A business without a digital marketing strategy is like a bike with a flat tire. It won’t get far, and will be overtaken by the competition.
You can either take care of this via an in-house team or outsource the management of your digital marketing efforts to a third-party agency. So which is the right approach for your organization?
The Pros and Cons of In-House vs Agency Digital Marketing
When making the decision to handle digital marketing in-house or pay an agency, there are pros and cons you should consider.
On one hand, doing it yourself gives you more control over your content strategy and budget. You’ll also have better knowledge of your company’s key message than a third party would, which could result in more targeted campaigns for potential customers.
However, depending on the size of your business, managing digital marketing processes such as SEO updates can be time-consuming without dedicated staff members assigned solely to this task. That means missing out on important opportunities and failing to respond quickly enough to changing trends in the industry.
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An agency may offer greater flexibility when it comes to updating strategies according to these changes since they specialize exclusively in these tasks. Plus their experience with other clients will bring unique insights into what works best for different types of businesses across various markets.
A Look at Different Payment Structures for Agencies
If you’re considering hiring a digital marketing agency, it’s important to understand the various payment structures they offer.
Generally speaking, agencies can use one of three options: hourly rate, project-based fee, or retainer fee. This can differ depending on what type of marketing you’re focusing on. For instance, performance marketing, also known as performance media, can make more sense to secure on a retainer basis. You can get up to speed with this performance media definition if you’re in the dark.
So how does each approach work? Well, with an hourly rate structure, you will pay a standard amount per hour worked on your account, whereas with project-based fees you are charged according to the complexity and scope of work required by each task, which may be more cost-effective depending on the job’s size.
Alternatively, with retainers, you pay an agreed fixed monthly sum in exchange for certain services, such as search engine optimization and content creation over set periods of time. This offers greater peace of mind that tasks will continue to be completed without requiring additional payments on top of the basic monthly amount.
Ultimately all these payment models have their benefits, so weighing up your individual needs is essential before selecting which option works best for your business objectives.
Tips for Teaming Up Successfully with a Digital Marketing Company
Working together effectively with an agency is key to getting the most out of your relationship. Before starting, make sure you are clear on what services they will be providing, and set expectations around timelines and deliverables so that everyone involved knows what is required from them.
It’s also important to provide feedback regularly. This helps ensure campaigns are running as efficiently as possible while meeting business objectives.
If problems arise, discuss solutions quickly. Open lines of communication, and honesty, can help maintain relationships and avoid potential conflicts.
Finally, it’s crucial you agree on payment terms from the offset. Not only does this give clarity over how much each party should expect, but it avoids misunderstandings or disagreements when invoices arrive.
Small and large businesses alike can benefit from outsourcing digital marketing. It’s just a case of knowing if this is a good move in your specific situation and finding a reputable agency to take on your needs.