The current scenario-
It is a known fact that digitisation across the globe has changed the whole marketing scenario. Online marketing has given small business the power to provide stiff competition to big brands. With concepts like, Marketing shared services, the playing field has become equal for everyone and now it has all come down to who markets oneself smarter and better. It is not about the budget you have in hand but what you do with the marketing budget is what matters.
Someone rightly said the devil lies in the details. If you audit your marketing budget, a large chunk of it goes in paying salaries to your employees
If we make a rough estimate, around 50-60% of the allocated marketing budget is spent on salaries. It leaves just around 40% of the budget to be spent on marketing strategies and execution. Though it is not a serious concern it is something that cannot be overlooked.
Let’s have a look at the typical breakdown of a marketing budget: (on site - offsite combination)
Using a Marketing Shared Services team comes with many advantages. The utilization of your marketing budget improves drastically. In this fast-paced competitive environment, you need to fail and fail faster. Marketing agencies dedicatedly work towards marketing making it easier for them to do modify their course of action to get the desired results.
How can the concept of Marketing Shared Services help you?
Quite a few companies have adopted this concept of Marketing Shared Services to tackle the challenges of contemporary marketing. It involves cutting the in-house marketing resources from the organisation and outsourcing a large chunk of marketing services to a small team of experts. It not only helps in better utilisation of allocated budget but also you get premium marketing services for your brand. This whole concept revolves around sharing your marketing responsibilities by outsourcing it to an efficient marketing firm. You can hire them to devise your marketing strategy, social media marketing, brand management or a complete end to end marketing solutions. It will not only help you generate a better return on investment, but you can focus on other aspects of your business.
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