Marketing for Financial Services
For marketers working in the financial services sector, it is becoming difficult to stand out from the crowd.
Financial marketers need to adopt certain strategies to generate leads and increase revenue.
With the onset of pandemic concerns like inflation, unnecessary spending, not investing in retirement, and supply shortages, people are worried.
To assure customers, brands need to come up with new value propositions. Given below are some marketing strategies for financial institutions.
Create a Digital Environment
Content marketing is essential for the digital marketing strategy of any financial institution.
Content marketing provides companies opportunities to build trust with customers. Institutions can directly connect with potential clients and answer their queries online.
This also gives a company the added benefit of being in control of their image. A noteworthy digital presence ensures that customers seek out a particular company instead of its competitors.
Blog posts can be promoted on social media and used in email newsletters. For instance, the European Investment Bank creates podcasts on relevant topics.
Companies can develop tools to help users. The Toronto Dominion Bank has a range of calculators available online to help their customers.
A notable example of this tool is the mortgage affordability calculator.
Customers can enter data like their location and monthly expenses to find out what value of mortgage they would be eligible for. The calculator also has calls to action below it so that interested customers can book an appointment to learn more about mortgages.
Invest in SEO
To optimize the website of a financial institution, it is necessary to perform keyword research. Investing in local SEO is also helpful.
The factors that affect a page’s search rankings should be considered. Such factors are the quality of content, the presence of backlinks, and how fast web pages load on a site .
Use Case Studies
Publishing case studies can prove to customers that a certain product or service works. Case studies are success stories with good endings.
They are also based on and backed by numbers. For instance, Thomson Reuters publishes case studies on its website.
One such case study gave a detailed account of how one of their products helped an organization save costs that were equal to the cost of one staff member.
Big Data and Automation
Nowadays, automation makes it easier to apply data as part of financial services marketing.
Big data can give an institution information about who is saving up for a major purchase, and it can also help companies target certain customers for financial education.
Chatbots are also extremely helpful for growing relationships with customers. They answer basic questions, and let customers pay bills and report activities.
Personalization enables financial organizations to differentiate themselves by focusing on the customer and not on the product.
The marketing strategy for financial institutions should include personalized product suggestions. If the target audience gets unique customer experiences that cater to their needs, this leads to customer loyalty.
Ronn Torossian is the Founder & Chairman of 5W Public Relations, one of the largest independently-owned PR firms in the United States. With over 20 years of experience crafting and executing powerful narratives, Torossian is one of America’s most prolific and well-respected Public Relations professionals.