How do I know when to in-source or out-source my marketing program?
Marketing is a numbers game. Knowing how your companies financial reports relate to your sales goals can help you create an accurate budget for what it will take you to reach your goals.
Out-sourcing is a great option if your company manages it's marketing plan on a project by project basis. Maybe you advertise in a quarterly trade magazine and you only create new artwork once a year to coincide with new product announcments. In this case, working with a freelance designer who updates your ads yearly along with your product catalog can be the best bang for your buck. If the designer you work with also knows web design, they can help you update your website at the same time. Out-sourcing require clear communication, accute communication of your budget, and time for your desinger to complete the work with expected reviews and revisions.
How much can you afford to spend each year on aquiring new customers?
But what if your sales goals have a month over month goal increase and you plan on running multiple marketing campaigns to acheive these goal? If this sounds like you, you many want to meet with your C.F.O and really see what all this outside help is costing you. Freelance hourly rates are higher then employee salaries. Chances are, you are paying more than you bargained for but have been too busy looking at sales reports to see your marketing spend clearly. The biggest loss you may be experiencing is actually agility and productivity, as you juggle working with multiple designers accross time zones. In-sourcing allows your leadership team to add an element of creative reactivity to trends that speak to your customer base. This can allow your brand voice to sound more like a trusted friend than a marketing guru.
Companies who stay on budget, stay in business.
Solution:Do you math and set your goals accordingly. Get your favorite finance team member to keep you honest by running the numbers, including clear ROI reports. Adjust your plans accordingly. Treat your freelancers like the valued business partners they are and your employees like valued team members.
