In Part 1 of this blog, we started small – focussing on businesses who are achieving less than $20 million annual revenue. Here, we’ll be going a little bigger and look at those turning over more than $20 million.
While the numbers are different, the concept is the same – your marketing needs to evolve as your business does.
When revenue exceeds $20 million
Once you get to around $20 million, it’s time to look at bringing some, or all of that marketing in-house.
So, you’re going to hire one or two in-house marketers. If there’s a couple of them, or even three of them, one of them is going to be the lead.
Hire somebody who’s capable of really stepping up.
Now, I still suggest you outsource a few areas. One of those would definitely be: mentoring your own in-house team.
You want to put a high priority on growing your marketers. Maybe you’re the wrong person to do that. Or maybe you’re the right person but you just don’t have the time. The solution? Hire a mentor for those marketers to help them to grow.
So, what have you got now? In addition to your in-house team, you still have your initial partner plus a couple of specialist agencies.
At this point, I’d be hanging on to the specialist agencies – but thinking about whether the generalist partner who’s served you so well to this point is needed – and in what role.
Though you may have brought core responsibilities in house, your original partner might serve admirably as mentor – as backstop – or to fill in particular gaps.
Yes, it could be time to part ways. But it’s just as likely that the knowledge and expertise in your business that they’ve gained over your time together will be valuable to you going forward.
When revenue exceeds $50 million
For $50 million and above, the answer is pretty much the same. But now the question now is: what do you outsource?
Here’s what I suggest you continue to bring from the outside:
- Specialist agencies – while your own people may be doing most of the ‘doing’ work, deeply-skilled specialists will almost certainly still be needed.
- Recruitment and talent acquisition – very few companies do that well in-house.
- Specialist mentors for each of the specialist skills inside your team – outside experts can keep them growing for you.
- Possibly, some kind of general marketing counsel to you and to the board – to help you manage the marketing function.
Let’s sum up
Whether you’re the sub-million-dollar scrappy start-up or you’re over $50 million, you need all of those parties I spoke about to understand the grand plan.
I often talk about sales and marketing alignment. But really, the need for alignment is much broader. What about all those agencies that you work with? The recruitment companies? They all need to be on board too.
And that’s the job of Funnel Plan – to help you build those answers together and then communicate those answers to all of those partners so they understand the greater vision.
If you have a Funnel Plan already, you know what I’m talking about. If you don’t, go to Funnelplan.com and grab yourself a Funnel Plan.
I hope you got lots of value out of today’s Funnel Vision Blog. We’ll have a new blog up next month in the same place. Until then, may your funnel be full and always flowing.
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Our thanks, this week to:
- Bella Newton for blog production
- Hugh Macfarlane for scripting and presenting this week’s show