In an earlier post, we discussed whether hiring an agency was a good choice for your company, and how your need (or lack of need) for a marketing agency relates to your business goals and your company’s internal bandwidth to handle everything with your own staff. Let’s talk a little bit more about that self-evaluation. How do you measure your internal bandwidth?
Remember the Equation
This is the critical agency equation that we introduced before:
So this ratio assumes that your business goals are top-of-the-chart (10 out of 10), and your bandwidth is your assessment of how capable you and your internal staff are of getting all the necessary communication (marketing) out into the world to achieve your goals. It’s tempting to just slap a number into the equation—that is, guess—but doesn’t your business deserve some real soul-searching?
What to Measure
There are many ways to examine your business and your readiness to be internally self-sufficient, but we also don’t recommend getting bogged down here. Collecting data and crunching numbers can become an end-game on their own, but what will be accomplished? In fact, this isn’t math class, and the Agency Equation is an illustration, a tool, and not a real math problem. So start by taking a look instead at these areas of your business.
Enough staff for the workload
Are you a one-person shop or a business with just a handful of employees? Do you have enough staff to manage the marketing efforts and media channels that your business requires to meet your goals?
Staff trained and qualified with current marketing knowledge and skills
Do you or your staff members possess the knowledge and experience to create and manage your marketing efforts in a way that will keep you competitive in the marketplace?
Staff carrying a reasonable amount of responsibilities
Will adding marketing tasks to an internal staffer’s plate overload them because of their other work responsibilities?
Staff compensated fairly for specialized marketing work
Are internal employee(s) tasked with marketing your business paid market value to carry out these specialized responsibilities?
Business budget accommodates full-time in-house marketing staff at competitive wages
Do you have enough revenue to compensate in-house marketing staff according to the “going rate” in the industry?
If you answer “no” to any of these questions, you would do well to add at least some agency services to your marketing efforts. And if you had a tough time answering any of these questions, we can help you evaluate your business needs, determine your internal bandwidth, and develop a marketing plan that can incorporate both internal staff and external contractors. Give us a call or contact us today to get started and to help you meet your digital marketing and business promotion goals!