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Digital Marketing For Financial Services
Executing digital marketing for financial services have become even more crucial than they once used to be. If you pay close attention to your inbox, you will see that you get more emails from financial companies (promoting their services or products) than any other sector. But the creative factor across most financial services are generally poor.
Let’s face it. Marketing for financial products or services isn’t that easy as it sounds. However, when done the right away, it can help you accomplish noteworthy results.
Whether you are into financial services or a marketer who is helping a financial institution to acquire more leads, these tips are something to make a note of.
But before that, let’s start with a few eye-opening stats.
Did you know?
- According to a study, 30% of the millennials do not trust most financial service companies.
- Out of 3 millennials, 1 always invests his or her money in the stock market.
- 9 in 10 banks envision mobile/online as their primary channel for transactions – The European Financial Marketing Association.
- Out of 10, about 6 mobile searchers are more likely to use “click to call” feature while hunting for a business.
Digital Marketing For Financial Services: 5 Tips For Better Promotion
Before you read through this article, here’s a quick question:
Why should you opt for digital marketing when you are already in the financial industry?
The answer is simple and straightforward. Besides gadgets and technology, going “digital” is all about crafting a more captivating customer experience as well as building trust.
Every financial company requires an awesome marketing strategy that can help generate quality leads. A financial company encompasses a wide range of businesses, which manage money, including credit-card companies, credit unions, consumer finance organizations, accountancy companies, individual managers, stock brokerages, private lending firms, government-sponsored enterprises, and banks.
No matter what the product or service is, a financial marketer acts as a connection between a financial service provider and a business organization that is in need of certain financial services.
By adopting advanced digital marketing strategies, a financial service provider can acquire high-quality leads.
So, if you are all set to go on a journey from typical ineffectual marketing to successful financial marketing that could yield an incredible ROI, then, these strategies will do a great deed.
1. Invest In Quality & Engaging Content
Content marketing is still one of the most powerful ways to improve your business growth. It helps your business to capture key audiences. For most credit unions and banks, serving as a trustworthy source for financial information for their members and customers is one of the most crucial goals.
But here’s the bitter truth. Besides being important, financial-based articles are too boring to read. Moreover, with that hectic schedule, building a creative library of blogs is a determined proposition, which becomes pretty challenging.
Just the thought of “crafting detailed articles” can result in restless hand-wringing for most financial marketers out there —Who will write quality content? How will it reflect our business? How will it help us acquire more leads?
Rather than thinking of this as a huge job, prioritize it. Develop a clear content plan, which will help you to start this task in a small way. Further, improve it to work better.
Also, ensure that you provide a different perception of writing. For a change, make your articles simple and yet interesting for readers to engage. Keep your “Blog” section updated with some important information for your customers so that they can come back for more when in doubt.
- Start by building a clear plan for the content
- Determine what are the most important topics that people want to read
- Keep the content customized for your target audience
- Keep the content simple and understandable
- Have a plan to drive traffic to your content
2. Use Multimedia To Grab Attention
Though “written content” is one of the most effective or perhaps, the true and tried channel for all content marketers, research reveals that multimedia & visual content is more convincing and engaging.
Talking of visual content, “infographics and videos” are one of the best ways to increase your content’s engagement levels. According to Contently, Infographics are proven more effective than just text.
Besides infographic, videos are the trends these days. You will be fascinated to read the fact that more than 80% of the millennials watch videos before making a purchase decision.
So, the question is, has your financial brand utilized video channels to share key-related information. If no, then it is still not too late. You can start your own YouTube channel and start connecting with your customers by creating useful video content.
- Use calculators, videos, infographics, and pictures to make your content look more attractive
- Make complex data accessible and easily understandable to your target audience
- Try to be interactive
- Play around with colors to make it interesting to read
- Tell small finance stories to increase engagement
3. Create A Social Media Presence
Everybody is on social media today. In fact, 81% of the U.S population has active social accounts and use it for 4-5+ hours a day.
Utilizing social media platforms is one of the most valuable digital marketing strategies for financial services. This is truly something that cannot be ignored.
Maintaining a stable presence on a few social networking sites offer your importance to your followers and builds trust. Further, it creates diverse marketing opportunities and ensures that your customer base grows eventually.
Many banking and financial organizations utilize social media for connecting with their consumers. Say, for instance, you can show how real people work at your financial organization to bring the best products/services to them. This builds trustworthiness and creates brand awareness too.
Also, you could post some success stories of customer or testimonials, as this directly reflects the kind of service you provide.
An effective social marketing strategy revolves around meaningful content, creative humor, consistency, storytelling, and willingness to provide value to customers.
- Set clear goals to increase your social presence
- Keep your target audience in mind before posting/sharing a piece of content
- Maintain a consistent presence
- Run a few contests and quizzes
- Keep the account updated with fresh and useful content
4. Build Positive Customer Reviews
Did you know that 9 out of 10 customers read through online reviews before making a buying decision? In fact, most people consider and trust online reviews as much as recommendations from friends.
When it comes to digital marketing for financial services, a positive and happy customer experience serves as a great value. On the other hand, negative reviews can impede the business from growing further. They are more like building blocks of a business.
Encourage your clients to share their feedback online. Even if a customer is unhappy, try to resolve their problem and turn them into positive, happy customers.
Negative feedback also serves as great opportunities to engage customers with your brand and provide exceptional customer service.
So, don’t be scared of negative reviews because they are a part of the business game. Work more towards how to turn them into positive.
- Create clear and user-friendly space to help customer leave their reviews
- Share some positive reviews that you have already received from customers
- Ask for feedback at the right time
- Encourage customers to leave their honest reviews and be polite while asking
- Create attractive incentives to get them to leave their reviews
5. Leverage SEO & PPC Advertising
It is completely understandable that marketing for any financial institution is complex and comes with its own baggage of challenges. What’s, even more, harder for a financial marketer is to gain trust.
With a high competitive niche, how to overcome the challenges? Well, this is where SEO (Search Engine Optimization) and PPC (Pay-per-Click) advertising comes into play.
Both SEO and PPC are great ways to boost the visibility of a website. With advanced SEO tactics, it is even possible to rank on SERPs (Search Engine Results Page) and improve visitors to the financial services/products.
- Perform on-page and off-page optimization
- Optimize your ad campaigns with the right keywords. Else, it will cost you a lot
- Build links from high authority websites
- Do not perform black-hat SEO techniques
- Give different anchor texts while performing link building
One of the primary ways to increase the visibility of a financial product or service is through customer retention. If you have the opportunity and resources to help your consumers with some digital perks, then you should!
Make sure to focus mainly on building trust. Try to provide something “unique” that your competitors don’t because this factor will help you stay different in the public eye. Once this is accomplished, your reach and growth will increase eventually.