Is Hiring A Marketing Agency Cost Effective?
There's no question that every business requires marketing, but how you handle marketing is up for debate. Businesses have several options and what's right for another company might not be right for yours. The two primary options businesses consider are building an internal marketing team and doing everything themselves in-house or outsourcing their marketing efforts to a marketing agency.
Ultimately, an in-house team provides more control over every little detail at the expense of a higher cost. On the other hand, hiring an agency allows you to get more bang for your buck, while trusting in your agency partners to handle the finite details. Of course, there's a lot more to consider when deciding whether or not to hire a marketing agency, and that's exactly what we're going to discuss below.
The costs can vary widely based on the size of your business and how much you're looking to accomplish. For the sake of this article, let's saying you need one full-time person to handle most of your marketing. You might contract out some work here and there, but you're not ready to staff an entire marketing department. At minimum, you'll want a good marketing manager to oversee these tasks for you because that's what will be most cost-effective.
According to Glassdoor, the national average salary for marketing managers is $85,457. Of course, salary isn't the only cost of an employee -- you also have to factor in things like training, company events, sick time, office supplies, and other perks or expenses associated with being an employer. Average monthly marketing spends on agency work typically start at $3,000 to $5,000 a month, depending on scope of services. Add those numbers up over 12 months and you’re looking at a $36,000 to $60,000 yearly.
An agency has a team with a wide variety of skill sets that go beyond what you’d find in one individual. Need your website updated, or even a whole new customized website? Need some design skills to put together a poster or downloadable content? An agency can do that and more. They’ve got a team of writers, designers, SEO specialists and marketing strategists, all working with you and your company. They may even have photography and film equipment, along with a team that can produce high quality videos.
Hiring an agency means that you get the knowledge and expertise of a team of professionals at your disposal. Marketers who work for an agency usually have a wider experience than those working in-house as they get to deal with all sorts of different businesses and tap into several industries. Chances are they have worked for a company like yours before, and even if they haven’t, they will know exactly the type of research to do in order to get the best possible understanding of each client’s unique market and business situation. This is why a lot of brands feel safer with an agency.
An Outside Perspective
Whatever size your business is at the moment, an advertising agency will be able to view your company from an outsider’s perspective and offer customized solutions that suit your unique business. In-house marketing departments can find it a challenge to compete with the creative energy that comes from an outside agency. Whether it’s adopting social media as a viable strategy or rewriting website copy, having someone not so engrained in your day-to-day can provide fresh perspective.
While not all digital marketing efforts are measurable, a marketing agency should be able to show you examples of proven success. See if the agency has case studies on its website, or inquire about successful campaigns in industries similar to your own. Your agency should be able to provide you analytic reporting, so you can track measurable results.
Quality of Work
Assuming you are looking for the most cost-effective approach, you're going to need a well-rounded marketing manager who understands the best practices of all marketing skills, such as content marketing, social media, SEO, copywriting, graphic design, conversion optimization, etc.
The best marketers tend to specialize in one or two skills, while possessing the basic knowledge of the other areas to get the job done. This is who you'll want to find because it's simply not realistic to find someone who is an expert at everything.
Hiring an agency offers a unique advantage because marketing agencies have teams of people with expertise in each area of Inbound Marketing. This allows you access to specialized marketers without having to hire an entire team yourself.
While there are some highly talented people out there, it’s rare that you’ll find someone with all these skills plus all the equipment and software to make it happen. And that doesn’t even take into account the time it takes. It may be more cost effective for your company to outsource some (or all) of these things to an agency.
If you’re still wondering which is right for you, we can give you a glimpse at what an agency can do for you. Contact Farmore Marketing for a consultation! We would be happy to help!
About The Author
DIRECTOR OF INTERNET MARKETING
Tyler is the Internet Marketing Director at Farmore Marketing brings with him multiple years of internet marketing experience across a variety of industries. He loves to play golf, the UConn Huskies and travel to new places!