We will have a MC org integrated with a Sales cloud org. There is one simple welcome journey and one newsletter campaign/publication list to begin with. This will be expanded in the future to more campaigns and publication lists. We are debating weather to use Campaigns within Marketing Cloud or within Sales Cloud? From a data hub perspective - i.e. to keep all data within Sales Cloud as a best practice I personally have been recommending Sales Cloud campaigns but one of the team members insists that we use campaigns within MC org. I have looked at the MC & SF documentation for campaigns but I'm unable to make a decision. Seeking your opinion / advice / suggestions / guidance on which one to choose based on their pros and cons?
Campaigns in Marketing Cloud are really limited, it is built more for communications management and tagging. Personally, I always prefer to use Salescloud Campaigns as it provides more flexibility and you can track the status of each customer within the campaign integrated also with the tracking in the same place. The data is really accessible so you can build later new campaigns based on that.
They are entirely different features to start with.
In Marketing Cloud the 'Campaign' is just a way to tag your content with a keyword to easily find related content and activities, and see it on the Calendar view.
In Sales Cloud the Campaign is a standard object that relates directly to Contacts, who become Campaign Members once associated with a specific Campaign. They will serve as the audience for a Campaign Journey or single-Send.
It's not very clear on what do you actually want to achieve - but SF and SFMC Campaign features are like apples to engines, meant for very different purposes.
Use Salesforce Campaigns to create target audience, track responses and engagement. The cool thing is when doing single Sends directly in Sales or Marketing Cloud, you will have the option to target either a Campaign or a Report without having to prepare anything else.