The goal of every business is to make money. Increase sales, and or increasing the customer base of the business, but that isn't always as simple as it sounds. Reaching a larger audience is something that every business should strive to do, not just to survive but to expand. Successful companies are successful because they manage to do this through the use of a focused marketing strategy.
When it comes to planning out one’s marketing strategy, companies have three basic choices: do it themselves, hire a marketing agency on a per project basis or hire a marketing retainer. The following are a few of the advantages that hiring a marketing agency on a retainer will provide:
- A clear marketing budget – Businesses that hire a marketing agency will have the same agency working for them on multiple projects throughout the year. The fee will be decided upon upfront. This is a huge advantage, because it allows companies to know exactly what their advertising budget will be for the entire year as opposed to hiring an agency for one project at a time. Agencies working on one project at a time often charge an hourly rate, making figuring out a yearly budget almost impossible.
- A strong relationship – Companies that use a marketing retainer will develop a strong relationship with that specific agency, making it easy to work together on project after project. After a short while, the agency will be familiar with the wants and needs of the company and it will be easier to create and produce marketing campaigns that fit those wants and needs. This is in stark contrast to having to hire a new agency for every new marketing project. Not to mention that companies that hire marketing agencies on retainer will find that they become a priority for that company, meaning that the best employees will be assigned to the company’s ad campaigns throughout the year.
- The company can focus less on their marketing campaign – With a marketing retainer in place, the company does not have to focus as much of its resources on their marketing strategy. Not only will the agency on retainer complete the marketing campaign that the company desires, they will see it through to the complete end – making sure that it is operating successfully. Any lessons learned from that campaign will then be used on the next project. This means that the company does not have to worry about having to focus any of its resources on keeping up with their advertising campaign.
- A clear marketing strategy – Hiring an agency for one project at a time can be problematic in terms of the big picture. While most ad agencies will do a good job within the parameters of the project, they have no say in the big picture. By hiring a marketing agency on an ongoing retainer, a clear marketing strategy for the entire year can be discussed and implemented, which means that all the different marketing campaigns created throughout the year by the retainer will fit into the overall marketing strategy of the company. A clear overall strategy will lead to much better results than a number of different marketing campaigns that don’t have the same goals or purposes and that have no obvious connection other than the product or service.
These are just a few of the advantages that hiring a marketing retainer to oversee a company’s marketing strategy over hiring an agency on a project-by-project basis. For more information about a marketing retainer, contact More in Store today.