When is a marketing firm the right choice?

When it comes to marketing, your options are somewhat limited. You can do the work yourself, hire an internal team, work with freelancers, or work with an agency/firm. For millions of businesses, a marketing firm is the best fit.

But why should you choose to work with a marketing firm? And how can you tell that this is the right choice for your business?

Pros and cons of working with a marketing firm

We’ll start by exploring some of the biggest pros and cons of working with a marketing firm.

These are the biggest advantages:

•       Genuine expertise. Marketing firms are staffed with people who have decades of combined experience, and typically, expertise in specific niches. If you have specific marketing problems you need to solve, in a specific space, you can find a marketing firm with a specialty in that area. For example, if you’re running a CPG business, you can find a marketing firm with specific expertise in solving the biggest challenges in CPG marketing. Working with specialist experts can introduce you to solutions you may not have been able to generate on your own – and can help you see better results overall.
•       Vast resources. One reason why marketing firms charge significant money for their services is their vast access to resources. They typically have dozens, or even hundreds of people on staff, and connections to external resources that can provide even more potential marketing power. Whatever you want to accomplish, they can handle it.
•       Reliability and commitment. While not all marketing firms are perfectly reliable, this type of business depends on repeat customers and good PR. In other words, marketing firms are incentivized to provide you with the best service possible. They’re going to do everything it takes to help you achieve your marketing goals and demonstrate that they’re worth the money. If you ever have a problem with them, they’ll do whatever it takes to make things right.
•       Scalability. If you plan on growing your business, you’ll need to think about scalability – and most marketing firms can offer it. You can start with a basic introductory package of marketing services, then gradually scale up to something bigger and more comprehensive.
•       Outsider perspective. Sometimes, it’s hard to come up with marketing ideas or creative new strategies because you’re too close to the problem. You’re overwhelmed with the biases of your position and your old perspectives, so it’s hard for you to generate truly novel material. Working with a marketing firm gives you an outsider perspective that you’d otherwise not have.

There are a few weaknesses to keep in mind, however:

•       Expenses. When compared to other options, marketing firms can sometimes be expensive. Working with a marketing firm is almost certainly more expensive than working with a team of freelancers, though it’s still less expensive than hiring your own internal team.
•       Need for due diligence. Not all marketing firms are equally resourceful, competent, or ethical. If you’re going to see good results, you need to practice due diligence and research multiple marketing firm options before making a final choice.
•       Outsider perspective. Outsider perspective can be valuable, but it could also be a downside. Because marketing firms are external entities, they won’t know your brand quite as well as you do. This can lead to potential miscommunications if you’re not careful.

The most important variables to consider

Marketing firms aren’t the right choice for every business, so how can you tell whether they’re the right choice for yours?

•       Budget. First, think about how much money you can afford to spend on your marketing. If you’re on a tight budget, you might be better off hiring a freelancer or team of freelancers; freelancers are typically much cheaper than hiring an agency. If you have more flexibility in your spending, a marketing firm may be better.
•       Size. You’ll also need to think about the size of your business. Businesses of all sizes can work with marketing firms, but they’ve become increasingly valuable as your business grows. As a very small business, you might be able to take care of your marketing needs by yourself.
•       Niche. What is your niche and how competitive is it? The more competition you face, the more external support you’re going to need. And the more special considerations you need to bear in mind when planning a marketing strategy, the more you should work toward a marketing partnership with a firm.
•       Current capabilities. What are you currently capable of in house? Do you already have a team of marketing experts who can handle your needs, or are you stuck building a team and a strategy from scratch?

If you’re on the fence about hiring a marketing firm, consider reaching out and talking to representatives from multiple firms. After getting a few quotes and engaging in honest dialogue, you’ll likely be in a better position to make the best decision.