“The competition in the market today is tougher than it has ever been before.” This statement applies to every single industry all over the world. It’s true; competition is increasing, awareness is rising, options and alternatives for customers are on the rise daily. So, how does one company or brand distinguish itself from others in its field? Strategic, well-planned marketing is one of the solutions.
Marketing is all about tapping into your target audience, understanding what will sell to them and what won’t, and positioning your campaigns in a way that positively impacts your ROI. Let’s take into consideration that a significant chunk of marketing campaigns today happen online – digital marketing is the way to go forward in the current scenario, and brands have taken note. As of 2019, over 75% of the world’s brands are present online in some form or the other, be it social media, websites, e-commerce stores, or piggyback marketing on various online platforms.
MARKETING FOR FINANCIAL SERVICES
The Financial Services sector isn’t far behind in this digital marketing race. Companies have let go of their old, traditional ways, and make some serious efforts to keep up with the times. Financial sectors were once catering only to a limited section of society, but today, they cater to all categories.
Young customers are a potential target audience for financial services, owing to their increased awareness and demand for loans, insurance, credit services, and much more. And this audience is predominantly exposed to marketing efforts online, which is why financial institutions need to put a lot of thought into developing a solid digital marketing strategy.
Digital Marketers like Infinity Digital are constantly updating their services to match current needs and to cater to an audience that wants nothing but the best. And, if you’re a financial marketer or have clients who are in this sector, it only makes sense for you to up your game, get with the times, and strategize!
7 FINANCIAL MARKETING STRATEGIES TO PRODUCE SOLID RESULTS
While the crux of digital marketing remains the same across industries, the strategies need to be more specific and service-oriented. Let’s get a better understanding of these:
Building A Reputation
Even before you think of approaching a potential client, you need to ask yourself, “Have we built a good enough brand image?” In the age of online reviews and digital credibility, there are a lot of chances that your reputation could be determined by a single Google Search. If a potential client types in your company’s name in the search bar, what are they going to see? Have you optimized your brand’s visibility? Are you easy to access on the internet? And can they find enough credible information about you?
The first step should involve checking all of these requirements off the list before you decide to invest further into digital marketing efforts.
Study The Competition
The internet is like an open, free library of information, and you should capitalize on that. Make a list of your known competitors and find out how they’re making their presence felt digitally. Check out their campaigns, offers, responses, and anything else related to their marketing strategy. This helps you with some groundwork and also lets you understand what you should do, what you should probably avoid, and what you can do better.
In this process, however, you also need to ensure that you’re only taking reference and not plagiarizing in any way. It won’t take long for your audience to spot similarities, which will, in turn, affect your brand’s name. Remember to only take inspiration, but let your ideas be exclusive.
Build A Strong Website
A website is an absolute must-have for brands today, irrespective of the sector they’re in. For financial services, a website is more than just an online portfolio; it acts as an important archive or information, data, queries, and also contacts. You need to build a website that is fluid, interactive, informative, and also answers all of your customer’s queries.
Remember, your website needs to be thoroughly optimized, and it’s always best to employ the services of a professional digital marketing team to get this done for you. Right from web design to SEO, a team of experts can guide you in the right direction and deliver exactly what your brand needs.
“Being different” is a very broad term, agreed, but when it comes to marketing for financial services, it’s a very important one. This particular market is already quite saturated, and it’s a task to talk about products or services that are serious, whilst also making it fun and interesting for clients. This where being different can make a huge impact on ROI.
For this, you need to break barriers and get bold with your campaigns. Don’t stick to the usual, or position yourself as yet another run-of-the-mill brand. Show your clients explicitly why your company is the right choice. Tie up with celebrities, social causes, switch up your style of communication, and create a unique digital personality for your brand. This is what will help you stand out.
Opt For Influencer Marketing
Influencer Marketing might seem like an unlikely choice for a financial service company, but it’s not such a far-fetched option. Influencers are great at convincing their audience that a particular product/service is worth a shot. Now, when it comes to money, everyone is doubly careful. It’s not as easy as heading out to a store and picking up a watch.
If a trusted name can tell your audience that they vouch for your financial services, then it holds a lot of credible value. The idea is to give them the confidence that they can trust your company with their money, and since influencer marketing is at its peak currently, it’s a smart idea to utilize it!
Educate And Enlighten
Marketing doesn’t always have to be about gimmicks and flashy campaigns; sometimes, all the audience wants is viable information. Financial services especially are tricky in many ways, with several clauses and eligibility factors that young audiences have no clue about. Hence, you can position your brand as that trusted bank of knowledge, and invest in educational campaigns.
YouTube, for example, is a great platform to release educational videos, and also host live sessions where your audience can ask questions. If they’re satisfied with the answers, they might just convert into loyal clients.
Get Active On Social Media
If you don’t already have or haven’t considered creating a social media presence for the brand, it’s about time you did! Social media is booming with traffic, and many of them could be potential customers. Facebook, Instagram, and Twitter are currently the most used social media platforms in the world. A billion users are being exposed to tons of marketing content, and you should get in on the action!
Social media is also where you can build strong customer engagement, create a bond with your followers, and focus your digital marketing efforts for improved ROI!
The right marketing strategy for financial services can deliver some serious improvements to your conversion rates! As long as you’re fully aware of the brand’s requirements, and also know who your audience is and what they want to be sold, you’re already moving in the right direction. Remember, these marketing strategies need to be kept flexible as well because when it comes to digital marketing, the waves can change course at any time!