Are You Outsourcing Your Business’s Marketing as an Afterthought? Make it a Priority!
Marketing is one of the most important areas of a business, regardless of industry. It affects a company’s finances, human resources, production, competition and customer base. Without a foundation of sound marketing, a business is extremely limited in where it can go and who it can reach. Sadly, many companies look at marketing as an afterthought and can’t afford to hire an in-house team to handle all of the intricacies.
The good news is that you don’t have to hire a VP of marketing in-house when you can outsource to a strategic agency and receive all the same benefits. Often, it is preferable to outsource non-essential actions when running a company. In many ways, outsourcing is not an alternative to an in-house marketing strategy, but the best choice for a successful ad campaign.
A well-thought out, strategic marketing plan is imperative to properly branding and advertising your product or service. No matter how useful or ingenious the product may be, it will flounder and disappear into the millions of other useful and ingenious products for sale on the Internet, unless it is well-marketed and shown to a demographic which matches a precisely researched customer profile appropriate to your specific service.
Such customer profiles are not developed overnight, nor do they appear out of thin air. It requires research and market testing to determine who is most likely to invest in a particular item. Outsourcing your marketing provides your business with a professional marketing company that knows the ins and outs of a successful marketing campaign.
5 Reasons You Can’t Afford to Skimp On Marketing
1.) More sales—You can’t make sales if no one knows your company exists. A targeted marketing campaign will place your product or services in front of people who statistically care about what is being offered and want to buy it. Without sales, there is no company.
2.) Consumer trust—Potential customers tend to be leery of spending money on items they’ve never heard about before. When a company has a dedicated, outsourced marketing team, this becomes a non-issue. Branding and extensive social media presence will make customers more likely to try a product out because it is familiar.
3.) Learning your metrics—It is imperative to discover what the average customer is worth to your company for a determination to be made regarding a reasonable expenditure in acquiring a new sale. Having this information makes bids on Google Adwords and Facebook ads a science, rather than a gamble.
4.) Developing an ideal customer profile—Market research is a necessity for the creation of an average customer profile. A focused ad strategy will help reduce the amount of money spent on advertising to people who are not likely to purchase your item, which can instead be routed into advertising for people who will buy and provide a profit.
5.) Building your brand—Properly branding your company will make it a household name, and if done right, will create a positive reputation for any products and services with that brand in place. Therefore, not only what you produce now will retain a valuable public image, but any future items will maintain this image.
5 Functions Which Illustrate Marketing Importance
1.) Customer—All businesses exist to provide a solution for a customer, whether that customer is an individual or another company. Without the attention of a solid consumer base, the business is sure to fail. With proper marketing, this is easily avoided.
2.) Finance—Whether a business is financially capable of producing merchandise or not, without a targeted advertising plan it will eventually go bottom up. Sustainability for a company is obtained through a continual influx of new customers and sales. A well-marketed product will yield these new sales.
3.) Human Resources—In a similar vein as the above financial stability, the number of human workers employed to make a product or provide a service is irrelevant if the business is not marketing their wares. No new sales means an inevitable economic shift downward, taking the funds to pay workers with it.
4.) Production—What good is an entire warehouse full of merchandise if there is no one to buy it? Sales is a balancing act of supply and demand, but without a clear, strategically sound marketing plan in place, there is no demand, notwithstanding the supply.
5.) Competition—Having a competitive edge when your business is focused on a popular market is important. Advertising in the right way and to the right people will put your brand and your product above competitors in the mind of the customer. Unfortunately, great customer service and a superior product will not sell an item alone. A dedicated advertising plan will imprint your name above the others when it comes time to make the purchase.
Why Outsourcing Makes Sense for Any Area of Business
Outsourcing is a great way to achieve your business goals efficiently. Oftentimes, a new entrepreneur will think he has to do it all. But this doesn’t make sense for a plethora of reasons. Most notably, Leonardo Da Vinci was the last true multi-tasker and Renaissance man. The average human being is not capable of being a master at every aspect of a business, particularly when just starting in an industry. Outsourcing can alleviate this problem.
A true leader knows his strengths and weaknesses, and knows when to delegate a task. If you are a superior inventor, but you have no experience creating ads, it makes sense to delegate that task to someone who does. Not only does this save you frustration from trying to beat the learning curve of Photoshop and Googling the best colors to attract the right people, it also gives you more time to work on what is truly important to you.
You are not an expert at everything to do with a business. Being an expert on your product is a given, but no one expects an inventor or a skilled laborer to know the first thing about market research and company metrics. Outsourcing can save you time and money put to better use in other areas of the business.
The cost to outsource a particular task is always less than the money you would lose in lost time and playing the trial and error game. With outsourcing, you pay a fee to someone who is already a master at the given job, basically paying a small amount of the money you would waste doing it yourself and receiving a quicker return on that expenditure.
Finally, time is an ever-moving entity, and the loss of time working on your area of expertise while attempting to learn how to do the miscellaneous grunt work of a company cannot be adequately quantified. Often, it is far more costly than paying someone else to take care of minor (or major) business housekeeping.
Things to Keep in Mind When Outsourcing Marketing
Being clear about your end goals and what exactly you want to achieve through outsourced marketing is imperative. The next step is to communicate these goals to your marketer in a precise, articulated manner. Be certain there is no confusion regarding your expectations.
Before moving forward with an outsourced marketer, calculate the cost benefit to your company. Estimating the cost to you in time and money if you provide your own marketing is key in determining how much of a gain an outsourced marketer will be able to offer once the marketing campaign has been carried out.
Count your outsourced marketer the same as you would an employee. If they are not doing the work you paid them for, you are within your rights to question and possibly fire them. Require a time estimate for you to see a return on your investment in their services. If that estimate is far exceeded, it is time to check in with them and discuss your options.
Always check credentials and references prior to hiring an outsourced marketer. There is no sense in outsourcing a task to someone else who doesn’t know how to do the job properly. It will be a bigger waste of your time and money than if you’d tried to do it yourself. Any valid, reputable marketing company will be happy to provide you with their credentials and a list of references for you to contact.
Knowing the importance of a defined marketing strategy in the long term health of your company is the first step toward a successful and fulfilling business venture. The second step is asking yourself some hard questions:
“What is the cost benefit?”
“What is the end goal?”
“Who is my intended audience?”
These questions will help tailor your marketing campaign, and will give you a leg up when discussing options with a potential outsourced marketer. Marketing should be a priority for any serious entrepreneur, and it is sure to expand sales and branding. With thoughtfulness, dedication and effort, any business can become a household brand through the power of marketing. Underestimating the usefulness of a targeted marketing campaign is folly.