Forex brokerage marketing departments bear a lot of responsibilities concerning the development of the working business.
As we know, the key activities of the marketing department are to integrate an organization’s goals, monitor the competitive environment and target markets, develop pricing and strategies, strengthen distribution channels and shape the core messages of the company.
And with a constantly changing environment and permanent switches in trends – especially in digital marketing – it’s not surprising that many companies are choosing to outsource certain marketing functions.
By keeping everything in-house, you get full control over the process. On the other hand, if you outsource everything, quality, safety and control become your concerns.
So how do you know if outsourcing marketing operations are right for you, especially if you operate in a competitive finance environment?
Table 1. Advantages and disadvantages of outsourcing marketing operations
Advantages of outsourcing marketing operations
It reduces business costs and increases flexibility
As with every developing business, each saved dollar matters, and salaries, training, and health insurance often become a significant part of the business costs. When you outsource part of your marketing effort, your marketing team could expand at a fraction of the cost of a full-time employee. With hardly any effort – usually using the Internet – you can get access to graphic designers, content specialists or SEM specialists who are immediately ready to work.
You can focus on other tasks
Creating the content marketing editorial calendar, managing social media schedules, and setting up marketing distribution goals can be time-consuming. But when you cooperate with third-party marketing strategy advisors, you can save hours in your busy day. You can use this saved time to focus on the most important goals of your business – expanding your buyer base, finding new markets and developing your offer – and leave mundane admin tasks like creating your blog post and responding to comments to the specialists.
Finding trustworthy cooperation can take time
Just as it can take a while for a new employee to help develop your company and its unique value proposition, it can take time to find trustworthy partners. Additionally, you need to take time to explain your main strategy to each of your potential contractors so that they understand your business.
Finding the right fit can be difficult
The decision to hire an external marketing agency could be very tempting, especially to a small business.
But remember, don’t cut the corners on your marketing costs. Your chosen agency should have a deep understanding of the market in which you are operating. Your contractor should also provide quality services. It’s always good to start cooperation with partners experienced in a particular market niche.
There is no all-in-one solution
When you find the right partner, you may be tempted to buy everything you can from them – blogging, social media, white papers, and email marketing support.
But remember, every add-on service can increase costs.
It’s also wise to divide particular tasks, for example, SEO, PPC, and social media, and hire specialized contractors who focus on one marketing channel.
As you can see, there is no clear answer to whether to outsource your digital marketing efforts or to keep them in-house. It almost always comes back to quality, control, and costs.