Marketing of Financial Services: Going Digital
Financial services is a notoriously competitive industry, with companies continuously vying for attention from their target audience. Each conversion can be worth thousands, so financial services have a real incentive to differentiate themselves from the crowd. AsOne has extensive experience in the marketing of financial services, and when margins are so tight, it’s so important to trust an experienced agency with your marketing – it really can make or break your business.
Further to this, promoting of financial services can be fraught with difficulty, and the industry has a number of specific challenges:
- Differentiation – Many of the products sold by financial services companies appear outwardly very similar, so companies need to find a way to stand out from the crowd and promote a differentiated message.
- Simplicity – In some instances companies will be required to explain complex financial products in a simple way to get the message across to potential customers without overwhelming them.
- Regulation – There are a number regulatory issues surrounding the marketing of financial services, concerning how you promote products and services to customers and you have to ensure you word content correctly so as not to mislead or misinform potential customers.
Successful Digital Marketing of Financial Services
Digital marketing strategies can help to address the issues outlined above, and presents a cost effective method for finding new customers. In the context of marketing of financial services, it has a number of benefits over traditional marketing:
- Get your brand across – Through social media and content marketing, you can really emphasise to your customers the things that make your brand unique. You can also speak in your own tone of voice that will help you to connect more directly to your target audience.
- Educate your audience – Digital marketing gives you really good mechanisms to educate your audience as to the technical details of a product, or the benefits of one product over another. Beyond using simple text explanations, you can also employ video and graphics in the marketing of financial services.
- Target specific cohorts – Unlike some traditional marketing channels that relied on reaching a huge audience with a very low conversion rate, digital marketing allows you to send personalised messages to the specific target segment that you are interested in. This ensures that you get a much higher conversation rate and therefore a high return on your marketing investment.
Further to this, digital marketing empowers you with data and analytics on all aspects of your campaign. This enables you to adjust your strategy over time, removing the elements that don’t work and doubling down on the things that do.
Ultimately the benefits of digital marketing translate into more customers and increased revenues. Companies have had a great deal of success by employing these techniques and changing the ways in which they talk to their customers.
Seeking Expert Advice
Digital marketing is becoming more and more important in the financial services industry. In an industry where trust is such a crucial emotion to inspire in your target market, improving both the frequency and quality of your connections with your customers is invaluable.
At AsOne we understand the complexities of operating in a competitive market and the need to differentiate yourself from the crowd. In the past, we’ve conducted long-standing digital marketing and business development campaigns in the financial sector, and leveraged new technologies to grow their business.
Alternatively, you can find us at the North East Expo on May 2nd 2019, at Kingston Park, Newcastle-upon-Tyne.