What Outsourcing Your Marketing Can Do for Your Bottom Line
In today’s constantly changing environment, businesses are running up against a series of challenges that make it difficult to keep pace with the landscape and remain competitive. If you are feeling that pressure, you are in good company. According to Forrester’s research of 154 marketing leaders, two-thirds are struggling to respond to competitive pressure in the current economic environment (1). Under the circumstances, you probably can’t afford to pass up opportunities to boost your revenue – opportunities like outsourcing your marketing.
One way to help your business thrive is to invest in a solid marketing infrastructure. According to Bain & Company and Google’s Measurement Maturity Survey, the top 100 businesses with the most mature marketing programs are four times more likely to exceed business goals, increase market share, and boost revenue than the 100 least mature marketers (2). However, it is not always possible to host those capabilities in-house. With increasing uncertainty and staffing constraints, more businesses are turning to outsourced marketing services to fill some of the gaps. According to Clutch research, digital marketing is the third most common job function that businesses outsource (3).
A well-defined marketing infrastructure like one created by an expert outsourced marketing agency ensures funding, time, and effort are each allocated in a way that optimizes ROI to support revenue growth.
How Outsourcing Your Marketing Saves Money and Increases Revenue
Outsourcing print and digital marketing services helps your bottom line in many ways, including:
- You have flexibility to scale. By outsourcing your marketing, you get access to flexible marketing services and expertise that can be adjusted to meet the changing needs of your business, leaving your staff free to focus on their core competencies to power business growth. For some smaller businesses, a comprehensive in-house marketing team may not be a viable option, so they hire one person to do it all. That one person can’t be an expert in every aspect of marketing, and you may not need that level of marketing expertise all the time. But as you grow, your needs will shift and evolve. By outsourcing your marketing department, you can selectively utilize additional marketing resources and expertise as needed to support scalability without adding long-term in-house resources.
- You get a streamlined marketing infrastructure. Outsourced marketing services give you access to expertise in specialized marketing tools and emerging technologies that automate and streamline marketing processes and empower sales and marketing teams to propel their company to success. Developing the needed infrastructure and implementing these systems is a multifaceted endeavor that requires a strategic outlook, extensive industry knowledge, technical expertise, and relevant experience – competencies most companies don’t have in-house. According to Forrester, finding talent with skills and knowledge in martech, data analytics, and marketing operations remains a core challenge (4). An outsourced marketing company allows you to tap into this expertise for an infinitely more efficient and effective marketing program that leverages data and automation to power success. In fact, businesses that have embraced marketing automation as part of their marketing infrastructure have reported a 14.5% boost in sales productivity and a significant edge over their competitors, with as many as 63% outperforming their peers (5).
- You save money. Hiring and maintaining staff is costly. According to the US Bureau of Labor Statistics, wages and salaries represent 69% of a company’s total expenses, or roughly $29.32 per employee hour worked with benefits costing $13.17 per hour (6). Having a full suite of capabilities in-house means hiring a team with expertise in web, digital advertising, strategy, social media, graphic design, writing, project management, SEO, and data analysis – all of which comes at a high cost. You may need to hire as many as eight people, costing approximately $263.88 per hour worked, not including expenses related to equipment, office space, professional development, and ongoing management. Then add in turnover costs, which range from lost productivity due to vacancies and severance payouts to recruiting, hiring, onboarding, and training new employees. It equates to a huge financial investment. Outsourced marketing services eliminate the need for, and costs associated with, a full-time marketing staff without sacrificing an expansive breadth and depth of marketing expertise. Outsourced marketing, especially for small businesses, may be the only viable option.
To support business growth and stay competitive in your industry, you need a robust marketing infrastructure that operates with speed, innovation, and agility. Keeping up with the latest technologies, mediums, and platforms can be overwhelming, and the costs associated with maintaining an in-house marketing team have skyrocketed.
Should you outsource your marketing? Outsourcing your marketing offers advanced expertise, vast experience, and cutting-edge resources without the financial burden of building an in-house marketing team. The ROI far outweighs the outsourced marketing cost. Paradigm’s outsourced marketing services can help you navigate the complex marketing landscape, cut costs, and stay ahead of the competition to achieve your business goals. Our clients have access to a team of digital marketing consulting services professionals with a wide range of skill sets, including strategic marketing, social media, branding strategies, content writing, website development, graphic design, print design, and other online marketing consulting services, all for less than the average annual cost of hiring an experienced, full-time marketing team member. Our “wraparound” services can help you produce a long-term return on your investment. Contact us today.