Why taking your marketing in-house is not the solution to cutting costs.
With the cost of living and the cash rate continuing to increase, businesses are cutting back on spending. The first thing to go is often their marketing. ‘“I’m taking my marketing in-house” is something we quite often hear within the digital industry as seemingly the quickest way to tighten the belt. However while it might seem like an ideal way to slash spending, it could be a monumental mistake, and here’s why:
The average costs for a business to take its marketing in-house can vary widely depending on a variety of factors such as the size of the business, the scope of the marketing activities, the level of expertise and experience of the in-house marketing team, and the tools and technologies used.
However, there are some common costs that businesses can expect when taking their marketing in-house:
Salaries and benefits: A major cost for any in-house marketing team is salaries, superannuation, and benefits for the team members. This can include salaries for marketing managers, graphic designers, copywriters, social media specialists, and other roles.
Equipment and software: In-house marketing teams may need to purchase or lease equipment and software to support their activities, such as computers, design software, project management tools, and analytics software.
Training and development: In order to stay up-to-date with the latest marketing trends and technologies, in-house marketing teams may need to invest in ongoing training and development for their staff.
Overhead costs: In addition to direct marketing costs, businesses will need to consider indirect costs such as office space, utilities, and other overhead expenses.
Outsourcing costs: Even with an in-house team, businesses may need to outsource certain marketing activities to third-party vendors or agencies, which will add to the overall cost.
Time and commitment: Smaller businesses will find marketing is the first thing to get bumped when time is short. “I’ll do it tomorrow” becomes a constant catch-cry. Or posting for the sake of posting means there’s less thought going into your content strategy and this comes as a cost to your business.
It’s difficult to give a precise average cost as it can vary widely depending on the above factors. However, according to a survey conducted by Hubspot, small businesses with revenue less than $5 million spend an average of $30,000 per year on in-house marketing, while larger businesses with revenue over $5 million spend an average of $330,000 per year on in-house marketing.
Outsourcing your marketing to a digital agency is a proven way to streamline your business operations and increase your ROI.
Here are just a few of the many benefits of outsourcing your marketing to a digital agency:
More heads are better than one or two: Digital agencies specialize in marketing and have a team of experts who have years of experience in the field. For example; Boost Social is a Google Partner. This means they have met the prerequisites specified by Google to attain this status. In addition to that, everyone on our team has their own individual expertise. If you were to try and hire employees of this caliber it would cost you an arm and a leg. They can provide valuable insights and strategies that will help your business grow and succeed.
Cost-effective: Hiring a full-time marketing team can be costly, especially for small to medium-sized businesses. Outsourcing your marketing to a digital agency can be much more cost-effective. You won’t have to worry about the costs of hiring and training employees, paying for benefits and salaries, or providing office space and equipment.
Saves time: Managing your marketing campaigns can be time-consuming, especially if you’re trying to do it in-house. By outsourcing your marketing to a digital agency, you can focus on running your business and leave the marketing to the experts. This will save you time and allow you to focus on other important aspects of your business.
Scalable: Digital agencies can help you scale your marketing efforts based on your business needs. They can provide additional resources and support during peak seasons or when launching new products or services.
Access to technology: Digital agencies have access to the latest marketing technologies and tools. By outsourcing your marketing, you’ll have access to these tools and technologies without having to invest in them yourself.
Measurable results: Digital agencies use analytics and data to measure the success of your marketing campaigns. This allows you to see exactly how your campaigns are performing and make adjustments as needed.
Let us do the hard work for you! Here at Boost Social Media, we are dedicated to providing excellent Digital Marketing & Social Media Management services!
Do you run a business but just don’t have the time to handle the Advertising/Marketing?
Running a business is time-consuming and it’s not easy. Here at Boost, we believe you should leave Marketing & Account Management to the experts. So you can focus on running your business.
Book an appointment now to give your business the best opportunity for success!