Should You Hire

It doesn't matter what you sell, every company has to worry about the fine line that separates good investments from bad. Transportation costs, manufacturing costs, employee salaries, and numerous other factors have to be considered in relation to the overall positive contributions the expenditures make to the bottom line.

One of the most elusive factors in the business formula as far as analyzing cost and effect is determining the overall value of marketing efforts for your business. In some businesses this is actually quite simple. Say a real estate agent for example. He or she will either succeed with their efforts regarding a home sale or they will not. In other industries, however, the end result of marketing efforts might not be so clear.

Because of the difficulty most companies have in determining whether or not marketing is successful, many are reluctant to spend the money necessary in order to make a marketing campaign truly work. Internet advertising is a great example of this. Many businesses recognize the value of having a presence on the World Wide Web, but they balk at some of the steps needed in order to make their page truly work. They fail to put up relevant content, regular updates, and put in the effort to link, and then wonder why their printing company does not realize the profit from the site they thought it would.

The above illustration is a perfect example of what can happen when a company relies on in house efforts to run their marketing campaign. Often, in house attempts are made for one simple reason: to keep costs down.

That reason can be quite misleading. While it is true that you will not have to pay a marketing specialist a couple of hundred dollars a month to run a good campaign, concentrating efforts in house may end up costing you just as much. Shifting the work over to a current employee, or even yourself, will mean that the hours spent working on the campaign are ones not spent on the actual business of the company. Either more help will have to be hired, or the employee will have to be paid for more hours. This is in addition to the profits which may be lost as the in house person concentrates on marketing rather than actual company business.

Using in house marketing can also be detrimental to the company's efforts because of a lack of expertise. Employees, management, and ownership often believe that because they know the company's business best, they know the best ways to promote it. This, however, is not always the case. For example, successfully marketing a business which exchanges money for gold jewelry means understanding more than current market rates. It also means the marketer has to understand demographics, different advertising mediums, and most of all market psychology. Few employees or owners could offer such a diverse range of skill sets.

Most businesses will find that they have the budget to be able to afford marketing specialists within their niches. Restaurants can use the help of PR companies to boost guest numbers, lawyers can use media to find clients, and so on. When making the decision to hire or work in house in order to promote a business, the most important question to ask is not how much you know about your business, but how much you know about the business of marketing.

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Thursday, October 19, 2017