Marketing Agency or In-House Marketing?
August 15, 2017
Dear House Rules,
We’re reviewing the marketing at our company, especially now that we have a massive new product launch coming down the pike. We need to ensure that our marketing materials are strong, while keeping costs in check at the same time. Should we out-source to an agency, or beef up our in-house marketing department?
Not sure which way to jump
Dear Not Sure: Not to worry. That’s a common dilemma faced by companies of all sizes. It sounds like yours is fairly large, and we have a special idea just for you at the end of the blog. First, though, here are some pros and cons for companies to keep in mind:
Pros of Hiring an Agency
- Collective Knowledge: Hiring an agency to help manage your company’s marketing means you’re paying for an?entire team of specialized marketers?that all work together for your business interests, often for the same or less cost as a single full-time salary. You’ll benefit from a “hive mind” that consists of content specialists, promotional copywriters and social media specialists, web developers, IT consultants, art directors and graphic designers (with expertise in both print and web), reputation managers, project managers, medical writers, email marketers, and brand managers
- Access to More Resources: Hiring a marketing agency for your business gives you access to resources you wouldn’t have otherwise, such as specialized monitoring software and data analysis tools. Monthly subscriptions for analytics software, social media and SEO tools, and creative design tools can range anywhere from $50 to $200 (and up) each. Agencies invest in these tools for themselves and the cost is already built into their fees, so that you don’t have to worry about additional resource expenses
- Time Savings: Obviously, strategizing, developing, and executing marketing campaigns and programs take time. What’s not so obvious is?that time-consuming activities like measuring, analyzing, and refining are at the heart of any successful marketing strategy. If you don’t have time to measure the impact of your marketing efforts, then you’ll never improve. A good marketing agency will dig through the data, refine when needed and report progress for you. Another less obvious way an agency will save you time (and money) is by?staying current so you don’t need to. Marketing changes constantly, especially digital marketing, and staying up to date with the latest marketing best practices, search engine algorithm changes, and new social opportunities is a full-time job in and of itself. A good marketing agency will dedicate time and resources staying abreast of the latest trends so you don’t need to waste your time experimenting with new ideas that may or may not work
Cons of Hiring an Agency
- Limited Attention: With your own in-house marketing team, it’s easy to determine how much of their time is spent on just marketing, especially if you put them right down the hall. That’s not always the case with an agency, especially a large one. Many agencies serve dozens of clients at once, and it’s possible that your account will get lost in the mix without receiving the kind of special attention you deserve (and pay for.) Furthermore, a crowded playing field means the marketing team may lack a meaningful connection to your specific brand and goals. Fortunately, at Xavier Creative House, we work with a carefully selected group of clients so that we can give each one the time and effort it warrants
- Failure to Understand Your Business: When you hire a marketing agency that may not be an expert in your niche, it takes time for their team to familiarize themselves with your industry and to identify profitable opportunities specific to your niche. Naturally, you’ll want to hire an agency that specializes in pharmaceutical marketing or does pharmaceutical marketing exclusively
Depending on the level of dedicated service, remember that none of the marketers from the agency will be in your office every day. A good marketing agency will make substantial efforts to learn your business, brand, and marketing goals throughout the relationship. They’ll also maintain consistent communication with you and your staff to ensure that your evolving business goals get met.
An experienced marketer like Xavier Creative House, with expertise in developing bold and evocative marketing materials for pharmaceutical companies like yours, can be your secret weapon in this situation. You don’t have to expand your in-house marketing team when your marketing needs may contract at times and grow at others. Keep your existing staff, then supplement with our staff when your product launch goes from “posters of clinical papers” to “details aids on the tablets of every rep.” This is an all-upside move for you: it allows you to avoid the costs of adding to permanent staff AND to develop a solid relationship with a vendor who will value your business and become a trusted marketing partner. Contact us today to see how we best fit into your current and future marketing needs!
Reference: 1. http://www.incrediblemarketing.com/pros-and-cons-of-hiring-an-agency-for-your-medical-practice. Accessed August 2, 2017.