Financial services are changing, and marketers need to be able to keep pace. Digital marketing levels the playing field for startup FinTech companies looking to compete with the big boys. A compelling financial services marketing strategy will allow you to squeeze every last bit of value from marketing budgets.
This blog will explore how financial services marketing works, how to choose the right platforms for your business, and how to track and evaluate success.
What is financial service marketing?
Digital marketing for financial services is the process of getting your company’s message in front of potential and current customers. You can increase visibility using social media, content marketing, blogging or email campaigns – any platform that allows you to communicate with your customer base about what makes your business valuable.
Marketing has changed drastically since the rise of digital. Changes in social media have started to dictate marketing trends, and understanding how they’ve done this can help make a company more successful.
The traditional tools for financial services marketing are becoming less effective as more people turn away from TV, radio and print ads favouring online browsing on their smartphones and smart devices. But by using a mix of new platforms like blogs, podcasts, and video sharing sites alongside old standbys such as newsletters and press releases, marketers have an opportunity to create genuine connections with today’s consumers.
Choosing your marketing platforms
Should you be on TikTok or focus attention on Twitter? Is anyone using Facebook anymore, or would Instagram be more appropriate? Choosing the right marketing platforms for your business is half of the struggle.
It would help if you also determined how much time or money is available before committing any resources to online marketing; there is no point in wasting either on platforms that won’t get results.
The next question should always concern which platform offers better analytics so you can measure success (or lack thereof). Keeping a close eye on your ROI (return on investment) will enable you to focus attention on the platforms that get the best traction.
Your marketing plans could include any of the following channels:
- Social media
- Paid search
- Organic search
- Display ads
- Email marketing
- Content marketing
A good financial services marketing strategy will be a multi-channel approach that finds the ideal target customer when they need support. You might be solving everyday problems that customers don’t know they have. Don’t assume they will always come looking for you.
Financial services marketing platforms
Your marketing strategy will depend on where you feel you are most likely to find customers.
Combining inbound and outbound marketing approaches allows you to meet potential customers where they feel most at ease. This approach helps break down the barriers to financial services and empowers customers to make financial decisions with confidence.
Consider the following approaches for your financial services marketing strategy:
- Social media marketing – Facebook is by far the largest social network with more than a billion active monthly users, so it’s worth investing time in setting up pages and groups. LinkedIn could also work if this is an area of focus for your industry.
- Search engine optimisation – Google search results are heavily influenced by website rankings, meaning companies need both strong content production skills and technical knowledge, which can allow them to game the system. SEO is not a quick fix but can provide long-term results.
- Email marketing – Once users trust you with their email address, you have a direct line to communicate with them. Email is still one of the most popular marketing channels in 2021.
- Paid search – Like an “on” switch for website traffic, paid search might be pricey, but you can achieve a substantial ROI with intelligent strategies. Focus on the niche keywords and optimise your landing pages to meet expectations and boost your quality scores.
- Content marketing – This may feel like you are giving away something for free, but content marketing is a valuable tool for the financial services sector. Become a resource for potential customers, and you will be at the front of their mind when the time comes to make a purchase.
Meeting your customers’ expectations
A good financial services marketing strategy will reach out to the ideal target audience and solve their problems. Today’s financial services customers are savvy and know what they want, so not only will you have to reach out to them in the right place at the right time but also meet their expectations.
Aim to become a valuable resource, even if the help you are providing doesn’t always translate into a sale or conversion. You want to be the person they go to for advice, and that means being upfront and honest about what your products do or don’t offer.
How do you know when your marketing is successful?
Some marketing channels are more straightforward to attribute sales to than others. Tracking a user through content marketing touchpoints is always more complex than monitoring a direct sale through a PPC ad.
Look beyond simple sales and conversions and make sure you never lose sight of the bigger picture:
- Achieving business goals – financial services companies are often measured in terms of customer acquisition and retention. Key metrics can determine success or failure by calculating whether it increased the number of customers, improved revenue per account holder or reduced attrition rates.
- Measuring brand awareness – financial service brands may have less tangible benefits to offer than other industries. However, it is still important to measure this with tools such as Google Trends, which show search volumes over time for keywords related to the company name.
- Brand sentiment analysis – using social media sites like Twitter provides a more direct line into what potential customers think about a company’s products and services compared to traditional methods such as focus groups and costly surveys.
- Trust the data – The more information on which to base decisions from analytics reports, the better-equipped marketers will be when deciding how best to target their audience. Your marketing strategies should be fluid and flexible, ready to pivot at a moment’s notice to help keep things agile and responsive.
Ready to build your financial services marketing strategy? We can help. We work with companies all over the UK to help them identify their ideal target customers and construct marketing strategies that get results. Get in touch to find out more.