider, right? Labor shortages are causing a headache for many businesses. This is combined with rising wages as an additional source of inflation for most American companies. During this period of labor shortage, businesses should consider to outsource marketing to marketing agencies with a full team ready. Why hire one person when you can hire 10 people for the same price that can get more done in a shorter time?
Outsource Your Marketing Will Help Reduce Your Marketing Budget
Companies who outsource their marketing save money. As wages are on the rise, the last thing a company will want to do is increase their employee expenses. Glassdoor shows an average CMO in the United States makes $201,109 per year. This is a significant budget that needs to be supported with other staff within the marketing department. You can hire a marketing agency for as low as $120,000 per year to focus on revenue generation instead. That is nearly half of what the CMO position will cost a mid-sized company. Let’s not forget bonuses, health insurance, and payroll taxes.
Outsource Your Marketing Mean Expand Your Knowledge, Experience, and Strategy
The marketing team and management you hire have a base knowledge and experience at the time they are hired. From that day forward, their knowledge and experience are limited to the company’s business, industry, products, and services. For the in-house team to keep their knowledge and experience current, the company must invest in some form of continuing education. This adds to the expenses of maintaining and managing your in-house team. Depending on the source, average costs of training employees is $1,000 per employee per year or more.
Outsourcing your marketing to a marketing agency comes with many benefits. They work with different companies across different industries. This creates an environment of testing, learning, and succeeding to bring a broader set of knowledge and experience that will make for a more effective and successful strategy. These broader experiences benefit your business as they bring best practices to bear when deploying digital tactics.
Outsource Marketing To Your Strategic Partner, Not a Tactical Vendor
Just as it is costly for a company to hire a marketing team when wages are rising, it is costly for a strategic marketing agency to lose a client. By the very nature of the business, the marketing agency has your best interests on their mind. They want you to succeed so you can keep them for a longer than a contract year. The marketing agency will look at the relationship as a strategic partner vs. being a mere vendor that deploys narrow tactics as marketing services firms do.
Businesses that only hire marketing service providers are not likely to benefit from thought leadership or strategic advice. Service companies often off-shore their labor and implement cookie-cutter campaigns and tactics. These often don’t work, but they don’t care as they quickly move on to other unwitting companies. This is why it is important to hire a marketing agency with a marketing team that understands the full ecosystem of attracting and ultimately acquiring new customers. Marketing agencies are accustomed to successfully managing the marketing processes and full sales life cycle from prospect to paying customer.
The marketing process is an iterative practice — this requires weekly or monthly meetings to review results, test messages and graphics, evolve business goals, modify lead generation activities and monitor sales funnel, review analytics, and much more. Based on the collaborative review, you can then adjust the cycle of activities to improve the results.
The best part, for the same price of in-sourcing a VP or marketing, you’ll benefit from a diverse account team from the agency with talent from graphic artists, web designers, content creators, direct marketers, growth hackers and best of all strategic thinkers.
Outsource Marketing = Increased Success
A strong strategic partner relationship with your marketing agency will ensure long-term success for both the company and your marketing agency. You will not need to worry about hiring a staff, training them, or competing in a labor shortage environment.