FinTech marketing leaders are under pressure to achieve strong growth whilst maintaining a low cost base to meet the demands of investors and shareholders.
Knowing which skills you should hire and which skills you should outsource plays a key role in keeping costs under control.
1. digital Marketing Skills and Experience
Most FinTech businesses will have at least one dedicated marketing hire if not a whole team. However, it’s common to find the marketing team handling a range of different marketing activities including:
- Digital marketing
- Offline marketing
- Sales collateral
- Internal communications
- Events and exhibitions
With the diverse range of activities your in-house marketers have to undertake, you’ll often need generalists with broader experience and skills.
In contrast, an effective digital marketing strategy requires the right blend of channel specialists to generate the best results.
For example, an Adwords expert will get better results from a PPC campaign but they wouldn’t necessarily be the best person to manage your social media accounts.
Working with an agency will give you access to a range of experts without the need to hire one member of staff per channel.
2. REDUCING FINTECH MARKETING Costs
An early stage FinTech may have limited budgets and marketing activity can suffer as a result. Ultimately shareholders are going to want to see a return on investment, the only way to do this is to make sure the cost base is under control and you have the right resource to maximise the success of your campaigns.
An effective digital marketing campaign requires designers, copywriters, social media experts, email marketers, Adwords and SEO specialists to name a few. The cost of hiring and maintaining all of these skilled marketers on the payroll would be much more expensive compared to outsourcing.
In addition, initially you would not be able to fill each employee’s time to justify their salary. If you work with an agency you only pay once and get access to a range of skills sets often on an hourly rate so you only pay for the time you need.
3. Objective View OF AN EXTERNAL AGENCY
When you and your team are caught up in the day to day it can be very difficult to take a step back and think strategically. Sometimes internal politics and conflicting pressures can cause your team to lose strategic direction.
An external view of the company often helps to freshen things up and brings new ideas to the table. You are likely to get unbiased insights that will help drive your marketing forward and avoid stagnation.
An external agency gives you a different perspective and can be a useful sounding board for important decisions.
4. Additional Value AN AGENCY CAN PROVIDE
Digital marketing is constantly evolving and keeping up with the latest trends, tools and approaches can be difficult. Getting access to new strategies will give your FinTech a competitive advantage and play a big part in your growth trajectory.
If your marketing team is busy completing the essential day to day tasks that keep the business moving forward they are unlikely to find the time to keep up with the latest marketing news and insights.
Good marketing agencies will keep you updated and continue to challenge you with new ideas based on the what’s happening in the industry. Whilst this won’t be a line item on your statement of work this additional value will come as part of working with external specialists.
5. COMMITMENT OF NEW HIRES
This is one that will make digital marketing agencies cringe.
FinTech businesses by their nature are constantly evolving. Being nimble and faster to respond than your competitors will give your business an advantage. Changes in your business can often result in being left with employees that are surplus to requirements.
Whilst it’s vital to build a long-term relationship with an agency partner the reality is that parting company with an agency can often be much simpler than parting company with employees.
If your business is going through a period of change then using an outsourced agency may be the best option until you have a clear plan and are in a better position to commit to long term staff.
6. Scalability OF YOUR FINTECH MARKETING TEAM
As your FinTech grows your team will work through a number of projects of varying sizes. From major projects such as new websites to small email campaigns the resource requirements are going to be vastly different.
Figuring out resource requirements and head count can therefore be a challenge. When you have larger projects your team could be maxed out and the rest of the time you may find yourself over resourced.
Most agencies offer the flexibility to scale the retainer up or down depending on requirements and therefore respond quickly to the changing demands of your business.
Is your FinTech trying to decide how to structure the marketing team and the best way to source the necessary skills? Why not book a meeting to speak with one our experts and find out the additional value you can get from working with a specialist FinTech digital marketing agency?