Understanding What They Are Truly Good At
Most marketing consultants and agencies are good at a handful of marketing disciplines. Still, the reality is that no one is good at all of them. Yes, this does include the larger agencies that market themselves as a “full-service” provider. For instance, an agency good at branding might not be as strong at SEO since the expertise required is very different. Start by having an in-depth conversation with the marketing service provider on what they can and cannot do and see if this aligns with your sales objectives. Unfortunately, some will try to sell themselves as one who can do it all, but this is strictly sales talk.
Talk to the person who will be doing the actual work, not just with the sales representative. It’s known that about 30% of agencies are experiencing high staff turnover rates. After signing the contract, the last thing you want is to be handed off unexpectedly to a less experienced or new staffer who lacks the skill level your financing business requires.
To illustrate, if you are an alternative lender, many marketing service providers lack industry expertise in your space, and they assume your business operates like a traditional bank. So, they hand over your account to a content provider with minimal experience within your industry. In turn, you receive marketing messaging that aligns differently with your company story and the financing products you provide.
Ensure the agency’s core competencies line up with your digital marketing goals. For instance, Dacitech focuses on three specific digital marketing areas that help with generating leads. Clients we typically work with are fintech companies that are inbound lead generation focused and seeking help with digital strategy, content marketing, and website optimization.
Make Sure Expectations are Cleary Communicated
Make it clear to the marketing service provider what metrics you’ll be evaluating to define the success derived from the engagement. Suppose your main goal is to increase lead acquisition. In that case, you must emphasize this to your marketing services provider. Your end goals should help determine your consultant’s strategies and techniques.
The agency may see your primary goal as wanting to drive more traffic to your website. However, you really want to drive more qualified leads to your website and increase lead conversions. These disconnects are common and can lead to misunderstandings of the results produced. Both the client and marketing service provider need to clearly define and agree on what success looks like for the engagement.
A frequently overlooked aspect of choosing a marketing consultant or agency is understanding how available will your point of contact be. For example, an issue arises that requires your consultant’s immediate attention. How quickly will they get back to you for support and a solution? The sales rep promptly picked up the phone when you called them during the sales process, but now that the contract is signed, it is hard to reach them. Make sure you receive a clear understanding of service level expectations.
Cheap Marketing is Costly
Choose the marketing service provider with the strategies and expertise that best aligns with your business and provides you with the best overall value. You may pay a little more, but it will be worth it. Regardless of the marketing company you select, achieving meaningful business results will require time, effort, and an investment in marketing talent. You need to view digital marketing as an overall investment, not just an expense.
Unfortunately, we have worked with many clients who have had to restart their digital marketing efforts because the agency sold them at an inexpensive price point. Ultimately, they created a headache for their business and still required a marketing consultant to clean the mess up.
You also need to factor in the cost associated with the time required to do the work. Most aspects of digital marketing are slow cooked and not microwaved. For example, a legitimate agency that provides SEO services will produce some initial results within 6 months and better results in 12-16 months. Anyone feeding you a “we can do all this in 30 days at a cheap price” line is not being real with you and only looking to close a deal.
Start Winning the Game of Digital Marketing.
Marketing Service Provider Red Flags
Unfortunately, many business leaders within the alternative lending industry have a story to tell about working with a marketing agency that over-promised and under-delivered. It’s unfortunate, but there are aspects of marketing consulting and agency services that need to be fixed.
For this reason, we decided to bring a different approach to client engagement. Dacitech combines fintech industry marketing expertise with a customized marketing services approach that fits well with your sales process and business operations.
We emphasize transparency to clients and provide digital marketing services in a way that’s going to empower your internal team. Most importantly, we deploy marketing strategies that align with the results your business is seeking.
Walk Away if They:
Before Signing the Service Contract
The business stakes are high, and the last thing you want is for your marketing service provider to leave you with a hot mess that may find your website banned by Google. Be direct and ask precisely how your consultant handles challenges and issues because they will pop up.
Depending on the type of marketing services you seek, verify that you have written the ability to cancel their services in the contract. It will give you some wiggle room should you be unsatisfied.
In summary, set clear goals and expectations early on with the marketing consultant or agency you work with. Avoid getting caught up on who can offer you the cheapest services, as this will often be a costly mistake in both time and money. Do your homework and keep an eye out for red flags. If you sign a contract, make sure you can cancel their services in a reasonable amount of time.