Hiring a marketing agency could be one of the best decisions you make as a business owner.
After all, you know you need to promote your business and attract clients in order to grow, but you barely have enough time to write a social media post, let alone put into action a full marketing plan.
You’re not alone. Businesses struggle every day with knowing how to find customers. Cost is one of the biggest barriers to small businesses, according to Hubspot, with the cost of acquiring new customers increasing almost 60% over the past six years.
Nearly 50% of companies report that customer acquisition is their primary marketing objective.
Hiring a marketing agency makes good business sense to survive (and thrive) in a hyper-competitive marketplace. Yet some small business owners wonder if they can do their marketing on their own and worry that hiring a marketing agency isn’t affordable.
The bigger question is … Can you afford not to? Here are four benefits of hiring a marketing agency to help you achieve your business growth goals.
- You’ll spend time on running your business, not marketing
- You’ll save money
- You’ll get a cache of tools
- You’ll hire experts who know what you don’t and get a greater ROI
1. You’ll Save Time To Focus On Running Your Business
Time is a hot commodity when you’re a business owner.
One of the most time-consuming parts of running a business is marketing it.
That’s not a good match.
To launch an effective marketing strategy, you’ll need to develop copy, deploy graphic design strategies, perform market and keyword research, and develop target emails. And that’s just the tip of the iceberg.
Even if you feel confident in one of these tasks, it can be a challenge to master all of them. If you have a small staff and assign these out, you’re faced with a steep learning curve that could require extensive education.
Inbound marketing agencies are built with professionals who specialize in each of these specific creative and technical disciplines.
These professionals will work with you to develop an effective marketing strategy based on the goals of your company and who you want to target, also known as your buyer persona.
With marketing technology and techniques constantly changing, a DIY approach is often unfeasible as well. Business owners don’t have the time to keep up with the latest apps, disciplines and other technologies. Yet if you don’t keep up with rapidly changing times, you will find yourself left behind, watching your competitors grow as you remain stagnant.
With such a never-ending challenge for small business owners, a marketing agency can save you the time and stress of staying up to date on how to advance your business in a constantly evolving marketing world.
2. You’ll Save Money … Lots Of It
While most businesses want to grow, building your staff doesn’t necessarily mean you’re headed in the right direction.
There is a significant cost associated with hiring an internal team of marketers. Let’s take a look at just one staff member, a marketing manager:
- $85,621 in salary (national average)
- $40,000 a year for Social Security, healthcare, disability, paid time off, pensions and 401k
- TOTAL: $126,165
Now that you have a marketing manager, you need to round out the marketing department, with a:
- Copywriter to produce content for your marketing campaigns
- A graphic artist to create custom-branded visuals
- A web designer to build out your website
- A social media manager to oversee your promotional campaigns
That’s another $340,000 in annual salaries. When you factor in benefits, you’re hitting closer to half a million.
We break down this number even further in our article, Are You Wasting Money On Your Marketing Team?
Now let’s take a look at an inbound marketing agency. When you work with an agency, you pay one monthly fee that provides access to an entire team of marketing professionals.
The annual cost of hiring a marketing agency can average about $48,000. That includes all the tools to manage your marketing campaigns for less than it would cost you to hire a single marketing in-house team member.
By choosing a marketing agency, you could save nearly $400,000 every year. Plus, you get experience in marketing and a personalized approach right out of the gate, without a learning curve that puts you behind in achieving your goals.
3. A Complete Toolbox
In addition to the team members you get when you work with an inbound marketing agency, you also get a complete box of tools to put your customized marketing plan into action.
For a small business, investing in the tools required to develop a winning inbound strategy would be overwhelming. Not having these tools may leave you vulnerable to competitors that have chosen to make this investment.
The best inbound marketing agencies will have programs for:
- Creative suites for design
- Programs to manage PPC marketing
- Other subscriptions that handle your customized needs
These tools can be costly to subscribe to yourself. In fact, each could run several thousands of dollars annually just for memberships. Jumping back to the time-saving benefit of hiring a marketing agency, learning how to use each of these programs effectively can be very time-consuming as well.
4. Experience For A Sound Investment
When you are researching marketing agencies for your business, it’s natural to want to make sure you’re making a sound investment and getting high value.
It’s also natural to worry about hidden fees or spending large amounts of money without any results. The good news is that today, the pricing dynamic has shifted toward clearly spelled out pricing structures and lower-fee marketing retainer agreements.
In exchange for a monthly fee, experienced marketing firms should provide you with:
- Expertise in your market niche
- Experience in executing marketing plans
- Money savings by hiring to your specific needs
- No employee training required
- A marketing plan that is executed immediately
- No HR nightmares
- No additional overhead
- Tax deductions, yet no tax liability
- Efficiency for short-term and urgent projects
An experienced marketing agency is a great resource for a small business and a growing business. An agency has the expertise to help you generate the results you need to grow, and because they have all the pieces in place, they can do it for a fraction of the cost compared to an in-house team.
Think of it this way, let’s assume you want to increase your annual revenue by $250,000. If you took the average marketing costs we mentioned earlier of $48,000 and put it into the stock market, what would be your expected return in 12 months? Likely 10% at best.
Now invest that amount in marketing and assuming the $250,000 target is reached, your return on investment is now 420%
We run this scenario with clients to see if they view marketing as an investment and not an expense.
The next question is, can you afford NOT to hire an experienced marketing agency? And how much time, money and lost opportunity are you costing yourself by trying to do it yourself?