Financial Services Marketing: Strategies, Tips, And Ideas To Generate More Sales And Services

Financial Services Marketing: Strategies, Tips, And Ideas To Generate More Sales And Services

(Advertisement) The financial services industry has been around in one form or another since 2000 B.C. AD, merchants provided grain loans to farmers and merchants as they traveled between the cities of ancient Assyria, Sumer and India.

But, of course, financial services have evolved significantly over the past four thousand years, especially over the last decade. Digitalization and the development of financial technologies have changed the financial services industry in many ways, including the way they attract and serve customers.

(Click on the links below to jump to specific sections of this article)

Overview of the financial services sector

The Importance of Marketing for Financial Services

Steps to Create a Financial Services Marketing Plan

Financial Services Marketing Channels to Consider

Financial Services Marketing Trends

Financial Services Marketing Example

When to Use an Agency to Promote Your Financial Services Company

The Future of Financial Services Marketing

Overview of the financial services sector

These changes create challenges for an industry with more complex compliance and customer requirements. But it comes with many benefits, including the ability to better serve customers, manage uncertainty, and help individuals, organizations, and even countries build a better financial future.

The financial services sector is quite large and includes:

  • brokers
  • Financial planners and money managers
  • Investors
  • Accountants and CPAs
  • tax preparers
  • Bankers and financiers such as investment banks, commercial banks, credit unions, etc.
  • Mortgage lenders
  • Guarantee
  • Consolidated capital
  • consultants
  • Brokerage companies

The Importance of Marketing for Financial Services

There are so many financial services available today that you need a plan to help you attract new clients and retarget existing clients. The role of financial services marketing is to tell potential customers what you do, how you can serve them, and why you are the best. opportunity for them.

There are many reasons why your financial services business needs a marketing plan; here are the main ones:

Stand out from competitors

The financial services industry is busier than ever these days. You will most likely have several strong competitors, so you need a marketing strategy to determine how you will educate potential customers and convince them that your business is the best option for their financial needs.

Develop brand awareness and loyalty

High brand awareness makes it easy for people to remember your brand. So when they are in the market for the product or service you offer, you will be ahead of the curve and gain a competitive edge. Brand loyalty encourages customers to stay with your business long term because they identify so strongly with it, which is great for your bottom line.

Variety of products

Providing your business with the same old products or services for years or decades is not a recipe for growth. A good marketing plan will help you identify where new products can fill a gap in your offering or industry in order to attract new customers and retain existing ones.

Take advantage of seasonal trends

Yes, there are seasonal trends in financial services (and we're not talking about your July 4th rewards): tax professionals are in tax season, mortgage brokers and lenders are busy in the spring and summer. and financial planners are busy. at the end of the year, and people evaluate their financial condition at the beginning of the year

A good marketing plan can ensure you reach the right people at the right time with the right message and help you maintain a steady flow of leads throughout the year.

Reach the right audience

Financial services are designed to help people achieve financial stability, wealth and a better future. A thorough marketing plan will help you find the people who can benefit the most from your products and services so they can make their dreams come true. Otherwise, it seems that you are shouting into the void and trying your best to connect with potential customers.

Steps to Create a Financial Services Marketing Plan

Now that you know why you need a marketing plan for your financial services business, how do you create one? These simple steps will get you started.

1. Define your marketing goals

Setting clear goals will help you make your marketing plan as effective as possible. What do you want to achieve with your marketing? Being as specific as possible ensures that you're targeting the right messages, channels, and people in your campaign.

You must define your KPIs (Key Performance Indicators) before starting a campaign. They can be:

  • Increase your success rate
  • Attract many new customers
  • Reduce customer acquisition cost (CAC)
  • Increase your click through rate (CTR).
  • Get more website traffic
  • Increase Social Media Engagement
  • Increase brand awareness or loyalty

Setting goals and KPIs before writing marketing materials or launching ads will help you stay on track because one campaign can't do everything at once. You need to prioritize what matters most to your business and focus on those goals before moving on to the next campaign.

