Should you choose a retainer or a project when working with a B2B marketing agency?
When an organisation needs a marketing or public relations (PR) campaign, the typical approach is to collaborate with a business-to-business (B2B) marketing agency to deliver set outcomes in line with company objectives across a certain period of time.
Working with an agency offers many benefits over managing campaigns in-house, including enhanced expertise, objectivity, strategy, and preestablished media relationships. An experienced agency will also help you get more from your market development fund, or ‘MDF’ programs, to build pipeline, close sales, and extend a vendor’s brand.
When you approach a B2B marketing agency, you may be stretched with a limited budget, or you may not realise the value in long and sustained campaigns; therefore, you might choose to engage in project marketing rather than a marketing agency retainer. While this can be a valid approach for some organisations, most will see better results and an increase in share of voice with an ongoing campaign.
It’s important to understand that consistency always wins when it comes to sales and marketing and PR.
What is the difference between project marketing and an agency retainer?
Aside from choosing which B2B marketing services agency to engage, the most important thing is deciding how to work with them. Should you adopt a marketing agency retainer where you’ll work together, collaborating on several projects? Or should you invest small amounts of money and pay for project marketing as you go?
Before you decide which pricing structure makes the most sense to your company, it’s important to gain a greater understanding of both concepts.
What is project marketing?
Project marketing involves a specific campaign or activity that is defined for a set period with an allocated budget. Marketing firms working on a project aim to set up and develop materials and a press office to achieve deliverables within a set period; however, this often occurs in isolation and without consideration of the bigger picture.
Digital marketing agencies will always strive to deliver the best possible results no matter what. But, after the project ends, it’s not possible for an agency to continue this work unless you commission another project. This can result in missed opportunities that would have arisen as a result of a more consistent approach.
What is a marketing agency retainer?
A marketing agency retainer involves a relationship which is agreed upon for an ongoing period with a decided set of services. A retainer works well where an organisation has a regular and predictable need for announcements or campaigns. It means that your marketing agency can build a media profile and establish your brand in the target market to increase your share of voice in the industry. If you need help building and running campaigns but don’t want to hire a full-time resource, then an agency specialising in managed service marketing may be the right fit. A retainer-based marketing relationship delivers:
- effective pricing
- consistent access to industry talent
- the flexibility and freedom for an agency to develop a strategic approach using all channels to offer an integrated marketing campaign.
What are the benefits of a retainer in a B2B marketing agency?
While project marketing can be valuable in the right circumstances, such as to promote a one-off offer or piece of news, the vast majority of companies will achieve far greater benefits from working with their agency on a retainer basis.
Here are some of the benefits of working on a marketing agency retainer:
1. An extension of your business
A marketing retainer usually helps scope out a consistent plan across a certain period of time. With a retainer agreement, your agency will put together a dedicated and focused account team that takes the time to thoroughly understand your company and develop a strategic plan to get your business where it needs to be. This is particularly important when it comes to channel partner marketing and MDF programs.
Your agency team will be able to understand the organisational structure of your company and become embedded within it. Team members become so intimate with your business that they can constantly develop new ideas that will move the needle for your organisation.
2. Build a brand or gain buy-in from customers in a crowded market
For established brands, it’s important to keep share of voice consistent and relevant. For newer businesses, a steady approach that leverages relevant content strategically will help you gain attention from your target market. If your organisation only talks to the market occasionally, you’ll have to start from scratch every time.
Consistency can build a strong foundation for ongoing communication. Rather than starting from scratch, each new communication will build on a picture created painstakingly over time, giving you a better return on your investment. Retainers let your agency team constantly look for opportunities, delivering both short-term and long-term wins.
3. Get specialist input
In-house PR managers and integrated marketing communications teams often have a lot on their plate. Outsourcing tasks to specialists can deliver efficiencies, cost savings, and, often, better results. Your B2B marketing agency can usually turn these tasks around quickly, keeping your projects on track and ensuring you don’t miss opportunities. This frees up your in-house team to continue focusing on the big picture while the day-to-day work is done to a high standard.
Because agency teams include experts in various areas, you can tap into that specialist knowledge across various marketing techniques, tactics, platforms, and PR opportunities, which contributes to improving your outcomes and avoiding costly mistakes. You also gain access to the unique benefits that omnichannel marketing can offer your company.
4. Meet budget constraints and financial projections
A retainer will help you plan a more consistent raft of activities that extend beyond a single campaign. It also lets you budget more effectively, spreading costs evenly across months instead of incurring unpredictable project-based costs.
An agency that charges on a time and materials basis rather than a flat retainer fee will take responsibility for ensuring activity levels remain consistently in line with your budget. Your team won’t wait to be briefed; your account manager will take the initiative to ensure your budget is being maximised to deliver results.
Importantly, an agency retainer approach means you don’t have to waste time securing a new budget for each new piece of communication or campaign. Instead, you can point your agency in the direction your company needs to grow and let the team get to work.
Choosing the best way to scale your marketing benefits using a B2B marketing agency
There is a place for project-based campaigns that leverage agency resources for a set period of time. However, if your organisation is looking to increase your overall share of voice, improve your profile in your target market, gain more genuine leads, and grow the business, then the consistency and predictability of an agency retainer is more likely to deliver results.
If you need help building and running campaigns but don’t want to hire a full-time resource, then Outsource’s marketing-as-a-managed service may be a good fit. We have been delivering strong results for clients for more than 30 years, bringing cross-industry experience, the latest knowledge on marketing tools, trends and campaigns, and an expert team that will ensure marketing remains prioritised for your organisation.
We know how to deliver maximum return on your budget and can help you determine whether a retainer or project arrangement is right for you.
For more information on how a B2B marketing agency like Outsource can help you determine whether a retainer or project arrangement is right for you, contact us today.
