Table of Contents
- What Sets Digital Marketing Agencies For Financial Services Apart From The Rest?
- What Do Financial Digital Marketing Companies Do?
- How Much Does Digital Marketing For Financial Institutions Cost?
- Why Digital Marketing For Financial Services Matters?
- How To Find The Right Financial Digital Marketing Company For Your Business
- 10 Questions To Ask Digital Marketing Agencies for Financial Services Before You Hire One
- Found A Financial Digital Marketing Agency? Take These Few Steps Before Signing The Contract
What Sets Digital Marketing Agencies For Financial Services Apart From The Rest?
Financial digital marketing companies offer standard online marketing services likewise other similar agencies around the globe.
However, unlike all other related professional companies, they have gained deep experience in the financial industry. They have unique insights into this market, the trends and opportunities it offers as well as the possible challenges.
So, they are uniquely positioned to deliver effective digital marketing strategies particularly for clients in this sector.
What Do Financial Digital Marketing Companies Do?
Just like other similar companies, digital marketing agencies for financial services are focused on:
- Delivering value to your base of clients
- Developing and fostering the relationships with existing clients through customer retention
- Creating more referral opportunities
- Raising your brand awareness
In most cases, the steps they take for achieving this are the following:
- Assess your online presence: Your digital marketing partner will evaluate the current state of your online presence to identify the problem areas, as well as growth opportunities.
- Research your competition: They will run a thorough analysis of your current online environment including your direct competitors to identify the strategies that work and those that can be improved.
- Define your buyer personas: To create highly targeted strategies and campaigns, your digital marketing partner will create prototypes of your ideal customers, or the so-called “buying personas.” They will develop a deep understanding of your target market’s online behavior and preferences.
- Develop a digital marketing strategy: The industry and market research will form the basis of your digital marketing strategy and, with it, campaign planning, building and management.
- Monitor and measure the digital marketing success: A financial digital marketing agency will monitor the performance of each of your campaigns, optimizing them as well as developing valuable insights for future campaign planning.
How Much Does Digital Marketing For Financial Institutions Cost?
Every digital marketing agency for financial services has its own way of billing projects and services. However, the most common three pricing structures that you may come across are:
- Fee per hour
- Fee per project
- Result-based fee
When billed per the hour, the cost will depend on various factors like company seniority and project complexity. This is why the cost will vary greatly and may range between $100-$175 for a US-based agency.
However, if you decide to work with a company that is overseas (such as an Eastern European firm) then you can expect the hourly rates to drop to as low as $40 per hour.
When billed per project, digital marketing agencies for financial services will ask for fixed prices for different services.
And the result-based fee would depend on specific results that your partner should deliver for you to issue the payment.
Why Digital Marketing For Financial Services Matters?
37% of banking customers want to have instant access to face-to-face advice via mobile devices. (Accenture)
With each new channel and device added to their daily routine, establishing and maintaining relationships with existing and prospective customers is becoming increasingly difficult.
These shifts in consumer behavior indicate a need for comprehensive omnichannel marketing strategies.
Some of the key benefits your organization can reap by employing expert online marketing services are:
- Improving customer relationships
- Increasing your brand’s online visibility
- Lead generation
- Trust and authority building
Here are more actionable steps and solutions that digital marketing agencies for financial services can provide to your business.
They Will Improve The Quality Of Your Existing Online Marketing Collateral
As a branch of digital marketing, content marketing is effective in growing businesses thanks to its ability to capture the right audience through interesting and regularly posted content.
Being a trustworthy source of information and credible data for other financial institutions and your clients, in general, is something they will treasure. Providing optimized content that provides value to the readers will keep them coming back in regular intervals.
Best financial services digital marketing agencies will:
- Create a clear plan for your content and its scheduling
- Establish the vital topics
- Customize each content piece for a specific audience
- Make the content easy to understand
- Optimize it so that it get a lot of traffic
- Use multimedia such as videos, infographics and other visual aids to improve the content and grab readers’ attention
They Will Add New Tactics And Channels To Your Strategy
For 65% of US consumers email is the preferred channel for receiving communications from financial services.
Your digital marketing partner can offer unique insight and creative ideas to humanize your brand voice, build trust and boost your audience engagement through various tactics such as email marketing.
