Marketing is a crucial aspect of any business. Business owners are always thinking about ways to reach their target audience- even in their sleep! It is important to market your business. There are too many variables when it comes to running a business. Achieving success puts in a lot more pressure on businesses. Today, competition is present in every nook and corner of business. There isn't a single sector today that doesn't have strong competition. To achieve success in between all this, maintaining sales, taking care of employees and such, marketing can take a back seat. It shouldn't.
Marketing is important to sustain business. It is important break out into a new sector. It is important to allow leads to come in. It isn't easy for businesses to run marketing divisions all by themselves. This is where marketing outsourcing comes into the picture. This is a known and proven process that has worked out well for many businesses across the world.
To take up marketing outsourcing, you need to remember these points-
1. Does your marketing department give you returns on a regular basis?
2. Is marketing outsourcing economical for your business?
3. Do you have the need for marketing outsourcing?
4. What are your competitors doing?
5. Will you find a partner that can handle your marketing?
These are only some of the basic questions you need to ask before venturing out to find a marketing outsourcing partner. Marketing today has become a lot more expensive. Take for example digital marketing. 2016 was the year businesses spent 72.9 billion dollars in the US alone. It is neck and neck with TV ad spends and it is all set to overtake the same, in 2017.
Marketing outsourcing has come a long way. Advertising agencies are the pioneers of marketing outsourcing from the O&Ms to the Dentsu's. Today; digital marketing has also become a popular outsourced process. Digital marketing has a lot more to be done when it comes to processes, as opposed to traditional marketing. Just taking the examples of email and social, you cannot really stop these 2 processes, once you have started them. They have to be engaging and regular, to get any serious results.
Digital marketing outsourcing requires your partner to be able to understand and assimilate your businesses processes. Your marketing is really a projection of what you do and what you offer. For this to be translated into marketing objects, you need your marketing outsourcing partner to be strong, willing to learn, have the tools and resources to plan and execute your marketing campaigns and give you open and serious criticism of what has been and what needs to be done.
The concept of marketing outsourcing isn't a recent phenomenon. It has been around since the very beginning of marketing. The concept is pretty simple. Many businesses aren't able to take up marketing all by themselves. The market is highly competitive. Due to this, the pressures that are involved with sales and product development and execution take a heavy toll on marketing. The demand to generate sales ready leads is too great and many in-house marketing divisions just don't have the bandwidth and capabilities to handle it all by themselves.
Marketing outsourcing firms have all of the groundwork set up for you. From teams that are specialized in various aspects of the business, to senior talent that develops and deploys campaigns, these companies have all that is necessary to conduct all your marketing campaigns and derive results from them. Each process requires specialized talent. You cannot have a graphic designer do social media posting or vice versa. This is where the capabilities of the outsourcing firm come to play.
Since these companies already have the foundations laid out, the cost of marketing comes down dramatically. You aren't purchasing any of these assets, but really only renting them out. This can be extremely cost effective in the long run. They have an equal account in the loss or profit making process of your company. Many partners don't get paid until leads convert into business. This is because they know exactly what they are doing and have faith in their processes seeing success.
Firstly, it decreases the load on your business. There are many companies that have folded because their marketing was not pulling in desired leads. With marketing outsourcing, it becomes easier for your business to concentrate on the other aspects, such as sales, delivery and other such. What this does is it brings value to your delivery chain. It brings in customer satisfaction because you are able to concentrate more on these things. These aspects of business are as important as marketing and a successful company is able to balance all of these together.
The cost factor cannot be dismissed here. The cost of marketing outsourcing is definitely lower than having your own in-house marketing. Talent acquisition and retention are major concerns when it comes to hiring good talent for marketing divisions. The talent that is required for fulfilling these positions are more towards the creative side. They are a tough lot to please and hence attrition is a reality of this industry.
Having your marketing outsourced means that none of these issues are your issues. The partner has to take up all these and also make sure that is taken care of and your marketing campaigns work as well. To make sure they are able to do this, most marketing outsourcing partners have set and well stocked teams if you will. They are able to attract the right talent because of their work environment and the challenges they provide. If you collaborate with good partners, who have the resources and the talent to deliver value, your chances of getting good results are a lot higher.