While selecting the right marketing solution for your business, you often come across this question: “Should I build an in-house team or hire a marketing agency, what’s more, rewarding for my business? “
As per the latest reports conducted by a marketing agency, hiring an agency adds 33% to the efficiency of the organization rather than building an in-house team. But we are not here to take sides. This article is for all the Chief Marketing officers who are struggling to project the company’s brand image in a right manner digitally.
We will just put across the facts and figures and let you take the sides at the end of the blog.
To start with, we certainly know every business has unique needs. The solution that makes the most sense for your business primarily depends upon the business goals, leadership team skill level, and company culture.
As per the stats of 2017, 58% of businesses shifted a significant budget amount towards marketing bucket and that is why it becomes crucial to understand which option suits your business the best.
Let’s discuss four factors which should be considered when deciding between deploying an in-house team or an agency:
1. Skills
In today’s scenario, prime digital marketers work in a certain and a narrow niche most of their career cycle. Therefore, you must ponder over the range and kind of skills that are required to implement your marketing strategy before deciding which you want, in-house or agency.
Agency:
This point does not top our list without any reason. The precise perks of hiring an agency are that you are not accountable for building your team.
Sounds like an easy decision, right?
From the research to pitching, the agency has the range of skillset available to make things work as per your goals and timelines. Encompassing all in one, agencies make it easy for you in engage in all kinds of required activities without bothering to make a new hire every time.
The diversity of skills at hands gives your business new dimension of growth. If your vision is to build a 360-degree marketing strategy, the agency must be your choice.
In-House Team
A fistful of employees to handle the digital marketing does not seem to yield the results you desire. Whether it is a seasoned marketer or two, it needs manpower, brainstorming, and latest skills to create a valuable presence online.
It becomes your responsibility to train the team, make sure their skills are updated and much more. Doesn’t it sound like an additional burden on the organization?
Hire and fire is a common scenario when you build an in-house team. Who has the time to indulge in these complexities when the competitor is moving ahead every passing second?
Imagine the same scenarios when you hire a digital marketing agency. Your organization remains indifferent to the training of new hires, new certifications, and other hassles. All you get at hand is a seamless un-jerked service that too from experts.
2. Cost
The most important question of all time- Which option is most cost-effective?
Agency:
In case of an agency, you pay for what you need. The pricing is based on services and individual projects. The hourly rate of agency is quite significant; however, they showcase productivity for every minute and work hard to deliver what’s needed.
Another cost-effective benefit that comes with hiring an agency is that all your overhead expenses are cut off. You have to make payments for the services you are availing- no unemployment taxes, no paid time off, or any taxes.
In-house
As said before, recruiting premium marketing talent necessitates both the resources to offer competitive salary and benefits as well as creativity.
The median salary for a marketing manager is over 4 to 8 lacs and that does not involve any of the related overhead costs.
However, there is a hidden cost that many businesses often overlook while considering how to boost marketing efforts. And that is known as “attrition” because employees can at any point of time be lured away from your company. Hiring the right talent is the most challenging task of building an in-house team.
Any sort of stoppage in the completion of the project could be costly. The cost of turnover is often more than just employee replacement. So, if you desire to go through the agency route, it is vital to research beforehand and pick the agency which has a good market reputation.
3. Quick Up-scaling
Whether you decide to build in-house or out-source, there are distinct but equally valuable benefits for the solution chosen. One of cornerstones is upscaling and flexibility.
Agency
Take a look at this example of agency perks:
Let’s suppose your organization comes up with a new product that needs an aggressive digital marketing campaign. For that, all you need to do is inform the agency the business requirements and budgets. In a snap of time, the campaign will be set up as the agency has access to multiple resources and skills at the same time. Without any extra effort at your end, the job is done.
In-House
Even with those agency perks, the advantages in-house marketing team cannot be ignored.
Sitting just around your desk, it becomes easy for you to get in touch with the digital marketing team and get the job done. But in case the situation of an aggressive campaign comes up, it may become a business critical situation and you might end up approaching an agency at the end.
Wait! We are not done yet, there is more secret sauce to reveal.
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