I am frequently asked by mortgage advisers whether they should outsource their marketing efforts or build an internal marketing team. Marketing is a demanding part of any business and is essential for sustainable success. However, it can be challenging to juggle the demands of being a mortgage adviser and managing effective marketing strategies simultaneously. This decision is pivotal, as delivering exceptional advice, attracting new customers, and retaining existing ones requires a well-thought-out strategy. Let’s delve into the pros and cons of each option.
In-House Marketing
Pros:
- Control and Consistency: With an in-house team, you maintain direct control over your marketing strategy, brand voice, and messaging, ensuring a consistent approach across all channels, which is vital for building a strong, recognisable brand.
- Agility: The mortgage industry moves quickly, and an in-house team can pivot swiftly, making real-time adjustments based on client feedback and market conditions, providing a significant competitive edge.
- Integrated Efforts: An in-house team aligns closely with your business goals and collaborates effectively with other departments, creating cohesive strategies.
Cons:
- High Costs: Building and maintaining an in-house team involves significant expenses, including salaries, benefits, and training, which can be prohibitive for smaller brokers.
- Resource Constraints: Smaller in-house teams may lack the breadth of skills and resources needed to execute a comprehensive marketing strategy effectively.
- Recruitment and Retention: Finding and keeping top marketing talent can be challenging, especially for smaller firms that may not offer the same career growth opportunities as larger companies.
The Case for Outsourcing
Pros:
- Specialisation and Expertise: Agencies bring a depth of knowledge in areas like SEO, content creation, social media, and digital advertising, which can be challenging to achieve in-house, particularly for smaller teams.
- Time Savings: Outsourcing frees up valuable time to focus on core business activities, with agencies handling the marketing heavy lifting, often leading to better outcomes with less hassle.
- Fresh Perspectives: External agencies provide innovative ideas and objective insights that can revitalise your marketing efforts, offering a fresh perspective that could differentiate your business.
Cons:
- Less Control: Outsourcing reduces your control over marketing strategy and execution, potentially leading to misalignment with your brand vision and values.
- Communication Challenges: Working with an external team can lead to communication barriers, resulting in delays and misunderstandings. Effective collaboration requires clear and consistent communication.
- Potential for Higher Costs: While outsourcing can be cost-effective, it may become expensive if your marketing needs are extensive or require ongoing services.
- Lack of Immediate Availability: An external agency may not respond as quickly as an in-house team to urgent needs or sudden market changes.
- Data Security Concerns: Sharing sensitive business information with an external agency can pose data security risks, making clear agreements and trust essential.
The DIY Route
Pros:
- Cost Savings: Doing it yourself saves on expenses associated with hiring a team or agency.
- Direct Involvement: Direct involvement in all aspects of your marketing ensures it aligns perfectly with your vision and goals.
Cons:
- Lack of Expertise: Most mortgage brokers lack the specialised skills needed for effective marketing, such as SEO, content creation, and digital advertising.
- Time-Consuming: Marketing is a full-time job in itself. Juggling it alongside core responsibilities can lead to burnout and subpar results.
- Limited Resources: Without professional tools and platforms, your marketing efforts might not reach their full potential.
Making the Decision
Choosing between in-house, outsourcing, and DIY depends on several factors:
- Assess Your Needs: Consider what you need from your marketing efforts. If your requirements are straightforward, DIY or in-house might work. However, if you need specialised skills or have ambitious growth plans, outsourcing could be the answer.
- Evaluate Your Resources: Look at your budget, time, and internal capabilities. Building an in-house team or handling marketing yourself involves costs related to talent, tools, and training. Outsourcing offers high-level expertise without the same overhead but comes with its own set of expenses.
- Think Long-Term: What are your long-term goals? If you aim to build a self-sufficient marketing department that grows with your business, in-house or DIY might be the way to go. Alternatively, if you prefer the flexibility and comprehensive skill set an external agency offers, outsourcing may be better.
A Hybrid Approach
Why not combine the best of both worlds? A hybrid approach allows you to leverage the strengths of in-house, DIY, and outsourced marketing. You could handle some tasks yourself or with a small in-house team for day-to-day activities and brand consistency while outsourcing specialised projects to an agency. This way, you get the control of in-house marketing, the direct involvement of DIY, and the expertise and innovation of external partners.
Marketing as an Investment, Not a Cost
It’s crucial to view marketing as an investment rather than a cost. Investing in marketing means putting resources into building your brand, attracting new clients, and retaining existing ones. The return on this investment is often seen in increased client trust, higher conversion rates, and long-term business growth. By consistently investing in marketing, you’re not just spending money; you’re actively building a more robust, competitive, and successful business.
Don’t Cut Corners
It’s tempting to cut corners with your marketing efforts, especially when budgets are tight and time is limited. However, effective marketing is a cornerstone of business success. Taking shortcuts often leads to subpar results, missed opportunities, and a weakened brand image. Investing time and resources into a well-thought-out marketing strategy is crucial. It ensures that your message reaches the right audience, builds trust, and sets you apart from competitors. Remember, a robust marketing plan is not a luxury—it’s a necessity for long-term success.
Deciding between in-house, outsourcing, and DIY isn’t about finding a one-size-fits-all solution. It’s about understanding your specific needs, resources, and goals and making a strategic choice that aligns with your vision for success. By carefully weighing the pros and cons of each approach, you can develop a marketing strategy that meets your current needs and positions you for future growth. Whether you choose to go in-house, outsource, DIY, or adopt a hybrid model, the key is to make an informed, deliberate decision that reflects your commitment to your business.
