What is a Marketing Firm and Why Should Your Business Hire One?
Are you interested in learning out marketing firms?
Because businesses have to convert people into paying customers, they need a marketing plan and budget. Your business may have a couple of employees that make up the marketing department.
This can work for smaller businesses while larger ones require more people. A company can solve this issue by hiring a marketing firm.
Continue reading to find out what is a marketing firm and what you should know before hiring one.
What is a Marketing Firm?
Marketing firms are there to help you get customers. As one of the most important components of a business, these firms focus on the relationship between a company and its audience.
They develop a marketing strategy to build a following online, offline, or both and aim to extend your target audience to others who may buy your service or product. Another goal is to increase sales and profits.
A marketing agency doesn’t just devise a plan from the tops of their heads. They spend the time doing thorough research on which marketing approaches are efficient and actually bring in customers.
Market research includes a variety of topics, which can easily be difficult for only a few people to handle.
This kind of online research includes figuring out how large the demand is for what a company is offering, the target audience’s preferences, marketing trends, industry trends, and competitors.
Marketing firms take care of data about pay-per-click and other advertisements, keywords, a company’s website, social media accounts, PR, sponsorship, email lists, content, and more.
In-House Department vs Agency
Besides a marketing firm, your other choices are hiring individuals to work in-house or trying to do it yourself. The problem with the DIY route is that the common marketing strategy of today involves tech and creativity. Many business owners may have trouble with this.
You’ll either end up with a poor plan or spend too much time learning how to make an effective strategy. It’s easier to hire a marketing department, but is it possible that a marketing agency near me is the smarter decision?
Cost to Hire
Many businesses make the mistake of assuming that hiring a marketing firm will cost them more. They compare the hourly rates of an employee and an agency and conclude the agency would be more expensive. However, this often isn’t the case when you add in the benefits employees receive.
If you offer full benefits to your employees, then you’re paying them more than just their salary. Examples of benefits are health insurance, other types of insurance, sick days, paid holidays, and a retirement plan.
The average annual salary of a marketing manager is $102,039. With bonuses and benefits included the price goes up to $149,069. The number will increase again when you eventually give them a raise.
This is only one person. Imagine paying a solid marketing department of at least eight employees.
Marketing firms can charge businesses in several ways. They can bill hourly, monthly, per project, or have a hybrid package.
Hourly pay can range from $95 to $600 or more. An agency that specifies in social media can cost $1,000 to a maximum of $20,000 a month.
Even at the maximum price, it’s still cheaper per year than what you’d spend on a whole marketing department.
Consider Hiring a Marketing Firm
If you hire a professional high-quality marketing agency, you’ll get great service and save money.
Although smaller companies may only be able to afford a marketing employee or two, they should consider switching to a marketing firm when they have the budget.
Now that you know what is a marketing firm you can decide if it’s the best choice for your business.
