Published : 3 days ago, on 05/12/2024

Toby Strangewood

The financial services sector is experiencing unparalleled growth, propelled by technological innovation and evolving global markets. Yet, this expansion is not without its challenges, particularly in the realm of marketing. Fast-growing financial brands face critical decisions: not least whether to cultivate marketing expertise internally or to outsource this vital function to external agencies. This choice pits the allure of internal control against the breadth of experience an external agency can offer, with each route presenting distinct advantages and complications.

Analysing the Needs of Fast-Growing Financial Brands

FS brands are confronted with unique marketing demands. In the dynamic environment in which we operate, agility in marketing strategy is not just beneficial; it is essential. For financial brands, the ability to pivot marketing strategies in response to market activities can differentiate between outperforming competitors and falling behind. This necessitates a marketing approach that is both responsive and informed, capable of anticipating and adapting to global market shifts.

The Benefits of External Marketing Agencies

External marketing agencies can offer a panoramic perspective derived from diverse industry experience, an invaluable asset for navigating the intricacies of today’s financial markets. These agencies, or at least the good ones, can act as business partners rather than mere service providers, bring a depth of understanding and a breadth of experience that can dramatically amplify a brand’s marketing efforts. They are adept at tackling the multifaceted challenges inherent in the financial sector.  With their external vantage point, these agencies can offer innovative solutions unfettered by internal biases, driving marketing strategies that are both effective and aligned with the brand’s growth objectives.

Potential Pitfalls and Misconceptions of In-House Teams

Building a capable in-house marketing team is a significant investment in time and resources. This route can be fraught with challenges, particularly for fast-growing financial services brands navigating the minefield of regulatory adjustments and marketplace volatility. The speed at which these companies need to move often outpaces the speed at which they can develop a proficient marketing team. Moreover, the sector’s complexity means that an in-house team may find itself quickly out of depth unless continuously upskilled, a task easier said than done amidst the relentless pace of technological and regulatory change.

Striking the Right Balance

The optimal approach for many brands lies in a hybrid model, leveraging the strengths of both external agencies and in-house teams. An external agency can inject creativity, broad market insights, and specialised expertise that complement the internal team’s deep understanding of the company’s strategic goals. This partnership paves the way for a collaborative model where agencies and in-house teams align to enhance flexibility, scalability, and the ability to respond swiftly to market shifts. Over time, this collaboration can evolve, with the agency role transitioning from leading initiatives to supporting an increasingly capable and strategic in-house team.

Yes, you can have the best of both worlds

Choosing the right marketing model is pivotal for fast-growing financial brands. A good external agency can offer the agility, expertise, and broad perspective necessary to thrive in the complex financial marketplace, working in conjunction with in-house teams to foster marketing strategies that are resilient, adaptive, and aligned with the brand’s long-term vision.

About the Author

Toby Strangewood, co-founder, Wake the Bear

Wake the Bear is a Marketing & Media Agency that’s a specialist in navigating ambitious brands through their growth challenges. They’ve helped clients such as Stripe, NatWest, Check My File, and Legal & General. Toby previously led media strategy for Barclays and Barclaycard whilst at a global media agency.