Well, there's no one solution fits all here as it depends on your particular circumstances, your needs, your available budget and your aims and goals.
Here's a summary of the main points that I think you should consider:
Hiring a Freelance New Business Developer
1. Cost Effective - Typically charge less than agencies or in-house staff.
2. Expertise - There are specialist freelancers for the creative, digital and marcoms industry (like me!) or freelancers that provide a more specific service such as lead generation only, email prospecting or contract and tendering support,etc.
3. Flexibility - Usually much more flexible and adaptable in terms of days and hours required.
1. Limited capacity - Freelancers have limited availability so scaling up would be a challenge and it may not always be possible to quickly increase days and hours when they're fully booked.
2. Tools & resources - Likely to have less tech add-ons, huge databases and other tools they can plug into.
3. Relying on one person - If they're ill or require a pause for a period of time there's no one else in place to cover.
Hiring a New Business Agency
1. Expertise - There are specialist agencies for the creative, digital and marcoms industry who will understand where to look for suitable opportunities.
2. Tools & resources - More likely to have access to tech add-ons, databases and other tools they can plug into.
3. Scalability - Capacity to scale up or down depending on your requirements and budget.
1. Costly - Agencies are usually expensive as they have greater overhead costs plus salaries and other expenses for multiple staff to cover.
2. Communications & personnel changes - Where there are a number of people involved, who may also change from time to time, there maybe communication challenges.
3. Attention & priority - Agencies are more likely to have numerous clients so may not provide the same level of attentiveness as other options.
Hiring someone in-house
1. Dedication - An employee will be fully focused on your business only so over time they can develop quite in-depth knowledge.
2. Control - You will have direct day-to-day control over an employee and their work activities.
3. Teamwork - If they are office or studio based they will have more face-to-face opportunity to easily discuss work or collaborate more closely with other members of staff.
1. Higher Overhead Costs - Hiring and retaining staff can be expensive especially for smaller agencies as you have to factor in studio or office space, equipment, benefits and other expenses.
2. Scalability - Increasing the size of your team can take time and be expensive which may not be feasible for short term requirements.
3. Training & commitment - You may need to invest in training and development if there are gaps in their knowledge and capabilities.
If it's flexibility, cost effectiveness, specialism and expertise in your area, then a freelance New Business Developer is a more suitable alternative especially for smaller agencies - just call or email me!
But if volume and scalability are important, a New Business agency is likely to be a better but expensive solution as they will have the capacity to have a number of people working on your account.
Or if you require one person dedicated full-time on site to your agency only and have direct daily control over their work, then an in-house person is the best option.
It may be a combination of these options is an effective solution e.g. hiring a freelancer to support an in-house person or team.
So there you have it. Each option has it’s fors and againsts. Hope that helps your decision process. Do get in touch if you'd like to discuss.
Wishing you a Merry Christmas and a Wonderful Prosperous New Year! 🎄🎁🥳
The emails I'm going to refer to here are for individual bespoke email approaches - not volume automated HTML email marketing campaigns.
Emailing prospects has been around now for about 20 years and is viewed by some as a bit old school compared with using social media platforms such as LinkedIn for business approaches.
Is one method better than the other? Well both channels have their strengths that should be a part of a New Business Developer's toolkit. How effective each method is will depend on factors such as e.g. the service you are providing, your particular target market, the level and function of the contact you're trying to reach as well as you're writing and communication skills (very important).
A bespoke email or LinkedIn message might suit some while others may bristle, so you do need to understand and carefully consider your methods of introduction.
Main Advantage of Introducing via eMail
Better Personalisation & Branding - So you get more flexibility with message appearance. You can add company logos, images, formatting e.g. font, bold, colour, etc to help produce a more aesthetic and visually pleasing message. I think it gives a more human touch and feel as well as a more individual professional branded look.
Main Advantage of Introducing Via LinkedIn Messages or Inmail
No Spam Filter - You can go directly into a connections LinkedIn inbox or by-pass a connection request if you purchase LinkedIn Inmail. Having mutual connections that really do know and can vouch for you may help to increase your chances of a response.
My Conclusion - A Combined Approach is a Much More Effective Strategy
There's no silver bullet so to overlook one method for another is bound to decrease your chances of engagement and therefore limit how many new business opportunities you can generate.
To optimise your efforts a strategy including both bespoke emails and LinkedIn is surely a better plan. So experiment, refine, test and adapt your approach.
It does feel like as soon as we more or less get past one seismic event another one comes along with another set of headwinds to navigate. Economic and political turmoil seems to be the new norm over the past few years.
But at least Covid seems to be in the rear view mirror now so that's a positive that helped business conditions and more confidence return earlier in the year.
Roll on six months another fast changing economic backdrop emerged. Inflation headwinds picked up pace and no longer looks that 'transitory' anymore (as predicted by PHD bankers). Rising interest rates are trending everywhere too.
Many companies will still be reviewing the impact of these conditions to their products and services and in turn you should too as some degree of recession still looks a possibility - assuming we're not already actually in one. Hopefully with all the tax breaks it will be short-lived with a soft landing but it would be wise to plan ahead for something more pro-tracted just in case. Or you could just try holding your breath for the next six months!
With the government announcing they're going for growth and productivity with a very bold and reforming misnamed 'mini budget' (it was anything but mini), those tax reductions should encourage more business investment for 2023. Maybe some of those scaled back, paused and wobbly looking projects will now get the thumbs up?
The generous help with energy bills will make a big difference but it's still about double from a year ago. It's made me wonder if hybrid working may loose some of it's appeal? Will some make a bit of a stampede back to the office full-time soon?! Reaching out may just get a little bit easier 😊.
Have a great Autumn.