Marketing of Financial Services: Going Digital
Financial services is a notoriously competitive industry, with companies continuously vying for attention from their target audience. Depending on the product, margins can be extremely tight, so financial services firms need to find cost effective ways to engage and acquire new customers.
Further to this, promoting 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.
- Attaining 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 regulatory issues about 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.
- 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, allowing you to see precisely what is working and what isn’t. This enables you to flex your strategy over time to keep improving the results.
Ultimately these 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 way they talk to their customers.
Seeking Expert Advice
Digital marketing is becoming more and more important in the financial services industry. It is something that Marketing Managers are prioritising over more traditional methods in order to connect better with their customers.
At AsOne we understand the complexities of operating in a competitive market and the need to differentiate yourself from the crowd. We have helped companies from a wide range of industries adapt to the latest trends in digital marketing, and leverage new technologies to grow their business.
Enjoyed this post? Why not read our previous blog posts: Fine Tuning Your Construction Marketing Strategy and Credit Union Marketing: Helping to Get the Word Out