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For high-achieving startup founders and entrepreneurs, marketing might feel like a no-brainer to tackle on your own. Plus, today’s online marketing platforms make it easy to post, track and engage.
Not so fast. It isn’t 2010. Digital marketing consists of much, much more than posting on Facebook once a week and using Google AdSense. To compete effectively, you more than likely need an aggressive digital marketing strategy, which requires full-time marketing efforts by experienced and knowledgeable marketers.
This leaves you with two options: Create an in-house marketing department or outsource. Anyone who advises you to build a DIY digital marketing program probably also advocates for hiring in-house marketing staff. But is it really the more economical choice? Read on to learn the costs and benefits of in-house marketing to determine whether building a marketing department allows for optimal marketing efficiency.
How Many Marketers Do You Need?
Obviously, more in-house marketers means higher costs. However, it isn’t always clear how many marketers your business needs to accomplish its marketing goals. Some startups have massive marketing needs to jumpstart visibility and audience engagement; meanwhile, a larger business might have relatively meager marketing goals because it has a self-perpetuating customer base or otherwise doesn’t need extensive marketing.
According to the Small Business Administration, you should dedicate 7 percent of your gross revenue on marketing. Thus, if your business earns US$2.5 million in sales this year, next year you should have a marketing budget … Read More
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