Why Banks and Law Firms Must Hire Digital Strategists
Banks, insurance companies, and law firms are really the bastions of conservatism when it comes to marketing. While all business sectors have virtually embraced new media and new digital marketing channels, many in these business niches are still stuck to the old ways of doing things through the traditional marketing channels. However, traditional marketing can only take you so far especially in a digital age when most of your prospective clients simply prefer downloading apps to their tablets in order to catch up with latest magazines issue rather than pick a magazine on the newsstands. It is, therefore, necessary to shift bank marketing and law firm marketing in order to build a more forward-looking marketing strategy.
In the digital age, the concept of the market is no longer limited by location factors. Banks and law firms are now able to provide services across geographical and location boundaries. Digital marketing is boundless and this can allow businesses to tap deep in order to find new clients.
In order to succeed in this kind of marketing, it is imperative that marketers build longer term marketing strategies which are going to generate dividends for consumers over the long term. One core strain in the financial and legal fields is that the bank online marketing strategy or law firm marketing is not about creating immediate emotional transactions with the users. In these markets, it is always about building a long term reputation and demonstrating capabilities as well as credibility. In fact, going to emotional marketing pitches is one of the best ways for financial institutions and law firms to lose credibility in the eyes of their prospective clients. This is one of the reasons why some of these businesses are generally reluctant to embrace online marketing.
But banks have also realized that there has been a huge demographic shift. Their customers are no longer the older conservative baby boomers. There is an increase in the number of the gen X and gen Y-ers who are equally moneyed. These generations have grown up using the internet and smartphones and are likely to respond better to bank marketing messages which are channeled through this media. These generations expect to have a brand experience through law firm digital marketing online channels.
Before embarking on bank marketing or law firm marketing, it is important to have a good digital strategy that will guide your online marketing activities. A good online strategy for marketing can assist you in identifying and formalizing your market and then targeting them with your core messages. Without a robust digital strategy for marketing your business, you will have no direction and will have difficulty formulating a coherent marketing plan. Without kind of focus, you will run the risk of pumping too much money down the drain without any good ROI on your marketing.
Some of the challenges faced by these traditional businesses include the following:
- Lack of professional marketers capable of executing a coherent marketing strategy.
- Digital marketing is sometimes bundled with corporate communications which dilute its impact on your messages and its desired impact.
- Some of the companies simply do not take digital marketing seriously
The Importance of a Digital Strategist
A digital strategist will help you define long-term marketing visions, put in place the systems and implement the strategy in order to deliver results for your business. A digital marketing strategist will offer you the following functions:
- They help in crafting a long-term vision that will help you in communicating the firm’s message in the most effective manner.
- They define the high-level goals that you will achieve through digital marketing.
- They will align your digital marketing goals with overall or broader goals of the firm
- They will define the KPIs for the digital marketing strategy. This will ensure that your company’s online marketing will be on the right track to achieve the desired objectives.
- They carry evaluation of the digital marketing venture and then communicating results.
- They implement a continuous improvement and optimization of your digital marketing in order to give your business a competitive edge.
For more information on collaborative web and mobile strategies for your business, you may visit http://cohlab.com/industries or if you want to talk directly to one of their representatives, you may contact their hotline number at (320) 403-2433.