As a member of the Duct Tape Marketing Consultant Network a post by Sean Crafts at Mavenlink caught my attention. I should also mention I use Mavenlink to help manage my client projects and highly recommend their product.
Sean framed the question a little differently than I did in the title of this post, his question was more generic.
But I was fascinated by the infographic which accompanied his article. Personally I think the whole infographic thing is being overdone, but this one was a very helpful decision tree. Something very useful for any company trying to decide to outsource marketing or bring it in house.
One problem I had with it was the starting point question. It asks how large is your budget. Most small businesses I work with don’t think they have a marketing budget. They know they spend something on marketing, but they rarely take into account everything they spend on marketing. Most often they leave out the amount of time they spend trying to find new business – networking events, travel, off-site meetings, lunches, phone calls, entertainment, etc. If you don’t place a dollar value on your time you are dramatically underestimating your cost.
By the way, the CMO Survey results from February 2012 shows a range of 7% – 12% of sales revenue as the marketing budget for companies with less than $100 million in annual sales. The low end is B2B product companies and the high end is B2C companies.
Take a look at the inforgraphic from Mavenlink below and let me know what you think in the comment section which follows.
So, where did you end up? Hire your dream team or contract out?
If you ended up with the contract out result I would like to offer you our free report – The 7 Steps to Business Marketing Success. It outlines the Duct Tape Marketing System and gives you some great ideas you can start to implement right away. Just scroll up to the top of this page and look for the sign in box on the right.
If you would like to take things a step further, please fill out our Signature Brand Audit and I will give you a free 30-45 minute evaluation of your marketing with suggestions on how to improve it.
Oh yeah, and leave your comments on the infographic below. Thanks.