How Can Outsourcing Campaign Management Help When the World Is Not A Buyer’s Market?
While being struck by a recession is not unfamiliar to humankind, the ongoing crisis did shake up the world. The start of the year looked promising; however, COVID-19 did have some drastic impact on the world economy. At this point, if we look back at the 2008 recession, there are few things one can learn about getting back up and running.
HBR studied 4,700 companies in 2010, 17% of those businesses have failed while 9% managed to succeed. These companies have outperformed their competitors by 10% in sales and revenue growth. So, what made those companies flourish while others failed?
Most of these companies adopted the method of managing their workload by looking for outside expertise.
Brace for Workload Variations
Forbes has suggested companies prepare to witness recovery in various stages. Entrepreneurs need to prepare for risks and challenges in marketing operations –
- Hiring can be risky for both business owners and employees
- Revise and reduce the budgets
- Instability in the flow of projects
- Rapid fluctuations in workload
Considering all the mounting risks, companies should start thinking outside their organization. Outsourcing can bring added flexibility and better control over budget to business, at lesser risks of downtime.
What Makes Outsourcing a Time Tested Solution During a Recession?
Outsourcing during a recession lets companies reduce the cost of activities that do not require a full-time in-house team. Reducing the execution workload by hiring a part-time outsource partner helps businesses retain employees who are valuable to the company.
Outsourcing your marketing operations will allow you to save costs, which will add to your budget to invest in strategic functions. While layoffs are a real thing in this market, it is crucial not to lose productivity due to reduced staff. Often when teams lose the low-level employees, the remaining staff feel the pressure of added workload. Which, in turn, affects the team’s productivity. Outsourcing at this point helps in managing costs as well as keeping things running smoothly.
Around 70% of businesses outsource Marketo professions to fill vacant roles and manage workflow. So, how costly or cost-efficient is in-house hiring or outsourcing? Let us take a look at the following breakdown of the costs of both.
How to Start With Outsourcing?
Research
Starting the process should always be backed by research. You can browse the internet to look for perfect partners who will fit your needs. Outsourcing can go wrong if you pick a partner who has no experience in your area of work.
For example – if you are looking to offload your marketing operations, it would be best if you found a partner who has expertise in that area. You must also check if the partner has the experience and people who are experts in the automation platform that you use.
Portfolio Check
It is essential to demand a portfolio from the partner you are evaluating. The portfolio will give you insights into your partner’s potential and whether they are the right fit.
Cross-Check
You can ask your partner to provide you with testimonials from their other clients. One must verify the authenticity of the information.
Solving the Dilemma – In-House Hiring or Outsourcing
A full-time employee often costs much more than their base package including other costs involved. So, what’s the actual price of a full-time employee and the perceived value?
Hiring experienced Marketing professionals can cost $80,000 plus benefits, and one must also add hiring and training costs, which can go up to $200,000.
Agencies, on the other hand, can double as a team of Marketing Experts who will meet your requirements. At the cost of hiring one employee, you can get the service of a whole group of experts. You can negate the cost of time spent on training, and you can start straight away with this team without any training or onboarding.
Other than adding to the team strength, there are other aspects of operations one needs to consider. Your extended team will be better equipped to manage any crisis that may arise because of their years of experience and knowledge.
Use marketing attribution to allocate revenue to different marketing activities accurately. Do you need help with Marketo attribution, whether single-touch or multi-touch? Get in touch with our Marketo Certified Experts to get comprehensive help within your budget.