What you're buying from an agency is capacity that's already assembled: research, design, development and analysis skills that work together, with hours reserved for you. Those are the things to get in writing, because an agency's name on the contract doesn't supply them automatically. In the example above the skills were present and the hours were missing, so the thing that company would be buying is reserved build time.
Lean Labs' growth-driven design program is a documented example of the arrangement. The agency runs the improvement work in 30-day cycles on HubSpot CMS. The work draws on page behavior, form results, CRM lifecycle data and feedback from the client's sales team, and the candidate changes are ranked by expected effect on pipeline, by buyer relevance and confidence, and by effort. The agreement renews each quarter.
The inputs include CRM data and sales feedback, so the client still has work to do: someone on your side has to open the CRM and make the sales team available. The term is a quarter. When you compare an agency with a hire, or one agency with another, compare the actual terms on the table, including how long each commitment runs and what it takes to end it.
Platform knowledge is a fair reason to look outside when your site runs on a CMS your team doesn't know well. Ask for evidence of it, such as recent work on that platform and the names of the people who would do yours.
Price the hours as well as the fee. Knowmad's published tiers for its ongoing design service start at $800 a month for 4 hours, $1,400 for 7 hours and $1,800 for 9 hours. That's one firm's starting price for its own service, and it shows what a monthly figure alone doesn't: the amount of work it reserves. With any agency, ask how many hours the fee covers, which skills fill them, and what scope of planning, building and measurement fits inside them each cycle.