Having talked to dozens, now even hundreds of business owners, I’ve started seeing a repeating pattern. They don’t have time or money to waste. That’s the single most common thing I’ve seen. Now, you might be saying, “Well, no one has time to waste,” and you’d be right. But, there’s a big difference between an employee wasting time and the CEO or the owner running the show wasting time. If the employee is wasting time, he can get away with it and there won’t be huge consequences for the company. However, if the owner is wasting time, things won’t be looking good for anyone.
The only thing that might be more dangerous that wasting time is wasting money. That’s the ultimate way to bury a business under the ground. Then your customers won’t be able to use your great product, your employees won’t have a job, and you won’t have a business. So, what does this have to do with marketing?
2 Ways Businesses Waste Money
As you know, besides having a great product that serves a purpose in the market, you’ve got to have your marketing nailed to be able to stay in business and grow your business. As a result of owners not having time to spare, they tend to resort to hiring for help when it comes to marketing. Now, there are business owners who try to do everything themselves without any guidance whatsoever, and they fail more often than not.
But now, I’m talking about owners who do what any person would do naturally when the business is starting to take off, or should be starting to take off… and that is hiring new people. Since you know marketing is something you need help with, you’re left with two options (there’s a third option nowadays, which I think might be better, depending on the situation you’re in). Either hiring an in-house marketing team or an outside marketing agency.
In House Marketing Team
For businesses with extremely high margins who never really needed much online marketing presence but have a lot of money to spare, or startups with vast funding, this can be a very logical option. But, when it comes to breaking down costs, this is a very inefficient option for many businesses (not all, just like I mentioned). Let’s look at some average salaries you’d be paying:
Marketing manager - $81,078/year
Before counting down further, I think that having a marketing manager is a very positive thing for many companies. If you can afford one, that’s great, and the manager should serve his purpose, to manage. If he’s a knowledgeable individual who understands both online and offline principles of marketing, that’s even better.
Graphic Designer - $48,561/year
This is a great person to have on your team if you’re doing very extensive graphic design and rely on it heavily. However, if you’re looking to keep it lean and be able to create 70-90% as good of a job, I recommend you checking out some online tools and software that do most of the work for you.
Finally, a social media site like Pinterest helps you with ideas.
Cost of these – $0.
Time it takes – minimal.
Web Designer - $57,470/year
Unless you’re doing a software-reliant product (which if you are, you’ll need far more than a single web designer), you need to re-considering a full-time web designer. If you have one, you’re probably running larger scale operations and you 100% need a person to rely on that everything runs smoothly. But, if you’re a smaller business who’s not in that type of business, and you’re thinking of hiring a designer to create your website(s), you might want to re-consider. Why?
The first reason is because, if they manually code the website, you’ll be forever reliant on that person. They tend to leave their own unique code style in there so that anyone new that comes in has a harder time adjusting (what I’ve heard from people, both programmers and owners) or they create your website through WordPress. At that point, you’re really wasting money.
I’m going to recommend two of the most amazing tools for website creation, both of which I’ve worked with personally. Those are:
Elementor Pro ($50/year – great website builder for simpler website offers)
Thrive Themes ($220/year – full marketing range of products included)
This website that you’re on right now was created with Elementor Pro. You be the judge. I did everything myself. Besides the learning curve that might take you a couple of days, you’ll be knocking out web pages in no time.
I’ll make more in-depth videos about how you can use these tools in the future.
Copywriter - $60,296/year
Since I’m a copywriter, I can speak from experience and be fully transparent. Unless you’re building landing pages and different funnels every week, you do not need a full-time copywriter. There simply isn’t enough work for them to do that would justify that high figure cost. When potential clients suggest a cooperation, I make sure to ask them if they really need someone on a retainer to write copy, or they need a project.
A project can be a higher cost upfront, but at least you know what you’re getting. Supplementing that copywriting project with weekly or bi-weekly consulting calls with your copywriter afterwards ensures you don’t waste money and you get a top-notch service.
Digital Marketing Manager - $73,114/year
Social Media Manager - $55,199/year
I’ve mentioned that a marketing manager role can be a very good asset for the company. Same goes for a digital marketing manager if the company is big enough and has a full scale marketing team operation going on. Then, naturally, you need a social media manager if your company is even larger.
You get the point. For big companies, this is a must. For smaller businesses looking to run on efficiency, especially cost wise, not the best idea.
Data Analyst - $67,377/year
You know if your business needs one or not. There really isn’t a way to not know this because your business is very reliant on a data analyst. Either that, or your company is very big and you need vast amounts of data analyzed.
But, if this isn’t you or your business, you can’t really justify a $67k/year cost for such a position in your company. Becoming familiar with tools such as Google Analytics, or even some other more sophisticated tools that are paid is not just a much better option for businesses like yours, but a must.
I’ll make sure to include some tutorials in the future of how you can utilize the power of Google Analytics… for free!
Remember what I just outline above regarding all the different positions and costs. Now imagine a company that only hires those kinds of people, and needs to rely on high margins they charge clients to actually stay in business and make a profit. Presenting you with the… marketing agency.
Now, there are great marketing agencies that big businesses use that really make a difference. This isn’t an attack against marketing agencies in any way. Especially the “real” ones that have offices and in-house employees. They offer tremendous value if you can afford them, and that’s the keyword here.
But there are also, what I call them, one-man marketing agencies where the owner of the “agency” closes deals with clients, then goes and finds people on Upwork and similar platforms to do all the work. He’s a middle-man who charges you, let’s say $5k/month for his services (excluding what you’ll have to spend directly on marketing, such as ad costs) and then hires a person to do the work for $2k/month, pocketing the difference.
This is a business that’s been booming for the past 5-6 years, but business owners like yourself are starting to see through it, and are exclusively looking to work with experts in the field that don’t compromise the quality of work to make a quick buck.
Solution: Independent Marketing Consultants
Wasting time delegating mini-tasks to external employees hired by a company that’s only a middle-man isn’t a very efficient way to do business, is it? Hiring in-house employees drives tremendous costs that you might not need at the moment. You might not even need a full-time person given the scope of work you need done.
This is where independent marketing consultants come in. Just like you, many business owners realized they don’t need to be spending a ton of money just to get the same value as if they simply hired an independent marketing consultant. What happens more often than not is following:
In order to justify their high prices, employees and marketing agencies need to charge you by the hour, and bump those hours up to unnecessary proportions. Since you’re not an expert in their field, you might not necessarily know how long something takes to be done. That’s where you get ripped off. In the early stages of my career, I’ve worked with agencies that instructed their employees to simply finish the remaining hours on some fluff work although the project was finish. Just so they can charge the remaining time.
Pay For Value, Not Time
You should be paying for value, not time. If an consultant can bring you tremendous value in less time, then it’s a no-brainer to go down that route. The best thing is, you get a fresh perspective backed by knowledge and experience you need. Even if you have a team, they can greatly benefit from such guidance, and be the work-force to bring those tasks to life.
You’re already paying them a fixed salary. Now, if they get a better insight and knowledge into what they should do, and what steps they should take, you’ve just increased the return on your dollar by a significant amount.
Your Next Steps
If you wish to take this route, I recommend you go and look on the internet, or in your local area, for an independent marketing consultant. Read about it, educate yourself and then make a decision you see is best for your business.
Or if you wish to get familiar with the process and how the dynamic works first hand, I invite you to schedule a free consultation with me below. It’s 100% free and you can cancel any time. The only investment is 30 minutes of your time.