Every successful business delivers the best value for money to its own customers and clients by focusing on the most appropriate ways to deliver value for money. Let’s discuss that by looking at simple examples of unsuccessful and successful approaches.
An unsuccessful business may deliver below-par value for money, so it will, eventually, be overtaken by its competition. Another may deliver great value for money but to the detriment of its own bottom line. A marketing agency cannot be of long-term value to either of these businesses unless they change their fundamental approach. A successful business will deliver great value for money, and will do it profitably.
This type of business has two obvious choices – do their own marketing, so they become even more successful, or hire an agency to create, direct and manage their marketing for them, leaving their key employees to focus on what they do best. The goal is still to become even more successful by attracting even more orders.
Choice #1 – Do Your Own Marketing
Many large and well-established businesses have their own marketing expertise in-house. They do their own marketing. They have specific expertise, great experience, an appropriate budget, and a successful marketing track record. Interestingly, many of these companies also use agencies to handle specific projects on their behalf or to supplement their in-house expertise with outside specialist abilities. As an example, many successful businesses are excellent at traditional marketing methods but have less capability in, say, digital marketing or effective social media marketing.
Their marketing department may also be too busy driving current campaigns to take the time to research new trends in consumer attraction and conversion. They may also lack the resources – both financial and human – to split-test new ideas to see which ones are more effective than others in their particular market or with regard to their particular products or services. In those instances, bringing in an outside agency is a very viable alternative to support their own in-house marketing.
Choice #2 – Hire in a Marketing Agency to Begin With
You know your business better than anyone. You know if you are growing as quickly and as profitably as planned. You know how best to use your current in-house resources, and where to deploy them. Growing businesses, and businesses intending to launch a new product or service, must market effectively.
Marketing has two primary purposes:
- To attract potential new customers, and to convert them into prospects, so the sales process can take over, and so convert them into paying customers
- To convert existing customers into better customers (ones who buy more often, buy in bigger quantities, buy new offerings, refer new customers, or do all of those four)
All businesses will benefit from looking at their marketing from these perspectives. When should you hire a marketing agency? When your business goals, and your current productivity and profitability tell you it makes economic sense.