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At most companies, marketing expenses are agonized and debated over. Companies rely on well-crafted marketing strategies to gain new customers and retain current customers but quantifying those results can be difficult. It’s only after they’ve experienced professional marketing expertise that many companies begin to truly value their marketing dollars.
For banks and credit unions, there are special considerations that need to be taken into account when it comes to marketing efforts. Is it better to outsource or handle marketing internally? Can we find an agency that knows how to reach new customers, grow deposits and increase engagement with our current customers? Will an agency utilize strategies that could tarnish our reputation?
These are all legitimate concerns, but you can put yourself at ease by doing some research before selecting an agency. To help you through this process, we’ve outlined a few of the pros and cons of outsourcing your financial institution’s marketing efforts and identified ten questions to ask yourself before settling on an agency.
The marketing solution you need can take three forms: hiring in-house marketing employees, assigning marketing duties to current employees, or outsourcing your marketing jobs to an experienced marketing firm. For many companies, outsourcing is more cost effective than creating an in-house marketing position. By outsourcing, you save the money you would spend not only on salary but on taxes, benefits, training, and office equipment. Here’s a look at the other benefits of outsourcing your bank’s digital marketing.
Ever feel like your whole day is filled with meetings and conference calls? A good digital marketing company is going to take your vision and run with it. You won’t need to manage them the way you would in-house employees. An outside firm will provide you with a single point of contact to help streamline marketing communication. Rather than managing the day-to-day activities of an in-house marketing team, your marketing contact will manage the meetings and updates coming from your outsourced marketing staff.
Unless you plan to develop an entire marketing team within your bank, your in-house marketing employees will be limited in their skill set and availability. An outside marketing agency employs a variety of experts in different marketing fields. SEO specialists, copywriters, and website designers are just some of the professionals working for you when you outsource. You don’t need to become an expert or hire an expensive full-time expert. By partnering with a marketing team, you get a wide array of skills and expertise at your disposal when you need it. There’s added benefit if you can find a marketing firm with extensive knowledge of your market and industry. Marketing strategies are always evolving, and you’re busy running your bank. An outside marketing firm will stay on top of new trends and best practices because that’s their business.
Most businesses need an outsider to make sure their message is understood by the public, and this is especially true for banks and credit unions. Financial terminology, jargon, and procedures can be complicated to the layman. Your employees are used to hearing these words, and it can be difficult to take a step back and be sure your marketing message is being received by your audience. An outside marketing team can provide an objective viewpoint on your content that you won’t necessarily get from someone who is part of your organization.
A dedicated marketing team is a business partner whose success is tied to yours. A good agency will provide ongoing suggestions and tactics to bolster your marketing efforts. Since they are not full-time employees, they must continually earn their position with you by providing quality results. An outside agency will continually be looking for ways to boost your image, reach your targeted customers, and retain your current clients.
If you’re lucky enough to partner with a marketing team that knows the in’s and out’s of banking, you’ll benefit from ongoing marketing research that pertains to your market and products. Agencies like BankBound are constantly testing and implementing new marketing strategies created specifically for banks and credit unions. Because all of our clients are banks, they all benefit from the information we gain from this ongoing research.
Like any decision, the question of whether or not to outsource your digital marketing can present some negative points. After all, you’re committing funds to an outside source and trusting another company with your brand image and reputation. Let’s take a look at the possible downsides of outsourcing your marketing.
One way or another, you’re going to spend company dollars on marketing. For many, writing that number into traditional employee expenses is easier than seeing a check go out the door to an outside firm. In the end, however, outsourcing will likely save your bank money by cutting out expenses that come with in-house employees such as taxes, benefits, computer equipment, and office space.
