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I would recommend Inhouse for social media marketing which requires a lot of knowledge on the products and services.
Inhouse...Person need to know when and what put on SM, when boost post, how to grow audience and keep people up to products. There is a lot to know and do. It is easier with someone inhouse but must be social media expert and have "inside" informations all the time...Internal communication is MUST
Do the costing of inhouse and outsourced SM, responsibilities and headcahes:)-. Go for a cost-effective option.
Why not try out a combination of an Inhouse + Out Sourced Campaign, by which you outsource the repeatitive aspects of the Campaign and carry out the most important and crticital aspects of the campaign in house.
Matters related to “feasibility” ask for a feasibility plan. Your feasibility plan will tell you.
Ask for proposals from multiple external social media agencies to benchmark with an internal situation analysis of your current in-house capabilities, budget, know-how & requirements for in-house social media department or professional(s). Drawing up such a plan will help in making a weighted decision taking into account: cost, quality & time-scale against requirements drawn up in your social media marketing plan.
If I’m to choose based on my guts & expertise, I would go for in-house, combined with attaining expert social media marketers and/or providing top notch continuous training.