That’s why companies spent a global total of $85.6 billion on outsourcing in 2018, with an expected increase in partnering with outsourcing companies in the upcoming years.
Outsourcing has become an important strategy that helps businesses maintain competitiveness in the world market. As shown in the results of a survey led by a CEO and business analyst, Michael F. Corbett, 90% of firms cited outsourcing as crucial to their growth strategies. Notable brands like Google, Alibaba and Skype have also used outsourcing to help reach their peaks of success. It’s become essential for leaders to integrate outsourcing as part of their cost-saving corporate strategy.
Since its conception during the Industrial Revolution, marketing prioritized customers needs and conveyed messages through mediums, such as print. Today, marketing is much more intensive in understanding the needs of the target audience. This change would require continuously refined market intelligence along with specializations such as branding, web, social media, lead generation needs, marketing automation, public relations and communications. Therefore, there is no need to reinvent the wheel when outsourced marketing departments are known to roll in higher ROI in the long run. Let’s examine a few benefits that outsourced companies bring to the table.
More attention to where it is needed
Among many other duties related to maintaining a marketing department, there are fewer management responsibilities to focus on. An outsourced marketing agency would allow the client, or business, to eliminate managerial costs and complications such as inevitable employee issues. In addition, due to the industry being highly competitive, an agency is most likely composed of experts who specialize, live and breathe the work they produce – in other words, high quality results.
Reduced time and costs
An outsourced marketing company provides uninterrupted dedication to the marketing arm of any business with tailored proven strategies and campaigns, from the beginning to the end. In addition, outsourcing can handle areas in which in-house employees do not excel in and also frees up time for staff to focus more effort into other tasks.
At nearly a fraction of the cost, outsourcing calls for an entire agency to work for your business in comparison to an hourly or salary paid employee. An outsourced company strives on maintaining a partnership with their client by meeting desired goals and proving ROI. Thus, outsourced marketing agencies also have a degree of commitment and desire in your brand’s success.
Another way to understand the impact outsourcing can have for the marketing department is to consider the constantly changing technology and tools that spring out almost on a daily basis. A marketing-focused agency will be up-to-date on the latest tools, software and technology – something not all businesses can afford to uptake. With the newest technology, marketing experts are able to beat their competitors when it comes down to factors like speed, customizable content and outreach.
The above three factors tremendously equip a business to stand out among its competitors in a very crowded market. ROI is not simply about numbers and immediate monetary returns in pocket. Marketing ROI is used by business leaders to justify expenses and distribute marketing budgets. It assists in developing future business strategies and campaign baselines due to its functionality in measuring campaign success. By outsourcing marketing efforts to the experts, businesses can reduce wasting money, time and efforts.