2. Create an image of the ideal client

Who is the ideal client for your business? This is important because it allows you to explore who the customer is, what they want, and how to profit for your business.

For example, if you run a local credit union, your ideal client will be very different from someone who runs a high-end asset management business. You need to consider all the people you plan to sell to, because you will probably have several and will write everything you can think of and research them.

You can then tailor your marketing message and channel mix to their interests and needs. For example, trying to connect with baby boomers in your area using TikTok is unlikely to be very effective; print ads with messages about retirement planning will generate more resonance.

3. Check your competitors

Knowing what's happening in your industry and region will help you create a good marketing plan. You need to evaluate where your competitors are today, what they are doing and where they leave gaps that your marketing can fill.

For example, you can do competitive research and realize that your competitors only use traditional media to acquire new customers. However, there are many opportunities to connect with young consumers through social media that they may not have considered. You can seize the opportunity to target these younger customers and increase your reach with a well thought out social media strategy.

4. Create a content plan

Now you can create a content strategy for your marketing plan. How do you create the content needed to launch your marketing plan? This content should not be written alone; This may include graphics, videos, audio content such as podcasts, and anything else you can imagine.

You also need to decide which channel to use to distribute your content (more on the best channels in the next section). Using your content across multiple channels will help you increase your marketing reach without any extra effort. Take the video you created for your website and add it to your Instagram feed and LinkedIn feed by shortening it, or reuse content from blog posts in a series of Facebook posts.

5. Launch and set up

Once your campaign content is online, your work is not done yet! You need to monitor post-launch results to make sure your content reaches the right people in the right places.

Don't be afraid to make adjustments to maximize the effectiveness of your marketing; this is not a business to forget. Systematically compare yourself to the goals and KPIs you set at the beginning and adjust until you start doing things that aren't working. Here you will also learn important lessons for your next campaign.

Financial Services Marketing Channels to Consider

Today, there are so many channels that your financial services business can use to attract new and existing customers that it can quickly become overwhelming. The ideal mix of channels will depend on your industry vertical, your ideal customer, and your location. For example, a local CPA business will have different financial services marketing characteristics and thrive in different channels than an online banking business.

But there are a few channels that most companies should consider when developing their marketing plans. Here are the main channels to consider in your strategy and how to use them.

Research

Where do most people go when they want to get something these days? for search engines like Google. Make sure your business website, content, and social media are search engine optimized with SEO to attract people who are looking for what you have to offer.

organic and social data

For many financial service providers accustomed to more traditional marketing, using social media can be overwhelming. But your clients spend a lot of time on social media, so you need a plan. You can create educational content to share across your organization, run paid ads, or a combination of the two.

redirect

Retargeting makes your paid advertising more effective: it sends your ads through various potential channels to potential customers who have interacted with your content. For example, if someone reads your Facebook post about an investment strategy, you can show an ad on a news site they visit later in the day to remind them of their interest.

Printable advertisement

Don't fall asleep on traditional marketing and advertising such as print ads. This can be a great way to reach customers if your financial services company is located locally, such as an IRS or bank.

TVC/OTT

Connected TV (CTV) and over-the-top (OTT) are great ways to reach younger consumers who have gone wire-free and are watching streaming services. Here you can find affordable ad rates and sophisticated targeting options to reach your ideal prospects.

Expand your sound

Streaming audio, like podcasts, is an overlooked but powerful tool for financial service brands. They serve the public more like a trusted recommendation from a friend than bland but impersonal advertising, and with advertising that is effective in attracting new customers.

Email Advertising

Email marketing is popular because it is very effective. This allows you to target customers with marketing content and offers based on interests, lifestyle, demographics, and more.

Financial Services Marketing Trends

Financial services may not seem like a very trendy field, but it is subject to change that comes and goes, just like any other industry. And there are some trends that you should keep in mind when developing your marketing strategy.

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