Is a Marketing Agency Right for Your Financial Services Business?

Do you own or run a financial services business and need help with your marketing? Then you should consider working with a financial services marketing agency.

Of course, there are plenty of things to consider before outsourcing a portion of your business. What are the benefits? What are the drawbacks? How much will it cost? We’ll tackle all this and more to help you decide if hiring a financial services marketing agency is the right move for your business.

What is a financial services marketing agency?

Financial services marketing agencies specialize in promoting financial products and services, such as banking, insurance, investment opportunities, and fintech products. They use their marketing expertise and experience to help these companies build trust, enhance brand visibility, and generate more leads and sales for their business.

A financial services company might hire an agency to help with a one-off campaign, or they may outsource all their marketing to them so they can focus on other areas of their business.

What marketing services do agencies offer?

Financial services marketing agencies offer a wide range of services, including:

1. Brand strategy and development: Creating a clear and compelling brand identity, positioning, and messaging that resonates with target audiences and differentiates the company from competitors.
2. Search engine optimization: Producing and optimizing content such as blog posts, articles, and infographics to improve search engine rankings and engage potential customers, driving organic traffic to websites.
3. PPC advertising: Launching and managing online ad campaigns, such as Google Ads or social media ads, to attract potential clients and increase brand visibility.
4. Email marketing campaigns: Designing and implementing targeted email campaigns to nurture leads, inform clients, and promote products or services, ensuring messages are tailored to audience segments.
5. Website and landing page design: Building and maintaining engaging websites and landing pages that inform potential customers and generate conversions.
6. Compliance and Regulatory Advisory: Ensuring that all marketing activities adhere to regulations and standards that are unique to the financial industry, minimizing the risk of legal issues and maintaining ethical standards.

What are the benefits of hiring a financial services marketing agency?

You’re probably still on the fence about hiring a marketing agency—totally fair. It’s a big commitment, however, it does come with a number of benefits.

Access to marketing expertise

If you and your team aren’t experienced marketers you might be missing out on valuable opportunities. Just like your clients come to you for help with their finances there’s nothing wrong with going to a marketing agency to gain access to their knowledge and expertise. In fact, you’d be silly not to.

A good financial services marketing agency can analyze your business, products, services, and audience to craft the perfect campaign. This doesn’t just help you build a strong brand—it also results in more leads, sales, and profits.

Save time and resources

Agencies bring a ready-made team of experts, eliminating the need for your business to spend time and resources on hiring and training in-house marketing staff. This not only speeds up the implementation of marketing initiatives but also reduces overhead costs.

With the agency handling all your marketing-related tasks, you and your team are free to focus on what you do best, such as financial planning, client management, and developing new products.

Cost savings

Hiring a financial services marketing agency is sometimes more cost-effective than building and maintaining an in-house marketing team. Agencies offer flexible pricing models, allowing you to only pay for the services you need. This is particularly beneficial for smaller businesses or startups that may not have the budget to sustain a full-time marketing department.

Agencies also come equipped with advanced tools and software that might be prohibitively expensive for you to purchase and maintain on your own. These tools enable sophisticated campaign tracking, customer analytics, and automation, which significantly enhances marketing effectiveness.

Data-driven insights

Agencies leverage data analytics to provide deep insights into customer behavior, campaign performance, and market trends. This data-driven approach enables financial institutions to make informed decisions, optimize marketing strategies, and achieve better ROI. Agencies use tools like Google Analytics, CRM systems, and social media analytics to gather and analyze data.

These insights help identify what works and what doesn't, allowing for continuous improvement in marketing tactics. For example, understanding which channels generate the most leads or which messaging resonates best with specific audiences can refine future campaigns. Data-driven insights also support personalization efforts, enhancing customer engagement and satisfaction by delivering more relevant content and offers.

Hiring a financial services marketing agency vs doing it yourself

So, is it really worth hiring a marketing agency, or are you better off taking care of your own marketing? Here are the pros and cons of each:

Doing it yourself

You have complete control over every aspect of your marketing. There are also tools and software, like Leadpages, that simplify campaign development even if you’re new to marketing. However, doing everything yourself might take you away from other areas of your business, or force you to hire and train a team (which is also a big time commitment).

Finally, even with tools and software to help you, if you’re not an experienced marketer it might take you a while to achieve the results you’re looking for.

Hiring an agency

Everything is done for you. This includes ads, landing pages, emails, and everything else that goes into a marketing campaign. You’ll also have professional marketers with years of experience on your side, so there won’t be any guesswork around what works and what doesn’t. Your agency already has proven strategies that will help you achieve your goals much faster.

