In-house Employee or Outside Agency: Who Should You Hire for Your Company’s Marketing Needs?
As 2020 comes to an end and companies begin to prepare their 2021 budgets, marketing tends to become one of the last things they consider. Whether you run a small business or a multi-million dollar corporation, marketing is essential to your profitability and growth. Without an effective marketing plan, companies are unable to generate new opportunities. Because of this, marketing should be one of the top priorities in your company’s 2021 budget.
When preparing your marketing budget, there are two factors to consider when deciding between hiring an in-house employee versus hiring an outside agency to handle your marketing plan. The first factor to consider is cost. While hiring an employee may seem like the more cost efficient route, in reality it is far more expensive. Many companies fail to take into account the true costs associated with hiring and retaining an employee, including recruiting fees, training fees, a base salary, and a benefits package. When hiring an agency, you have the option to pay a monthly retainer or to pay per project. A monthly retainer is the fee you pay an agency for a pre-determined amount of time that they will use per month on your company’s overall marketing initiative. On the other hand, pay per project is an agreed upon cost you pay an agency for one specific marketing task your company needs completed.
The second factor to consider is the difficult challenge of finding one in-house employee that possesses all of the skills necessary to successfully execute your marketing plan. In all likelihood, the employee would need to outsource some of the projects they are not trained to handle themselves – which would end up costing you even more money. Agencies, however, provide a full staff of highly trained and skilled workers that have experience executing marketing plans for your specific market. Along with their skilled employees, agencies are fully equipped with top of the line extensive software applications to handle your marketing needs, which saves you the cost of purchasing these programs yourself.
When you put your company’s 2021 marketing budget together, remember these two key factors – agencies save you money while offering all the pieces you need to achieve a successful and lucrative marketing strategy under one roof.