A business’ major goal is to maximize its reach, attract a remarkable number of customers and sell to its utmost potential. In order to reach this goal, the most effective step is marketing. However, marketing is not an easy task, as it comes with numerous challenges and multiple fields to cover. But still, it is essential for your brand image in the market. As you start thinking about cost of digital marketing, the most difficult yet most important decision is to choose between hiring an in-house team for it or partnering with a marketing agency. Both of these options are fruitful in their own ways; it totally depends on your business needs.
Marketing costs are all the expenses that the company makes to market and sell its products and develop and promote its brand. It helps you determine the profitability of your operations and how to set prices. But proper costing is complex, and many businesses aren’t doing a good job. Costing is a specialized process that is different from regular bookkeeping for payroll or financial reporting purposes. A Digital Marketing Agency can help you boost your brand presence, but you have to make the timing right.
What’s the In-house Deal?
When considering the cost of digital marketing, it is important to know that an in-house marketing team revolves solely around your brand and all the work is completed internally, without sending any resources or information outside the organization. This approach provides you with complete control over your marketing strategies and the flexibility of moulding them at any certain period of time. See if your brand has these 7 signs to hire a digital marketing agency, or does it have more time.
A Marketing Agency Can Lift!
A marketing agency uplifts your brand image by incorporating the latest technologies and new ideas. They are equipped with all the essential tools and software which upgrade your marketing strategies. Agencies have some really experienced and versatile employees who have worked with multiple brands at the same time. This multitasking widens their horizon of creativity and knowledge. However, it is important to know that the cost of digital marketing with an agency is good to afford only after crossing a certain revenue threshold. Also, do you know what it’s like in the first 30 days with a digital marketing agency? Well, you can get a headstart.
4 Main Factors to Decide the Cost of Digital Marketing
The majority of the business population believes that partnering with a marketing agency would cut down your costs at so many levels which is true to some extent. As we mentioned above marketing agencies are already equipped with all the technology that is required, which saves your expenditure on the overall setup.
Though there is no definite side in creativity that anyone could take but a slight inclination goes towards the marketing agencies due to the availability of multiple minds working on your brand. Their creativity is brushed up with the experience of working for multiple brands hailing from different industries at the same time.
Marketing is a wide field and it consists of a lot of investment, especially at the initial stage. The setup cost is very high and still, there is a chance that you might miss out on some tools, whereas marketing agencies have ample resources to support your marketing strategies.
- Time Factor
It is extremely crucial to determine the duration of your marketing strategies. If you are going for a short-term investment, it is advisable to opt for a marketing agency but if you are willing to commit to a long-term investment, an in-house marketing team is all you need.
- Size of the Company
Before going ahead with a marketing agency or setting up an in-house marketing team, the major factor to consider is the size of your organization. If you have a small-scale business, then setting up an in-house marketing team sounds efficient as it would pitch in your company’s growth and size simultaneously.
- Marketing Budget
On the similar side, you need to keep your marketing budget in mind. If your budget is low then it’s advised to go with the in-house marketing team as in this approach you can extract more work from limited resources without paying for extras. Extras can be classified as revisions and ad-hoc requirements which are mostly impromptu.
- Marketing Geography/ Demographics
Marketing geography helps you conceptualize the location of your marketing. It divides your campaign into small segments which are easier to manage; making geographical location the major deciding factor. Now if you want to go with a marketing agency, you need to make sure that the marketing agency is well versed in the culture of that specific location as it is essential to know the local insight in order to reach the targeted audience of that area.
- Marketing Tools
After finalizing the marketing plan, you need to determine the tool you are going to use for it. It is advised to go with the marketing agencies if you are planning to go on big platforms like TV or print or radio. The marketing agencies are well connected with the resources from these industries which makes the process hassle-free.
- Campaign Size
The size of your campaign is majorly dependent on your budget and as mentioned above your budget also determines whether you should partner with a marketing agency or set up an in-house marketing team. A big-scale campaign would require a high budget and resources which directly points to a marketing agency as they have everything your campaign needs.
- Campaign Run Time
Your decision of choosing between a marketing agency and an in-house team highly depends on the size of your campaign as well. If you have plans to run the campaign for a longer duration, it’s advised to go with the one with ample resources to support your campaign needs.
Your Brand Above All
In the end, it’s you who has to analyze what suits your business better and decide accordingly. Keep these factors in mind to ace the marketing game. Take a leap of faith and kickstart marketing for your brand and don’t hesitate to switch if at any point you feel like this doesn’t suit your brand. Remember marketing is the cherry on top if you utilize it properly. When considering the cost of digital marketing, go for the option that is cost-effective and efficient for your business’s growth.