Financial services marketing agencies =come with a higher upfront cost than DIY tools, but the time savings and improved results will likely make it worth it.

How do you know if a financial services marketing agency is right for you?

The truth is, some businesses are a great fit for marketing agencies, while for others it makes more sense to handle their marketing themselves. So, which side do you fall on?

Here are a few signs that a financial services marketing agency is the right choice for your business:

1. Stagnant or declining growth: You're experiencing a plateau or decline in new leads, conversions, or overall sales and having trouble breaking through to the next level.
2. Limited in-house expertise: Your team lacks specialized skills in digital marketing, SEO, content creation, or other areas of marketing critical to your success.
3. Overwhelmed marketing team: Your in-house marketing team is stretched too thin, struggling to manage all tasks effectively.
4. Inconsistent results: Marketing campaigns yield inconsistent results, lacking a clear strategy or direction.
5. Increased competition: You face growing competition and need to differentiate your services and stand out in the market.

If you’re struggling with any of the above it’s worth exploring what an agency can offer you.

How to choose the right marketing agency

Okay, so you’ve decided that you’re going to start looking for a financial services marketing agency. That’s great! Here are a few tips to help you find the one that best suits your business’ needs.

Establish your goals

Before you start looking for an agency you need to decide what you want to achieve. Is it more web traffic? A higher conversion rate? Do you want to grow your email list? Having a firm idea of what you want to get out of your investment will better prepare you to find an agency that can meet your needs.

Look for experience in the financial industry

When choosing a financial services marketing agency, it's essential to prioritize expertise and industry experience. Agencies that specialize in the financial sector are more attuned to the specific challenges and opportunities unique to this industry. They understand the nuances of financial products, whether it's banking, insurance, investment services, or fintech solutions, and can craft targeted strategies that resonate with your audience.

Review Case Studies and Testimonials

Evaluating case studies and testimonials is a crucial step in selecting the right financial services marketing agency. Case studies provide a detailed account of past projects, showcasing the agency's ability to deliver results. They highlight specific challenges faced by previous clients, the strategies implemented, and the outcomes achieved, such as increased leads, improved brand awareness, or enhanced customer engagement. This gives you some insight into the agency’s process and its ability to deliver results.

Consider cultural fit

It’s important to remember that hiring an agency is similar to hiring an employee. Their team members will be working closely with yours, so you’ll want to make sure they’re on the same page as you. The agency’s work style, values, and approach should resonate with your own company culture. For instance, if your team values innovation and creative thinking, partnering with an agency that embraces these qualities will enhance synergy and creativity in your marketing efforts.

Frequently asked questions about financial services marketing agencies

Still have questions about financial services marketing agencies? We’ve got answers!

How can a financial services marketing agency help improve my business’s conversions and sales?

A financial services marketing agency can boost conversions and sales by implementing targeted marketing strategies that resonate with your audience. They use data-driven approaches to optimize customer journeys, enhance lead generation, and nurture prospects through automated systems. By improving your online visibility and engagement, agencies help convert potential clients into loyal customers.

What should I expect during the initial consultation with a financial services marketing agency?

During the initial consultation, you can expect the agency to discuss your business goals, target audience, and current marketing challenges. They will likely ask for information about your existing marketing efforts and desired outcomes. The agency should also present their approach, including proposed strategies, timelines, and how they plan to address your needs. This meeting is an opportunity to assess their understanding of your industry and how well they align with your objectives.

What are the typical costs associated with hiring a financial services marketing agency?

Costs vary based on the agency's size, the scope of services provided, and the complexity of your marketing needs. Agencies may offer various pricing models, including project-based fees, retainer agreements, or performance-based pricing. It’s important to discuss your budget and the specific services you require to get a clear understanding of the costs involved.

How long does it take to see results from marketing efforts with an agency?

The timeframe for seeing results depends on several factors, including the complexity of the strategies implemented, your business goals, and the current state of your marketing efforts. Generally, you may start seeing initial results within a few months, but significant changes in leads, conversions, and sales may take six months or more. Agencies should provide regular updates and performance metrics to track progress and adjust strategies as needed.

How can I measure the success of my marketing campaigns with an agency?

You can measure the success of your marketing campaigns by tracking key performance indicators (KPIs) such as website traffic, lead generation, conversion rates, and return on investment (ROI). Agencies often provide detailed reports and analytics to help you assess campaign performance. Regular review meetings can help evaluate results, discuss insights, and refine strategies for continuous improvement.

Thinking of hiring a financial services marketing agency

Our team would love the chance to work with your business. Book a call to speak to one of our experts and start developing a plan to meet (and exceed) your business goals.