4 Points Fintech Companies Must Consider When Outsourcing Lead Generation
For Fintech companies who are looking for growth and expansion, lead generation must undoubtedly take a front seat in their marketing strategy. Given the fact that the Fintech industry is rapidly evolving, Fintech companies are also experiencing increased pressure to drive new leads and sales.
However, there’s no one-size-fits-all answer when it comes to lead generation for Fintech companies as the process of lead accumulation can be time-consuming and challenging. Also, Fintech companies are competing with each other and with well-established traditional banking and financial services system providers; hence they face a unique twist to traditional marketing woes. The financial industry is getting crowded.
Therefore, simple and old-school marketing tactics are no longer going to cut it in this space with a finite number of customers. Fintech companies will have to analyze the extent of their abilities to decide whether it makes more sense to hire and train someone in-house to market and sell their product, or whether they should outsource their marketing and lead generation efforts.
Datasearch Growth is a close ally to many Fintech companies and has played an instrumental and supportive role in these companies’ client research and lead generation strategy. From our viewpoint, four factors are crucial when outsourcing lead generation practices in the Fintech industry:
1) Experience & Quality
While many Fintech companies might choose to keep their lead generation in-house, outsourcing lead generation is in many cases a more viable option. Outsourcing their client research and inside sales functions can be highly cost-effective whilst providing a high ROI – thus highly beneficial to the company in the long run.
In-house lead generation offers the most control when the aim is to analyse lead generation tactics and make changes on the fly, or when the company is tracking its marketing team’s work and progress closely. However, Fintech companies – often to their surprise – find that the benefits of outsourcing lead generation surpass the costs.
Generally, leveraging the assistance of a contracted lead researcher results in lower cost since an established lead generation company already has the technological infrastructure and available knowledgeable staff with years of experience that are highly experienced and highly efficient at their role.
Fintech companies that are hesitant to outsource due to budgetary concerns must consider the following opportunity costs: keeping lead generation in-house means that the marketing team will have to hire, train, and pay these new team members solely to generate leads. Also, effective training can take as long as 6-12 months as it is a culmination of the right messaging and collateral, experienced calling agents, the right list, and efficient reporting and database management. And there is still the cost of overhead to consider. Outsourcing lead generation to an established company saves you all this hassle and allows you and your sales team to focus on higher-value work or areas in more need of your attention.
2) Dedicated Resources
Experienced lead generation firms provide an opportunity to work with professionals who can develop a strategic plan for Fintech companies. They offer dedicated resources who fully integrate themselves into your business to understand your business on all levels, can offer unique solutions and can build a long-term relationship based on success. This allows you to leverage your onboarding, operational preferences, delivery schedules, and overall communication and together develop a core sales plan that will benefit your business in the long run. It will also avoid the problem of reteaching your contacts on lead requirements
In addition, they provide consistent status updates which are excellent for recurring campaign optimisation and thus will also avoid the problem of reteaching your contacts on lead requirements.
3) No Outsourced Outsourcing
Currently, lead generation companies are a dime a dozen. While lead generation companies are in their nature designed to have the professional staff that does the work and accumulates leads for the company they are serving, some outsource these tasks to other companies.
Fintech companies, especially startups, should not expose themselves to these types of companies but instead should always work with a reputable lead generation company with experienced researchers and inside sales reps who understand the nature of the Fintech market.
Working with a reputable lead generation company with an excellent track record will enable you to ensure high standards, have dedicated resources, provide continued training, and maintain a strong overall relationship and communication stream.
4) Relationship Driven
Working with a good lead generation company means you get to build relationships with people with expertise in research, marketing and sales management who will provide a strategic plan for fast lead accumulation.
A professional lead generation company consists of an experienced team that will work with you at each stage of the process. From identifying your Target Customer Profile, to discussing research and outbound strategies, and highlighting the most efficient methods of connecting with your target audience. This provides the stability you need to focus on the growth of your business.
Leveraging a lead generation firm to handle your lead acquisition proclivities, ensures professionalism, consistency of messaging, and strategic follow-up methods to convert interested parties into qualified leads.
For me, outsourcing lead generation can be a huge success or an easy fail. It all depends on the type of outsourcing company you employ. As a specialist in lead generation, we are perfectly positioned to support companies within the Fintech sector to accelerate their growth and increase revenue.
Outsourcing lead generation with Datasearch Growth
We have a team of experienced Lead Researchers and Sales Development Reps with extensive industry experience. Our lead generation specialists respond, think, and perform as members of the client’s internal team and are fully available for meetings, training, status updates, consulting, and metrics reporting.
From lead identification to evaluation to on-boarding, our process ensures that all project members are clued up on the latest FinTech strategies and developments, and are ready to provide your prospective customers with the expertise and industry knowledge needed to convert.
Salma Kazi is the Business Development Executive at Datasearch Growth, a specialist lead generation firm focused on helping Financial Technology vendors grow. If you would like to get in touch to discuss how lead generation can help your business feel free to reach out on firstname.lastname@example.org for a more detailed discussion.