Today’s episode is all about insourcing versus outsourcing. This is a question that many folks have at some point in their marketing process. While there’s no one-size-fits-all solution, David and Reid discuss in-depth how to choose the most appropriate strategy for different scenarios and some tips and tricks for getting a better return on investment by using a blend of insourcing and outsourcing.
The first area we focus on today is branding. Reid starts the discussion by sharing his take on three critical things you should ask yourself before deciding on outsourcing or insourcing. David shares some valuable points on why you should run the numbers and find out your ROI before you make the decision. They also discuss the cultural benefits of insourcing and how the ownership of data and intellectual property, and having more control over the people could be appealing to a startup.
While digital marketing gets most of the attention, offline marketing still plays a significant role in the apartment marketing arena. At some point, you might decide to make use of signage, buy a bus stop advertisement, or perhaps host an event. David & Reid dedicate the next section to talking about how outsourcing can be beneficial in some of these scenarios and how to make the best of offline marketing with a blend of insourcing and outsourcing.
Moving back to digital marketing, David and Reid review several vital things you should consider when using digital advertising platforms such as Google AdWords and Facebook ads, and general management fees for digital marketing agencies. They also talk about how it could be more logical to outsource digital ad campaigns to an expert because finding the right talent for in-house operations can be similarly costly, and the employee burden that comes with it.
Getting into further depths of digital marketing, David & Reid talk about choosing the best approach for different products, platforms, and channels, including social media, email marketing, geofencing. They discuss in-depth about what you should consider when you’re looking for an SEO vendor, how to quantify the results of their SEO efforts, and what you should keep in mind if you decide to insource your SEO. Wrapping up the episode, David & Reid share some tips and tricks for making the best of your marketing efforts.
[02:16] Branding – Pros & cons of insourcing vs. outsourcing for branding, working with creative agencies, and the importance of running your numbers.
[11:19] Cultural Benefit of Insourcing – How insourcing can be appealing to startups because of greater control and ownership of data.
[12:55] Offline Marketing – Things to consider in offline marketing, what to outsource, and what to insource.
[17:22] Outsourcing Events – What you should consider before outsourcing your event planning.
[20:47] Digital Marketing – Management cost of digital marketing campaigns and why it’s more logical to outsource digital advertisement campaigns.
[29:23] Transitions Between Insourcing & Outsourcing – Reid’s observations on how transitioning between insourcing and outsourcing can be beneficial in different stages of the business based on the number of properties.
[32:48] Data Warehousing – What you should consider when choosing methods of data warehousing and reporting.
[35:44] Products & Platforms – How to decide the best approach for different digital marketing products and platforms.
[40:34]| SEO - Working with SEO vendors, how to quantifying SEO results, and what to consider when insourcing SEO.
[50:08] Craigslist – How to make the best of Craigslist.
[1:01:00] Risks Associated With Digital Talent – Dealing with employees’ mindsets, employee retention, and considerations for maximizing ROI on an employee.