You’ve probably heard the age-old phrase, “Work smarter, not harder.” Financial institutions, like any other business, must be able to market their products and services to grow and succeed effectively. However, marketing new insurance products can be a time-consuming task. One way that many financial institutions are addressing this challenge is by leveraging an outsourced marketing team to support their in-house efforts.
In this blog post, we’ll discuss how outsourcing can support your goals and how best to integrate them into your marketing efforts.
Beginning a new marketing program with a small team is difficult enough, but taking on the management of an entire insurance program requires a lot of investment in both finances and time. By outsourcing an insurance program and the marketing that goes with it to a turnkey company, a financial institution will not need to worry about investing money and employee time in the program.
A third-party marketer and administrator does all the heavy lifting when working with the carrier, filing the products, getting necessary approvals from departments of insurance, and handling all customer service needs. The financial institution receives an extra source of revenue without all the extra work or investment.
Third-party marketing companies tend to invest more in data and research for a campaign than when a marketing campaign is being run in-house. This is mainly due to the lack of resources an in-house marketing team typically has, but it is also due to a lack of expertise. Because a third-party marketing company has entire teams built for everything from creative to copywriting to data science, it is difficult for an in-house team to compete.
If your organization is like most, it’s not feasible to maintain a comprehensive data warehouse. And even if you do, gaining the valuable insights you need to turn that data into action can be challenging. A data science team can precisely target an audience, personalize the message, and measure the success of campaigns.
Using data effectively can assist in developing consumer segments and provide opportunities for building high-quality education and insurance programs for those consumers. Segmentation allows you to organize campaigns to help consumers better understand insurance.
Marketing is an ever-evolving field, and it can be challenging for in-house teams to keep up with the latest developments. Outsourced teams are often more agile and able to respond to changes in the market quickly which can provide businesses with a competitive edge. When it comes to developing new marketing campaigns, they offer a new perspective and fresh ideas.
Two common concerns from marketers about outsourcing are: “Are they taking my job?” and “Can they match our brand’s voice?”
Outsourcing is often seen as something that might threaten a marketing team’s job security, but this is far from the truth. In reality, it can be an invaluable asset for helping your in-house marketing team reach more of its goals and improve the performance of campaigns. By leveraging the expertise of data-driven marketers, you can free up your team to center their attention on the core objectives. Outside help can be beneficial when staff may need more time or resources to make the most of their marketing tasks.
Another concern about outsourcing is the potential of losing control over how the message is crafted and delivered. However, a reputable team will help ensure all campaigns are tailored to your company’s branding and messaging guidelines. Your team should also have final approval on all creative used in the campaigns, and the ability to consult with the creative development team.
The outsource company you choose should understand the complexities of the financial industry and have the ability to deliver a message that resonates with consumers.
With tailored campaigns based on target audience data, they can ensure your message is heard and appreciated. An outsourced team can significantly improve your marketing strategy by achieving faster results, as they are well-versed in proven techniques and creative used to generate the desired outcomes.
How Can My Team Get the Most Out of Outsourced Marketing?
To get the best results out of working with a third-party marketer, engage in a collaborative conversation during the campaign process so your brand guidelines can be implemented while letting the marketing team handle the strategy and creative.
After that, let the data guide which consumers are offered the products on which channels, rather than being prescriptive about the age, income or channel to market. Often data will surprise you and contradict your assumptions. Typically, financial institutions that provide consumer attributes help the TPM to better test and identify the optimal consumers for the products.
Finally, communicate to the TPM the timing of other marketing campaigns being delivered to the same audience. They will make sure to space offers appropriately so that your consumers are not overwhelmed.
As financial companies continue to grow, they must consider how to allocate their in-house resources best. Outsourcing allows you to focus on what matters most: your business’s success. A new perspective can help you identify new marketing strategies or offer more opportunities that may have been overlooked or seemed unachievable with your current resources.
When working with a turnkey company, the marketing process is as simple as uploading a consumer file and approving a marketing piece that is provided to you. Any additional efforts from you or your team depend on how involved a financial institution’s compliance and marketing teams are with the review processes. Once the TPM has approvals, they are able to handle all printing and email deployment, depending on the agreement with each individual financial institution. Working with an outside company can be a game-changer for banks and credit unions looking to serve their consumers better. Franklin Madison can step in as an outsourced partner to help you strengthen your insurance offerings and improve your marketing with proven strategies. With a team of creative and data experts, we can help you craft insurance programs and improve your overall marketing with customer data. You’ll be able to enhance consumer engagement, increase brand loyalty, and generate predictable and sustainable non-interest income.