Your Business Marketing
Is internal or outsourcing the best way to go?
Marketing your business is an important part of any small, medium or large business. It drives sales, new customers, enquiry and is intrinsically linked to your business success.
But what is the best way to spend your marketing budget? Is it to employ internally and then hand over the reigns to that person? Is it to hire an agency to handle all marketing on your businesses behalf?
The answer is dependant on your business, industry and your previous experience.
Internal Marketing Function:
This approach means finding the right person to work within your business
to manage and organise marketing activity.
This could be on a part or full-time basis and may not include additional costs such as graphic design, video production, media buying or website design etc that your internal marketing person may not be
able to execute.
You may also be hoping this person gets an intimate understanding of your business and can get to a stage in the future where they come to you with great ideas to market your product or service.
Depending on your management style and knowledge of marketing in your industry, an internal person may be the way to go.
Outsourcing your marketing:
This normally means appointing an agency to look after the marketing for your business. They are external to your staff and can come in with new and fresh ideas that have worked for their clients in the past.
Agencies normally have multiple team members who specialise in the different areas that need execution. Graphic Design, Web Design, Advertising, Media Booking, Sponsorships and Social Media to name a few.
As an agency is external they won’t add to your payroll, superannuation or workcover commitments, their services are invoiced separately like any other supplier.
Further to this, costs for an agency like computers, software, cameras, audio equipment, etc, are all their cost not yours so their fee covers these items unlike an internal staff member where you may need to purchase these items.
An agency may also have lots of experience in your industry with other clients of theirs, ideas they can bring to the table to help your business.
Things to think about before deciding:
Do you have time to work with an internal person or an external agency- allocate that time each week/month so you can effectively market your business.
Decide if you want to invest in an internal person or external provider- talk to peers in your industry or who are in their own businesses about their preference.
Whatever you do, the idea is to track success with your marketing. Whether that is new customers through the door, visits to your website, followers on your social media or purchases in your onine store. Be sure to set expectations with your internal staff member or your agency.
Having a ‘Marketing Plan’ for your business is Step 10 in the Mulcahy & Co FS360 process. Helping you achieve financial security is at the centre of what we do for all clients.
FS360 is a step by step process we use to achieve this with you over time.
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