Who should you hire to help? Learn the advantages and challenges of each marketing + design support option via this blog post from The Company Advice.
It’s a common dilemma: You’re a CEO with a tight budget, running in every direction to grow and sustain a viable business. You know you need marketing at some point, but where do you start? Faced with the decision of selecting a full-time marketing professional (expensive!), a freelancer (reliable?) or a consultant (we’re getting warmer), you’ll need to weigh out the advantages and challenges of each choice.
Full-Time Marketing Hire Pros:
Dedicated Focus: This person should be motivated to be fully committed to your company’s growth and understand how to align their work with your overall goals
Cultural Fit: They can fully integrate with your team, allowing for seamless collaboration, deeply understanding your mission and serving as a de facto brand ambassador– a true cheerleader for your organization both internally and externally!
Long-Term Investment: Investing in a fully time marketing hire enables the development of in-house expertise while building and executing a sustained marketing strategy.
Full-Time Marketing Hire Cons:
Higher Fixed Costs: Employing a full-time marketing person entails salary, equity, benefits, and overhead expenses, which may strain budgets, especially for smaller health tech or insurtech startups.
Limited Skill Set: You could be stuck with a single full-time hire who lacks a diverse skill set required to execute complex marketing strategies comprehensively, necessitating additional hires or outsourcing for specialized tasks.
Recruitment Challenges: Finding the right candidate with the perfect blend of skills, experience, and cultural fit – all within budget– can be time-consuming and challenging, delaying the implementation of marketing initiatives.
Freelancer Pros:
Affordability: Freelancers are generally more cost-effective than consultants, unless you need more than one to tackle a large project.
Versatility: They’re capable of handling a variety of tasks, from content creation to social media management.
Scalability: It’s easy to increase or decrease engagement based on needs and budget.
Freelancer Cons:
Consistency: Quality and availability can vary. Be aware– you’ll often get what you paid for.
Limited Accountability: Freelancers operate independently, which can sometimes result in communication gaps or misunderstandings regarding project expectations and timelines. Their commitment to your long term marketing and design success may not be as deep as a full time marketing hire or a consultant.
Increased Management: You may need to spend more time directing and overseeing the completion of a project. And multiple projects may require multiple freelancers– which will only increase your costs.
Consultant Pros:
Specialized Expertise: Consultants often bring niche skills and industry-specific knowledge, offering tailored strategies to tackle marketing challenges in the health tech sector.
Flexibility: Engaging a consultant allows for flexibility in project duration and scope. CEOs can leverage their services for specific campaigns or projects without the commitment of a full-time hire.
Cost-Effective: With no need for employee benefits or overhead costs, hiring a consultant can be a cost-effective solution for CEOs operating on a tight budget.
Consultant Cons:
Limited Availability: Consultants may juggle multiple clients simultaneously, leading to potential delays in project timelines or responsiveness to urgent needs.
Not Fully Looped in: By their very nature of not being a full-time employee, a consultant may struggle to grasp the intricacies of your culture, values, and long-term objectives, potentially resulting in misaligned strategies.
Dependency on External Talent: Over-reliance on consultants may hinder the development of in-house marketing capabilities, posing a risk to the your company's sustainability in the long run, unless your consultant is willing and able to help you recruit for your dream team!
Your choice hinges on your startup’s current stage, long-term vision, and the nature of your marketing needs. A consultant could set the strategic direction, a freelancer could tactically execute specific tasks, and a full-time marketer could drive consistent growth. Weighing these pros and cons against your budget and goals will guide you to the right decision for your health tech venture.
Working with thought partners like The Company Advice, you can benefit from a holistic approach: a combined expertise in design, marketing and business strategy to ensure a cohesive and effective plan. Our Playbook is designed to both tackle high level strategies while laying out the nitty-gritty executional tasks.
Contact The Company Advice to learn more.