Digital marketing has become an indispensable tool for businesses across all sectors, but for the financial services industry, it holds a particularly transformative power. As consumers increasingly turn to the digital realm to manage their finances, companies within this sector are finding that a well-crafted digital marketing strategy is essential.
Here, we take a look at the intricacies of digital marketing for financial services, exploring the opportunities it presents, and digital marketing trends you need to be aware of in 2024 for any financial services company.
Also, in celebration of Women’s History Month, we have gathered some expert intel from our expert team on various digital marketing strategies to help you grow.
The financial services sector is vast, encompassing everything from banking and investment firms to insurance companies and fintech startups. What unites these diverse entities is the need to foster trust and demonstrate expertise in a digital world where consumers are more informed and discerning than ever before.
The digital landscape offers an incomparable opportunity to engage with clients on a personal level, deliver tailored financial advice, and build long-lasting relationships. This is what every business within the financial services sector should be striving for.
One of the primary challenges facing digital marketing in financial services is the complexity of the products and regulations governing them. Communicating the value of financial services in an accessible and engaging manner requires a delicate balance.
It’s about demystifying finance without oversimplifying it, ensuring compliance without stifling creativity, and personalising content without compromising privacy. It is a delicate balance.
We’ve taken the time to gather some expert advice to formulate a strategy on how best to market financial services from our team here at Assisted.
To navigate these challenges and execute digital marketing effectively, we know that financial services firms should consider the following strategies.
Content marketing is a powerhouse in the financial services digital marketing arsenal. By producing informative, engaging content, your financial services company can demonstrate its expertise, help simplify complex financial concepts, and address your client’s needs and pain points.
Blogs, infographics and webinars can all play a part in a comprehensive content marketing strategy. Not to mention the skyrocketing interest in short-form videos on platforms like TikTok and Instagram! Here’s what our content marketing maestro has to say:
Tierney O – “Ultimately, you want to make sure that you build trust with your audience, especially in the financial services sector. By communicating your expertise through content marketing, you can not only build trust but engage with your audience. On top of this, by leveraging successful SEO strategies, you can ensure that your message is seen on a wider scale.”
Search engine optimisation (SEO) is crucial for making your content discoverable. Your financial service company should focus on keywords that potential clients might use when seeking financial advice or products, ensuring your content ranks highly in search results.
Also, local SEO is particularly important for brick-and-mortar institutions looking to attract clients. Here’s what our SEO oracle has to say about the importance of SEO.
Evie S – “SEO benefits financial services marketing by enhancing online visibility, attracting targeted traffic through cost-effective means, and building trust through credible rankings, ultimately providing valuable insights for strategic optimisation.”
Do you ever feel perplexed at the thought of deciphering social media for your business? Well, we are here to tell you that you do not need to let the social media enigma become daunting. The good thing is that all social media platforms offer a unique opportunity for your financial services companies to engage directly with your audience.
Through regular posts, live Q&A sessions, and interactive content, your company can build a community, foster trust, and humanise your brand. It’s also a platform for monitoring consumer sentiment and feedback, providing valuable insights into client needs and understanding their preferences more intricately.
Here is what our social media queen has to say:
Row E – “Social media is a powerful tool for promoting financial services. Organic social media strategies engage current customers, fostering trust and value. It boosts brand awareness, acting as a trust marker. Paid social media ads re-engage current customers, attract potential ones, and reach new audiences, expanding your customer base. Organic socials nurture, while paid ads drive growth.”
Personalisation is key to standing out in the digital age. Your financial services company can use data analytics to tailor your offerings and communications to meet your clients’ specific needs and preferences.
This not only improves the customer experience but also increases the effectiveness of your marketing efforts. Think of new and creative ways to connect with your audience and make your brand relevant to them.
In the financial services sector, regulatory compliance and data security are paramount. We always suggest that your digital marketing strategies should be developed with these considerations in mind, ensuring that all communications are compliant with industry regulations and that client data is protected against cyber threats.
An extremely reliable source of information on ensuring compliance and security is Gov.UKs Building a Smarter Financial Services Regulatory Framework for the UK: HM Treasury’s Plan for Delivery.
As we continue throughout this year, there will inevitably be digital marketing trends that come up that will affect how you market your financial services company.
Omnichannel financial service marketing is flipping the script on how banks and financial firms interact with their customers. Imagine a world where you make the banking experience for your customers so smooth and connected, that it’s like you know your customer inside out-whether they’re clicking away online or strolling into a branch.
