Outsourcing is an effective and proven strategic tactic. Unlike the failed NBC sitcom of the similar name that fizzled out after one season – contracting work to an outside party has been a calculated method for decades because businesses understand that’s where the sales are.
Economists refer to this process of turning to those who can produce a product or service at a lower marginal cost as “comparative advantage,” and it’s the key ingredient to an efficient and productive economy. –Forbes contributor, Merrill Matthews.
The Planning Fallacy
The planning fallacy is a cognitive bias that everyone falls victim to – where we systematically underestimate the amount of time or money we are going to spend on a given project and fail to manage ourselves accordingly.
Time is money, and money is time. Heard that idiom before? It’s only natural to want to be able to do everything, especially for many entrepreneurs that already have a daily schedule bursting at the seams. It’s important to take a conscious inventory on how valuable your time is and what tasks you need to devote your mental capacity towards. This is an incredible challenge that can easily be overcome by doing less – and outsourcing more.
Managed services vs. Business process outsourcing
More and more companies are now choosing to outsource their marketing with surprisingly great success. Often times, companies are now finding they lack the expertise to keep up with prompt changes in their business. Let’s begin by delving into outsourcing as a concept. There are two types of outsourcing: Managed services and business process outsourcing.
The former is defined by the delivery and use of specific marketing applications that may be owned and hosted by the company. It focuses primarily on the day-to-day management of responsibilities and works as a method for cutting costs and improving company efficiency.
The latter, however, narrows in on managing specific marketing functions such as telemarketing or database management by using internal or outsourced technology. A perfect example would be a call center handling a company’s telemarketing campaign.
4 reasons why you should outsource your content marketing
- You lack a specific expertise
To build an effective and well-rounded marketing team, there are a diverse number of roles that need to be covered – strategists, analysts, product specialists, brand managers, communications professionals and copywriters to name a few.
Comprehension of customer’s habits and demographics is paramount for a company’s success, and it is often hard to find and hire all the experts you need on board. In this case, outsourcing to a marketing firm can produce higher quality content for businesses and can provide an outside perspective that some companies just don’t have the manpower to handle.
- It provides the ability for growth
Another critical factor that comes into play is the element of speed. In a rapidly growing company, it is increasingly convenient and often inexpensive to outsource marketing. To beat out the competition, you’ll want your product to hit the market fast and efficiently, which can be difficult when your resources are channeled elsewhere. The same can be said regarding a lot of the day-to-day tasks that can inundate the modern marketer’s responsibility list. Content creation, social media strategy, editing and proofreading content, research, video and graphical design are all essential, but otherwise consuming tasks that highly skilled firms or freelancers can conduct themselves – replenishing time on your already depleted schedule.
- You lack a specific technology
From start-ups to more established businesses, and everything in between – a lack of specific technology persists across the spectrum. In recent years, the fast innovative pace has left many businesses without the technological means to keep up with the competition. When marketing is outsourced, the facilitation of access to cutting edge technology is a major bonus. Businesses no longer have to purchase the latest software that will be updated in a few short years when they outsource their marketing to firms that specialize in that regard. This is a cost-effective way to be on par with leading-edge technology.
- Managing your costs
Speaking of a healthy bottom line, although outsourcing can sometimes appear to be more expensive, there are often hidden costs to businesses handling their own marketing. Companies who keep marketing internal will face the brunt of delays caused by changing priorities and will lose that expert support they would gain from an outside party. Some companies worry they will lose access to analytics by outsourcing, which is simply not the case. With the right firm, companies have access to all the data and knowledge surrounding their customers. This transparency bridges the gap that sometimes makes companies skeptical about working with a new firm.
By taking a critical inventory of the workload that you conduct in house, you can find out what is chewing up most of your time, how it can be effectively delegated to an outside party and that will still remain on par with the level of quality you conduct. Consider outsourcing an essential weapon in the arsenal of every wise operation. It might be time to rethink your content – and if you’re leaving a powerfully lasting impression on the digital sphere.