A Marketing Agency is responsible for helping out its clients by providing planning and creating strategies to promote the client’s company through advertising and some other forms of promotion.
Now let us jump right into the main topic. Can the term Marketing Agency further be classified into something? Yes, it can. ‘Marketing Agency’ can be looked at like a parent-type of a number of different things.
HOW DO DIFFERENT TYPES OF MARKETING AGENCIES DIFFER FROM EACH OTHER
Every marketing company has to decide a path on which it will choose to work for the rest of its days. This path determines the ‘TYPE’ of the company. All these agencies differ in the types of strategies they choose and their approach to marketing.
What are the various types of Marketing Agencies?
- Integrated Marketing Agency: Integration means combining smaller components/ things to create something bigger. And that is exactly what Integrated Marketing Agencies are all about. They work in a lot of fields related to marketing and do not focus on just a single thing.
- Specialist Marketing Agency: These are the agencies which are highly specialized in a particular skill set.
- In-House Agency: In-House agency is almost similar to a typical integrated marketing agency, but it just differs in one thing. While other marketing agencies might choose to work with multiple partners at a time, an In-House marting agency works with a single company/brand.
- Consultancy: A consultancy is a large, experienced company that provides solutions to their clients with analysed data from a lot of years. These companies provide good insights given their experiences and also offer some great marketing solutions and strategies.
- Boutique Consultancy and Individual Marketing Consultants: If you are just starting out with your company, and you have a pretty limited budget, then you might want to work with a smaller consultancy that is experienced but charges less. A boutique consultancy works that way for you.
Let us dive deeper into all the above mentioned categories to know more about them.
1. INTEGRATED MARKETING AGENCY
As mentioned above, an Integrated Marketing Agency is one which deals with multiple activities at once. They take care of everything from strategising to advertising, so it is basically an all-in-one agency. But everything has its advantages and disadvantages. So let us take a look at them.
Why should you work with an Integrated Marketing Agency?
Integrated Marketing Agencies are usually big scale and highly experienced. So you’ll have a team of professionals working to make your business a success. The team has excellent insights from their past ventures and can do wonders for you by learning from their past mistakes and successes. One of the most important things that an Integrated Marketing Agency has is – Resources. These agencies manage resources and work with them efficiently.
Why shouldn’t you work with an Integrated Marketing Agency?
While working with big scale companies can be bliss, it can also be a headache because there is just a lot of things you have to go through. You might have to wait for multiple approvals that can eat up a lot of your time, and if you are not happy with the end results, then you will have lost a lot of time and money. Also, an Integrated Marketing Agency is working with multiple clients at a time, so the attention does get divided between the clients. Although it is very unlikely, but a mess can be made in this scenario. An Integrated Marketing agency takes some time to study, research and strategise their plans because they work in multiple areas, so they are not specialized in one thing in particular.
2. SPECIALIST MARKETING AGENCY
Specialist marketing agencies are highly specialized in some selected areas of marketing like Internet Marketing, PR, SEO, etc. So this specialization can come in handy because certain clients need to focus on a particular area of marketing for some reasons.
Why should you work with a Specialist Marketing Agency?
Since Specialist Marketing Agencies are highly specialized in certain areas, they understand them well enough to come with amazing strategies and ground breaking plans to make your company reach the heights you have always wanted. Also, experience matters. These agencies have a team of highly experienced and dedicated professionals who are willing to listen to your needs, and work on them to provide the most efficient solutions.
Why shouldn’t you work with a Specialist Marketing Agency?
Just like the case with Integrated Marketing Agencies, while working with Specialist Marketing Agencies, clients might need to get a load of approvals and a lot of extra work that might eat up a lot of their time. So in the long run, they might be losing a lot of their valuable time. And just like any other big scale company that deals with multiple clients, Specialist Marketing Agencies might also create problems for their clients by not paying adequate attention to them because they have to deal with several clients at a time.
3. IN-HOUSE AGENCY
The only difference between an In-House Marketing Agency and other big marketing agency types like Specialist and Integrated is that an In-House marketing agency exclusively works for one client. This means that the company is able to give all its attention to one client at a time. Interesting enough, right? Let’s see their pros and cons.
Why should you work with an In-House Marketing Agency?
Well, the first advantage is really very obvious. All their attention is being paid to one client. Duh! It’s like having a great partner. Also, unlike other companies, you might not have to wait for long durations to get approvals and this is another big advantage of working with an In-House Marketing Agency. All the work flows at a very systematic and controllable rate. Everything is managed really good and is done with full efficiency. And we just cannot forget to mention the staff which is usually very experienced and talented. The last advantage is not very direct but it is still considerable – the employees get good salary and less work because they just have to manage one client at a time. So the employees are going to be happier with their work.
Why shouldn’t you work with an In-House Marketing Agency?
Everything might become a bit monotonous and since the company has to deal with one client at a time, things might be taken for granted at a few points. The biggest disadvantage might be for someone who does not have a big budget because In-House marketing agencies are usually very expensive compared to other Marketing Agencies.
There is not that big of a difference between Global Consultancies and Integrated Marketing Agencies because both of them provide similar services and work on similar principles. The only difference might be the fact that Global Consultancies work by looking into analytics and creating a well-made plan before working on the execution of that plan. So the stages of work are more refined as compared to an Integrated Marketing Agency.
Why should you work with a Global Consultancy?
Global Consultancies are big scale and highly experienced. So you’ll have a team of professionals working to make your business a success. You will get a more professional environment experience while being a client for a global consultancy. They will have different teams of employees working in different areas and each team will be highly experienced in their area. You will see that a better strategy is being followed and the execution is also very though of. Everything is very well planned.
Why shouldn’t you work with an Integrated Marketing Agency?
Although the work process is very professional, there is very less space for innovation because these companies tend to follow the same strategies and approach again and again, so this might take away their edge among other marketing companies. One of the biggest disadvantage of buying the services of such a big, established companies is that their services cost a lot. So if you are low on the budget, forget about these agencies.
5. BOUTIQUE CONSULTANCY AND INDIVIDUAL MARKETING CONSULTANTS
These agencies work on a smaller scale compared to the big hot-shot companies mentioned above. But that does not mean they are not good. Just like a new businessman seeking services of these companies, they might also be new to the field and just starting out. Or they might have chosen to stay small scale and support emerging businesses. Either way, their intentions are good and their will power is strong.
Why should you work with Boutique Consultancy and Individual Marketing Consultants?
Although not as big as other companies, these companies try their best to do everything in their power to provide good services to their clients. They are not very big, so there is better interaction with the client and there is also direct feedback that goes both ways. Both the parties can work together more efficiently, by constantly discussing strategies and plans and coming up with better solutions.
Why shouldn’t you work with Boutique Consultancy and Individual Marketing Consultants?
These consultancies do not have enough resources and work handling experience to work on a big scale project. The lack of experience might be a problem for some clients.
CONCLUSION: We have discussed every type of marketing agency that exists, and we have listed down their pros and cons. Now what you have to do is, think about things like – your need, your budget, the kind of companies you are willing to work with, how big is your business, what are your expectations, etc. List everything down, and then select which of the above mentioned companies best suit your requirements.
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