This isn’t just about keeping up; it’s about crafting moments that matter, wrapping up consistency, personal touch, and instant access to financial goodies in one neat package, no matter where or how your customer chooses to interact with you.
With an omnichannel approach, you can dive deep into data analytics to get the lowdown on what ticks your customers’ boxes, enabling you to whip up personalised advice, products, and services that pop up right where your customers need them.
It’s about creating a journey so engaging, so anticipatory of your customers’ needs. It’s about not only winning their heart but keeping it, propelling growth in a space where standing out is the name of the game.
Next, we take a look at seasonal marketing. In seasonal financial services marketing timing is everything, and relevance is king!
Imagine tailoring your marketing to sparkle just as brightly as holiday lights, offering special savings accounts for those winter gift extravaganzas, or springing into action with tax prep services as April looms on the horizon.
Summer might bring sizzling hot travel insurance deals for the vacation adventurers, while autumn could be the perfect backdrop for investment advice, as people get serious about their year-end financial health.
There will be periods throughout the year when customers are more engaged with financial services than others. For example, during January, the focus might shift to saving money after the Christmas holiday or planning for retirement. March’s focus, however, is usually around saving tax refunds with the search interest for ISAs skyrocketing.
The next trend to be on the lookout for is conversion rate optimisation (CRO). There are two parts to this.
Firstly, imagine your website or app as a bustling marketplace, and CRO is the magic formula that turns ‘window shoppers’ into loyal customers. It’s all about ramping up the number of visitors who click, purchase, sign up, or say “yes” to whatever action you’re hoping for.
Utilised next is A/B testing, the much-needed tool in your CRO toolkit. You then compare the two versions (A and B) to see which one makes users’ hearts beat faster and convinces them to take the plunge.
By measuring the impact of these changes on real-world behaviour, A/B testing gives you the evidence, making it your go-to strategy for boosting those all-important conversion rates.
We then look at conversational engagement in financial services marketing. This is about breaking down the formal barriers that often surround financial discussions, making way for genuine, humanised interactions.
Through channels like chatbots, social media, and personalised emails, financial institutions can spark up real-time conversations, answer queries, offer advice, and even guide users through complex financial decisions as if they were chatting with a trusted friend.
This approach transforms your clients’ journey with your brand into an interactive experience, where every touchpoint is an opportunity for engagement. By adopting a conversational tone and leveraging smart, responsive technology, your company can create a dynamic dialogue that educates and informs while building deeper, more meaningful relationships with your clients.
In the world of finance, where trust is the currency, conversational engagement is the investment that yields long-term loyalty and satisfaction. Make your brand relatable to your customers and allow them to have a comprehensive understanding of your services.
Finally, we take a look at the importance of user experience. The digital experience within financial services is reshaping the entire landscape of how companies interact with their clients.
In this era of digital mastery, providing an outstanding customer experience means weaving technology, personalisation, and accessibility into a seamless tapestry that meets the modern consumer right where they are.
Imagine your company being able to predict your customers’ financial needs, implementing investment apps that guide your customers through the stock market with the ease of a seasoned trader, and chatbots that answer questions that spring to their minds at 2 a.m. This shift towards a more intuitive, user-friendly digital environment is your beacon. It challenges you to continue innovating, ensuring that every online interaction is an opportunity to deepen customer relationships, build trust, and drive loyalty.
By focusing on creating a digital experience that feels less like a service and more like a partnership, your company is not just following a trend- it’s setting the standard for what it means to truly connect with customers in the digital age. Take a look at what our web wizard has to say.
Jade B – “Digital marketing for financial services is not just about visibility; it’s about engaging with clients in meaningful ways whilst keeping up to date with the latest trends and best practices. This article highlights the importance of a digital-first strategy, incorporating content marketing, SEO, and personalisation to face these challenges head on! At assisted we have a team of experts who have the exposure and experience to help you grow your business”
Digital marketing offers financial services companies a golden opportunity to connect with customers in meaningful ways. By addressing the unique challenges of the sector head-on and leveraging the right mix of strategies, your company can thrive in the digital age.
The path forward is clear: adapt, innovate, and engage, and the digital world will open up a realm of opportunities for growth and success.
Get in touch with our driven and innovative team of digital marketing professionals today to bring results to your doorstep!
Ready to take your digital presence to the next level? We’d love to hear from you! Get in touch with our team of experts today for a free consultation. We can discuss your goals, answer any questions you have, and craft a customised strategy to help you achieve online success. Get in touch via [email protected].
Get in touch with the team today