The foreign exchange brokerage business is similar to other industries in that optimal performance depends on a combination of all factors. Bestselling author Josh Kaufman believes that a business consists of five key components: value creation, marketing, sales, value delivery, and finance.
The four elements described above play a pivotal role in the success of every business, and marketing is the most critical and important of them all. Even if you have developed a product based on market demand, if you cannot market it properly, the other four elements will also fail.
There are many forms of marketing, such as digital marketing, experiential marketing, direct marketing, event marketing, online marketing, and so on. The marketing approach that works best for a company must be determined by its marketing team.
So, does your company outsource its marketing or maintain an in-house team? Whichever approach you choose, you’ll need to weigh the pros and cons.
Building an In-House Marketing Team: What Kind of Companies Is This Suitable For?
If a company is large enough to identify employees with expertise in marketing, all you need to do is bring them together into a team.
The advantage of building a marketing team from within the company is that employees are already integrated into your corporate culture. Team members will have a deeper understanding of the company’s brand and product concepts, find it easier to align with the company’s values, and communicate more effectively.
Maya Kenner Fitoussi, Marketing Director at Leverate, states: “An in-house marketing team understands your brand—its goals, mission, and vision. This means they are likely to develop marketing strategies that are best suited to your company more effectively. Outsourced marketing agencies, on the other hand, need to spend a significant amount of time and resources familiarizing themselves with your brand values and direction.”
Furthermore, having your marketing team right at your fingertips means you can easily collaborate and move projects forward. Team members can also engage in more in-depth, face-to-face brainstorming sessions, leading to bigger and better marketing ideas.
The downside of in-house marketing, however, typically lies in the cost and process of building a marketing team. For large, established companies, finding and recruiting talented marketing professionals is generally not a difficult task.
Smaller companies or startups may not have sufficient staff or marketing expertise to build an effective marketing team. If you decide to hire a marketing professional on your own, the costs can be quite high. In the United States, the average annual salary for a marketing manager—excluding pensions and other employee benefits—can reach $81,000!
Marketing Outsourcing : What Kind of Companies Is It Suitable For ?
Marketing outsourcing offers the advantages of low costs and simple operational processes. Furthermore, even if you already have a well-established in-house marketing team, outsourcing your marketing efforts can still be highly beneficial for your business.
If your in-house marketing team is still unable to meet your marketing goals despite working very hard, you need to consider whether your marketing expectations and goals have exceeded the capabilities of your in-house team. In this case, you should consider outsourcing your marketing.
At the same time, if your marketing needs aren’t part of a long-term investment but rather occasional, short-term projects, marketing outsourcing is an excellent fit.
The downside of outsourcing marketing is that it can be difficult to effectively communicate your ideas for a project, and it can also be challenging to get the outsourced marketing team to incorporate your company culture and brand values into the project.
For example, marketers in Asia and marketers in New York may have completely different perspectives on marketing. More importantly, before they understand your corporate culture, brand values, and brand objectives, you may need to spend a significant amount of time on two-way communication, which will result in substantial time costs.
So, should forex brokers outsource their marketing or build their own in-house team? ?
It depends on your company and project needs. If you want a marketing strategy aligned with your corporate branding goals, then building an in-house marketing team is highly valuable. If the objectives of your marketing campaigns exceed the capabilities of an in-house team, outsourcing marketing is a good option.
Ms. Kenner-Fitoussi stated, “There are many marketing agencies to choose from in the market, and it is crucial to select one that can meet your specific needs and expectations. Whether it’s affiliate services, SEO, or other forms of lead generation, Leverate’s professional team can provide the support your business needs to drive profitability.”
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