- Hire a team of marketing staff in-house to work on your campaigns full-time.
- Contract a marketing agency to handle all your marketing needs.
Each business is going to have different needs, so there isn’t a one-size fits all solution. However, it’s important to know the pros, cons, and most importantly, the cost of using each when deciding between in-house marketing vs an agency.
In-House Marketing: Pros, Cons, and Cost
In-house marketing can be a convenient option for many business owners. Instead of contacting a company with phone calls and emails, you’ll have your very own team at the ready for any of your marketing needs. Furthermore, your team will have a much greater understanding of the brand from the very start with in-house marketing vs an agency.
However, having your own team comes with its own set of challenges. For starters, it can be much harder to hire people with a diverse set of marketing skills. Many marketers entering the workforce have a specialization in one area or another. While that may be perfect for what you’re looking for, it will make it more difficult to branch out in other avenues. You may have someone who is great with PPC, but that won’t help much if you’re looking to shift to email marketing. Back in 2018, it was reported that 83% of marketers would be changing their jobs within 3 years. By hiring a team, you need to be prepared for some of those members to leave.
That brings us to the cost. The average marketing specialist in the United States makes about $48,175 per year (that doesn’t include what you’ll spend in taxes, benefits, etc. just to keep them). This number will vary depending on your location, the experience of the specialist, and the type of business you run. Many companies will often have a team of marketers as an in-house marketing agency of their own. Expect to be spending close to $200,000 per year to have a team of marketers in your company. That cost is often well worth it to some, but consider the alternative of hiring an agency before you make your final decision.
Marketing Agency: Pros, Cons, and Cost
While a marketing agency might seem like a high-end option, there are serious benefits to hiring one. For starters, a marketing agency will have a full team of experienced professionals who are constantly dealing with varied clients. This means they will be statistically better equipped for your marketing efforts and will be able to switch to different strategies much easier. An agency is the full package often times. They’ll handle everything for you from SEO strategy to website design.
There are some downsides to consider, though. It’s easier to communicate with an in-house team than it is with a marketing agency. Agencies also have various clients to work on, which means that your efforts may not be at the top of their list. Depending on the industry of your business, your company may also not be a good fit for a marketing agency, as some will home in on specific industries and try to fit those tools into your campaigns.
Costs for marketing agencies vary widely. The industry adopts a per-hour rate, which ranges from $95-$225. Agencies will also charge flat rates for particular services such as web design. It also varies based on location, industry experience, agency size, and more. While $225 per hour might sound like a lot, consider a few factors first.
- Number one is that you won’t be paying that agency for full-time work like you would an in-house team. Lots of times, agencies can get jobs done in significantly less time, thus reducing billable hours.
- If you only need one specific marketing service, such as emails or PPC, your bill will be significantly less than hiring a full-time team.
- Even if you end up paying more, a marketing agency will almost always bring a slew of well-rounded professionals who will not only bring their best to the table, but can also make adjustments, suggestions, and entire campaign overhauls when necessary.
- You don’t have to pay their vacation, benefits, and payroll fees.
When all is said and done, you must do what is best for your business. Make sure you know the costs of in-house marketing vs an agency as well as the benefits and downsides of each.
If you’re ready to breathe life into your brand today, then contact us for a free marketing review!