Recent years have seen a significant change in it consumers’ banking methods. A majority of consumers have shifted from traditional to digital baking. Although traditional banking remains relevant, the newer generation is more inclined toward digital banking.
Financial services marketing can quickly become a growth center for financial services providers. However, it is only effective if a company understands and implements it correctly. Many companies focusing on acquiring leads end up wasting money.
Therefore, having a solid marketing strategy is paramount to ensure appropriate resource utilization and positive outcomes. An effective marketing strategy nurtures leads into loyal customers and lifelong advocates.
In today’s age, a financial service provider’s path to long-term success lies in evaluating marketing strategies. Continue reading this piece to find the best marketing solutions for the financial services industry.
What is Financial Services Marketing?
Financial services marketing includes various techniques and strategies to create brand awareness for financial services and products. A solid marketing plan with effective campaigns and strategies helps capture leads and convert them into customers.
Marketing solutions for financial services can utilize two primary methods, including traditional and digital marketing. Traditional marketing techniques typically include billboards, television, events, etc. On the other hand, digital marketing includes inbound and outbound channels like social media, blogs, and PPC advertising.
Ideally, a mix of traditional and digital financial services marketing is best. However, legacy practices can cause service providers to rely more on traditional marketing. Nevertheless, methods are changing as digital marketing campaigns continue to attract achievements.
Best Marketing Strategies for Financial Services
The financial services industry is among the oldest and will remain relevant. After all, the entire world needs financial services. For that reason, more business owners are joining this promising industry.
How can you attract new leads and ensure your business stays relevant to existing customers? Here are the best marketing strategies to try.
One of the most straightforward and oldest strategies, customer outreach, is excellent for financial institutions like banks. Although customer outreach does not demand much, it is incredibly effective.
This marketing tactic focuses on reaching customers to raise brand education and awareness. Small-scale financial businesses can offer webinars and free consultations to attract the target audience and retain their loyal customers. Meanwhile, large-scale institutions can practice customer outreach by hosting financial education classes and debt management programs in schools.
Many businesses think customer outreach programs are not worth it, as they demand a significant budget. However, they fail to realize that this financial service marketing strategy helps build customer loyalty and brand awareness.
These two factors are necessary for driving success and revenue.
Digitization and Self-Service
Sending products through sales representations has been an excellent marketing tactic in nearly all industries. Previous generations and baby boomers prefer businesses sending individuals to help set up accounts (personalized or not).
However, time has changed, and the same is not the case with GenZ and millennials. The newer generations prefer completing these tasks independently, as they dislike direct contact with sales representatives much.
Working on digitized financial services and products can help attract leads by giving potential customers what they need. You can promote digitization by setting up online experience portals allowing customers to view information, sign up for services, and change products/ services.
Approximately eighty percent of the US population uses social media, many spending around four to five hours every day using these platforms. Several industries already utilize social media as a valuable marketing strategy.
You can include smart and consistent social media usage to stay in touch with your target audience. Baby boomers, millennials, and Generation Z use their social media accounts to connect with brands, follow news and trends and learn.
Financial service providers make brand accounts on different social media platforms to offer valuable help to potential and existing customers. Maintaining a consistent online presence can help your business build trust and foster new marketing opportunities to expand your customer base.
You can start by highlighting your brand’s success stories, posting reviews, and leveraging social media to improve customer service.
Big Data and Automation
Multiple financial businesses have significant data they do not know how to use. However, this situation is rapidly changing, thanks to customer automation tools and experience portals. Digital techniques and platforms allow organizations to utilize and apply data as a part of their marketing plan.
For example, you can use big data in your financial service company to see customers saving for a big purchase. These customers will likely need pre-approval for a loan to make the purchase. Big data will inform you in time so you can come up with offers that might benefit such customers.
As such, big data and automation help businesses target specific groups in their customer base for additional services.
Would you believe storytelling is among the most effective marketing strategies in marketing plans? You can use this medium to improve your business’ marketing plan on videos, social media, advertisements, and cross-channel platforms.
Digital storytelling includes telling a story to capture your customers’ interest and evoke emotions among viewers. When using this tactic, you want to create relatable and relevant content that can help the audience in one way or the other. The content could be entertaining or informational, depending on your customer’s preferences and goals.
Like all industries, financial service institutions need a marketing plan to attract potential customers and retain existing ones. A marketing plan is only effective when you combine the right strategies relevant to your business and suitable for your audience. Digital media offers an opportunity to experiment with a variety of marketing strategies, techniques, and ideas.
Creating a broad marketing plan with different tactics is ideal for generating leads. Some of the best marketing solutions for businesses in the financial service industry include customer outreach, digitization, social media, big data, and digital storytelling.