Financial services are a highly competitive space. With the introduction of technology and the deep penetration of their ecosystem, competition is becoming more complex and exciting.
To stand out from the crowd, you need to provide a unique offering and ensure that your customers convert.
When it comes to the financial services market, things are much more complex. Every element is well thought out, and developing a well thought out strategy can be a challenge.
77% of people use mobile payments for one reason or another. That means the financial sector has a huge market to tap into if it deploys the right resources.
The advent of digital marketing in the financial services sector has encouraged the emergence of innovative ideas like fintech. It has also improved customer interaction and increased visibility. While young tech companies have entered the financial sector, existing players are also strengthening their strategies to stay in the race.
This article explores the top 10 digital marketing strategies for financial services companies to help you succeed.
How can Digital Marketing Boost Financial Services?
The advent of technology has been associated with shiny new gadgets, but that’s not all. Thanks to the indispensable infusion of digital marketing into the financial world, it is finally being rid of redundant and flimsy practices.
Since the pandemic, the importance of content has multiplied. Every financial company needs a smart marketing strategy to spread the word and create more curiosity about themselves and the services they offer.
It also allows them to expand their portfolio and serve more businesses, develop more strategies and collaborate with people they wouldn’t have even thought of a year ago.
Digital marketing agency for financial services providers is a way to promote their offerings globally and help find those who will benefit from them.
More and more brands are offering financial services. Gone are the days when savings, insurance, credit cards and mortgages were all offered by the same organization. Competition is fierce and only those who know how to navigate the digital wave well will succeed in today’s scenario.
Digital Marketing Strategies for Financial Services
Financial services are losing ground to consumer technologies in accelerating their modernization factor. Many organizations in this sector are ignoring digital marketing for financial services, and if you are one of them, you should prepare to deal with it soon.
If you’re just getting started, here are the top 10 strategies that will help you strengthen your digital marketing game.
1. Create Well-Planned and Easy-to-Navigate Websites
If you’re using multichannel digital marketing, you need to understand that the experience needs to be consistent across all channels. You also need to use a user-friendly interface and interface so that your customers don’t find it cumbersome.
Even financial organizations can stick to a consistent design for their apps and websites that is both functionally and visually rich to encourage visitors to spend more time on their platform.
Many financial platforms are quickly adopting new technological innovations like chatbots to make the overall experience more immersive. This also makes it easier for users to find what they need.
2. Local Search Engine Optimization Planning
When we talk about online content, we absolutely must also talk about SEO (search engine optimization). Since the financial industry is a highly competitive niche, it is even more difficult for brands to gain the trust of their customers.
72% of customers who performed a local search visited the nearest retail outlet within minutes. If you’re targeting a local market or are a startup, great local search engine optimization can help you generate a large number of meaningful leads.
It’s best to combine search engine optimization with pay-per-click (PPC) advertising for maximum visibility. Create useful content and you may even rank in the SERPs, which will improve your lead production.
If you operate in multiple locations, make sure the overall experience remains the same, but make the necessary changes to appeal to your local audience.
3. Market Content
The pandemic proved to the entire world the power of content. At a time when the Internet is spreading its wings, content marketing is one of the most powerful ways to boost your business.
Digital marketing for financial services means prioritizing content and updating it regularly, rather than pushing it to the back burner. Develop a clear content plan, tweak it regularly, and be clear about what you want to achieve.
4. Emphasize Personalization
If you’ve been following what’s been happening online lately, one of the terms that’s growing in popularity is “personalization.” 72% of customers interact with specific messages tailored to their needs. 88% of marketers believe that personalization is critical to improving the overall customer experience.
In finance, there are two types of action: – Government action and Government action.
- Provide customers with relevant services based on their financial needs.
- Make recommendations for a specific user to improve their overall experience.
To do this, you must continuously track their actions. You can engage in behavioral profiling to understand which offers are relevant to each user in your ecosystem.
5. Mobile Marketing
Laptops are quickly becoming obsolete.
Okay, I’m exaggerating, but people are quickly moving to consuming content on smaller screens. This situation has forced financial services organizations to focus and optimize their mobile digital marketing efforts.
Want to know what the impact has been? These organizations first create a user experience for the mobile ecosystem and then update it for larger screens. This is a proven method that has garnered more attention than strategies that focus on PCs or laptops.
6. Educational Videos
As the availability and cost of the Internet increased, people’s preferences began to shift from text content to graphic content. Regardless of our age, we are always learning something new.
Most of the people around us do not have sufficient financial knowledge. Therefore, it is crucial for organizations to provide useful knowledge to users by creating educational videos. This will help them see you as a trustworthy and competent brand that works in their best interest.
Adopting a high-volume, low-cost educational video production model will help you create leads. It will also make you easier to research. When you link your video efforts to marketing analytics, you further increase your chances of getting the right message to the right customer.
7. Social Media Marketing
It’s no secret that the whole world lives on social media. If you look around, you will find that most people are invested in at least one social media platform. It is therefore an integral part of any digital marketing roadmap.
Online marketing company is more about connecting with customers, for financial services. Moreover, a strong social presence increases a company’s chances of receiving more meaningful leads and growing its customer base. Posting relevant content and success stories will help more people connect with you, and some of them will eventually become your valuable customers.
8. Invest in Email Marketing
Although email marketing is one of the oldest forms of digital marketing for financial services, it remains a competitive option for generating leads. In 2019, 87 percent of marketers used email marketing.
Instead of thinking of it as outdated, use the data your marketing team has collected and create the right email marketing strategy. Start by identifying your target audience, split them up based on established criteria, and develop personalization strategies for each resulting group. This will allow you to gradually improve engagement.
9. Get Positive Feedback from Customers
9 out of 10 customers believe they should read online reviews before clicking “BUY.” This is a clear sign that they are an integral part of the decision-making process and create important trust in the brand for the buyer.
Since finance is more critical than most other sectors, buyers tend to be reluctant to try new and unfamiliar brands. Therefore, you should encourage your customers to share their reviews online. If they express a negative opinion, be quick to respond to their concerns.
10. Engage with Your Audience
Today’s generation has a hard time trusting banks and other financial institutions (because of the 2008 saga). However, over time, this reluctance disappears, and they will only offer you an opportunity if you look at them with open eyes.
The most important element here is to understand their language and how best to retain them. Today’s generation consumes engaging content, they are attracted to exceptional experiences, rewards and convenience.
With only 24% of today’s generation having an understanding of financial concepts, this is a tremendous opportunity for you to educate and engage them.
Using digital marketing for financial services is an opportunity you are missing through your own fault.
Gone are the days when cash was king. Today, people are investing more in services like Apple Pay and Amazon Pay. Because of this, organizations are constantly looking for better deals than their competitors. All competitors have the same package of services and you need something different to stand out.
The key differentiator in this case is how you market yourself. Digital marketing in the financial services sector is a great opportunity for brands to increase their visibility and gain new traction. The focus should be on building trust and creating a positive buzz for your brand. Once you find good customers, they will automatically contribute to your prosperity.