7 Reasons to Hire Digital Marketing Agency to Revamp Your Finance Company During the Economic Crisis
Digital Marketing is crucial for the success of any company, business, or organization, especially finance companies, during an economic crisis.
During this time, the development and implementation of an effective digital marketing strategy that identifies and provide solutions to your select target audience are crucial.
Using digital marketing, you can reach your target audience, remarket old customers, promote your services, and increase revenue.
But venturing into the world of digital marketing especially with little or no experience can be daunting, as it is a very complex subject with many different aspects to the process.
Many businesses– both large and small that have gone down this path on their own have failed miserably, lost money, and made no progress whatsoever with their marketing efforts.
That’s why it is best to leave it to the professionals by hiring a digital marketing agency. As digital marketing experts, they fully understand how to use the various online marketing channels, techniques, and industry best practices to connect with your target audience where they spend most of their time – online.
Here are 7 reasons why you should hire a digital marketing agency for your finance company during this economic crisis.
1. They provide you with new ideas
It is important for you to note that when it comes to digital marketing, you need great ideas to fuel all your marketing efforts.
A ‘spray and pray’ marketing approach is ineffective and unsustainable especially during an economic downturn and every other period.
What you need is an actual strategic approach for your online marketing that will yield results in terms of lead generation and steady cash flow.
A reputable marketing agency can give you great ideas on online marketing techniques that will yield actual results. They can analyze your current online marketing approach and provide you with a new perspective on the process. This viewpoint on top-level marketing trends and insights into your consumer behavior will duly inform all the online marketing endeavors for your finance company.
A digital marketing agency that has a proven track record of continuous achievements, will not just present you with innovative ideas but draw up a comprehensive implementation plan.
2. They can help you to develop short and long term strategies
A digital marketing agency can help you to create a strategic plan for reaching your business marketing goals by dividing the process into phases. This allows for immediate tracking of any progress and evaluation of areas that call for improvement. The phases typically include short and long term tactics.
Short term strategies as the name implies are only temporary. They are the different methods of an approach like referral incentives, pay per click advertising (PPC), service packages, etc. that your marketing team will implement in the present moment to get a quicker result.
After their implementation, the long-term strategies typically come into play to sustain the level of progress that has been made.
By working with a team of experts who actually have experience in the field, you can be certain that they will:
- work out the details for what needs to be done and when to do it.
- Formulate a well-detailed plan with specific actions to achieve set goals.
- Execute each portion of the plan within the exact timeframe.
It’s a partnership with a team of professionals with proven experience & expertise that can get the job done properly and on time.
3. Cut down on overall costs
During an economic crisis, one of your first moves will be to cut business costs, reduce spending but still find cost-effective ways to reach potential customers.
A side by side comparison between the cost of maintaining an in-house online marketing team and hiring a marketing agency will show that the latter is more cost-effective, in the long run.
A digital marketing agency operates as an independent contractor. By hiring them you do not have to factor in recurring costs such as training, benefits, salaries, health care costs, etc. as is the case with employing and retaining full-time employees.
When you hire an agency, you are simply paying specifically for their specialty in online marketing. If they do not deliver you can pull the plug and let them go at any time.
4. They have the latest online marketing tools
The successful implementation of all the digital marketing strategy for your finance company depends on a large extent to a variety of different tools in the industry.
These online marketing tools have applications in various digital marketing processes such as website analytics, display retargeting, email marketing, organic/paid social media, content curation/creation, affiliate marketing, etc.
These tools are usually available as a premium service and an upgrade or addition of certain features to enhance their performance comes with additional costs.
The total costs of purchasing, using, and upgrading all the necessary online marketing tools can be quite expensive over time.
Digital marketing agencies already have most of these online marketing tools in their arsenal. This allows them to properly execute, monitor, and maintain every marketing campaign under their belt for optimal results.
By partnering with a marketing agency equipped with all the relevant online marketing tools, you get to enjoy their application in your specific marketing campaign for a fraction of the cost.
5. They offer measurable results
The goal of every business is to maximize the returns of their investment on every dollar spent.
In the digital marketing space, there are so many marketing methods, and measuring the ROI on each can be tricky, especially if you do not have any experience.
An effective digital marketing agency should provide you with a digital marketing campaign performance report that contains key performance indicators & metrics of all your online marketing efforts.
These reports will give you an idea of how your marketing campaigns are faring in relation to your overall digital marketing objectives. With this report and their expert recommendations, you can now make sound marketing decisions.
6. Stay relevant in your industry
Brand relevance is of utmost importance during an economic downturn, as there are always dramatic changes in customer behavior, interest, and preferences.
In order to survive your finance company requires industry-relevant marketing practices that rely on research to inform action.
An online marketing agency can help you with this note. Using their resources and knowledge, they can research your market to identify new trends, identify your competitors, and formulate ways for you to get ahead. Plus, they follow and apply the latest techniques in digital marketing to ensure you remain relevant in your industry.
Staying relevant requires a customer-centric approach that better engages, enlightens, and convince customers of your financial products & services.
7. Focus on running your business
Apart from online marketing, there are other important areas of your business that require an amount of your attention and input.
If you allocate more of your time, effort, and energy into a single area, others might suffer. There is a need for equal distribution of resources across the board to ensure maximum performance.
That is why delegating your online marketing needs to a good marketing agency is a smart move.
They immediately bear the responsibility to deliver unique solutions for your online marketing needs.
This, of course, can proceed at a record pace as they consist of a team of qualified experts with top-level knowledge & experience in all the online marketing channels and techniques.
Since they are an independent service provider, you do not have to worry about managing another team. They handle all the elements of your online marketing and provide you with a comprehensive report on the progress made.
This allows you to focus on your other core business processes such as treasury management, strategic planning & financial analysis, etc. that are critical for the growth of your finance company.
Digital marketing in the financial sector is increasingly becoming important and a key component for the success of financial institutions. Even during an economic downturn, a lot of your potential clients are still using search engines to find financial products and services they need.
Investing in an online marketing strategy is one thing, doing it the right way is another. The task of Digital marketing for financial services requires a high level of expertise and experience in the process.
While there are a good number of marketing agencies, not all of them can deliver turnkey solutions for your online marketing needs.
Whether you need advice in terms of marketing for financial services to your in-house team, it is important to note that digital marketing is not a quick fix.
It is a long-term process that involves a variety of different techniques and procedures to achieve your marketing goals.
Working with a digital marketing agency that has an in-depth understanding of industry best practices can help you to determine the best course of action for your specific situation.