Inflation, cost-of-living crisis, rising costs – buzzwords that will define Summer 2022. The phrases that are also driving businesses to evaluate their budgets for 2023. Marketing and communications are often low on the list of priorities but how can companies drive brand awareness and communications targets at a time when cost-cutting is high on the agenda?
It’s a question on the lips of CEOs and stakeholders around the UK as they explore the pros and cons of in-housing their marketing. Should they stick with an agency they are paying or trim costs by taking their strategies in-house? There are arguments for both, but here, CEO Kieron Goldsborough explores how agencies can support businesses at a difficult time, without exacerbating the costs.
In-house, agency, or best of both?
Firstly, you need to get to grips with your marketing objectives. Do they match your business ambitions? How much do you have to spend and how do you optimise those outgoings? Answering these questions will make that decision easier, but how do you maximise that return on investment while driving your business forward? Being an agency, it’s natural for me to tell you to choose our route, but more and more businesses are choosing the hybrid model.
While an in-house team is on hand throughout your business hours and knows your company inside out, there are added bonuses of bringing in agency specialists. At Different Narrative, we pride ourselves on getting to know our clients and we strive to become an extension of a company’s marketing team, rather than being seen as a third-party outlet.
The benefits of the hybrid model
A recent industry survey of 150 chief marketing officers claimed 96% of small to medium businesses will pay agencies for consultative services. And when you delve into why, it makes sense.
Opening your doors to an agency gives you access to a broad range of experience and allows the team to draw on widespread industry knowledge. Agency teams spend 24/7 working in a creative environment which not only ensures your campaigns are cutting edge, but the team will be on top of changing trends.
They will have a variety of SEO, PPC, social media and PR experts at its disposal, which enables you to grasp a wider understanding of the marketing sector. Agencies also benefit from having more scope to purchase the latest tools and technologies to track your KPIs, tools that can prove costly for individual businesses.
Agencies can often be seen as a costlier option, but it’s all relative to the marketing needs of your firm. Delving into the logistics, you have to consider what you are getting in return. Are you better to hire a marketing graduate on a £20,000 salary or should you invest that with an agency?
The value that comes from a team of specialists should not be underestimated. Agency partnering also reduces the risk for businesses operating in fluctuating markets of hiring staff that they may need to let go during a quiet period by enabling the client to dial up or dial down their activity in line with business operations and need.
Whichever route you opt to take for your marketing spend, the crucial thing to remember is that your marketing objectives are just as vital to your overall business goals as the new business you are driving. Chat with Kieron and the team about maximising your marketing at hello@differentnarrative.com