They can implement other interactive additions to your content strategy such as rates and currencies calculators, graphs, stock exchange live feeds, real-time banking updates and more.
All of this makes otherwise very complex data very easy to understand for target audiences.
They Will Help You Rank On Search
Search engine optimization and pay-per-click are great (in fact, the best) ways that digital marketing agencies for financial services can use to improve your business’s visibility.
Specialists in this field can boost your website’s ranking to the coveted positions on search engine results pages (SERPs), improving organic traffic and brand authority in the eyes of search engines and searchers alike.
SEO services include:
- Link building
- White-hat SEO
- On-page and off-page SEO
- Campaign optimization
They Will Improve Your Social Media Presence
Digital marketing strategy is unimaginable without social media which helps brands establish a connection with their target audience directly.
Financial services companies can maintain a strong brand presence on social media channels, thus fostering trust and immediacy of communication with their customers.
Social media channels are a great method of showcasing new products and services to your base of users – resulting in increased brand awareness.
Working on your social media strategy, the best digital marketing agencies for financial services will:
- Provide consistency in messaging across social media channels
- Use storytelling to humanize your brand voice
- Set goals to increase your presence and maintain it
- Creating shareable content with your target audience in mind
- Post fresh content regularly
They Will Work On Building Positive Customer Reviews
Nearly 95% of shoppers read online reviews before making a purchase according to Spiegel Research Center.
49% of banking customers believe that high-quality customer service drives loyalty.
With so many people trusting online reviews, working on raising the positivity of those reviews in your favor is one of the most pivotal steps a digital marketing agency for financial services can provide.
Not only will they encourage your satisfied customers to share their reviews online (thus providing a great value to your business as opposed to negative reviews that can implode the business), they will also try and reverse the unhappy customer’s opinion by working on their problem, turning them into a happy customer.
The best agencies for your niche will:
- Create customer review incentive and management strategies
- Actively engage with reviewers to improve or solidify customer relationships
- Create sustainable reputation management strategies
How To Find The Right Financial Digital Marketing Company For Your Business
The extensive list of the best digital marketing agencies for financial services above can be intimidating if you don’t know how to narrow your search for the right agency partner.
Here is which parameters to look for in a prospective agency partner when searching for one:
Financial services sector comes hand in hand with sensitive information and tight regulations.
This is why domain experience should be one of the most important criteria in your digital marketing partner selection process.
Here are some of the ways you can assess their industry expertise:
- Website content and project portfolio
- Client reviews on independent platforms
- Industry-specific awards and recognition
- Agency interview
Services And Expertise
As mentioned earlier, the online competition in the financial services sector is high.
Cutting through the noise requires highly specialized services and data-driven campaigns.
To find a partner with the right skillset, start by identifying your requirements and goals first.
With a clear vision for your digital marketing venture in mind, scroll back to our ranking list, filter the companies by location and average rates, and visit the shortlisted candidates’ websites to learn more about their offering and expertise.
10 Questions To Ask Digital Marketing Agencies for Financial Services Before You Hire One
After you’ve narrowed your choices down to several financial services digital marketing agencies, getting to the bottom of it (choosing one) can be alleviated by asking these ten questions during a meeting with them:
- What digital marketing campaign for the financial services sector would you highlight and why?
- How do you store and handle user data obtained through your digital marketing efforts?
- How do you ensure your marketing campaigns for financial services comply with the relevant laws (ex. user data protection)?
- How do you ensure your marketing campaigns for financial services comply with the platform rules (ex. social media)?
- What are the most effective marketing channels for our industry and why?
- How do you measure digital marketing success?
- How would we monitor your performance?
- How do you charge for your services?
- Who would be our points of contact in your team?
- How would our teams be able to help reach our digital marketing goals?
Found A Financial Digital Marketing Agency? Take These Few Steps Before Signing The Contract
A few last tips to remember when building the foundation for your upcoming partnership:
- Negotiate: Settle on the price and terms that are favorable both to your organization and your partner.
- Draft a contract or an agreement: Define your responsibilities and the deliverables clearly before giving access to any platforms or sensitive information.
- Consult a lawyer: Seek legal counsel on your partnership agreement to ensure your data and organization are fully protected.