10 Effective Marketing Strategies for Financial Firms
Digital marketing entails both risks and opportunities for financial firms. Whether they shine through, depends on how well they strengthen existing bonds, develop customer trust, and nurture future leads.
The financial services firms, like many other industries, have been extremely sluggish in modernizing their marketing trends, fearing reputation risk, and also apprehensive of the value that social media can bring forth.
Presently, when the feedback of an unsatisfied customer can reach out to thousands within minutes, the impact of digital marketing cannot be ignored any further.
Why Digital Marketing?
Marketing trends are evolving continually. It is equally important for the financial marketing sector to keep up with the fast-paced digital marketing environment. What tools must you possess and how can you incorporate them into your marketing plans? Financial services firms need to adopt digital marketing for
- Improving attribution and optimizing portfolio returns
- Enhancing customer loyalty
- Positioning brands on the global platform
Effective Digital Marketing Strategies for Financial Firms
Behind every successful lead conversion, is a well-executed digital marketing method. Not all financial marketing firms are lagging. Many of them have already adopted marketing trends like marketing automation, social media marketing, content marketing, marketing analytics, etc.
A case in point is JP Morgan Chase & Co. The company has effectively developed a web page that is devoted to data-driven research and features a series of interactive maps, infographics, and short, “Data Dialogue” blurbs, etc. These are highly informative content, covering topics that industry researchers would need to know in 2020 and beyond.
So, going forward, what are the digital marketing methods that would be instrumental in shaping the future of the financial services firms?
1. Create Detailed Buyer Persona
Creating an in-depth buyer persona is the pillar of content marketing for financial firms. A buyer persona is a fictional profile of potential clients. It outlines their age, profession, income, aspirations, pain points, and identifies the social networks they are more active in. Based on this, companies seamlessly create targeted content in the forms of websites, blogs, emails, newsletters, et al, for their leads.
2. Inbound Marketing to Power Financial Firms
Inbound Marketing techniques attract buyers and businesses to a company website through multiple channels, and eventually guide them through the sales funnel, to the final purchase process. According to reports, 77 percent of B2B purchasers research online before speaking to a salesperson, the exact reason why inbound marketing is so crucial for financial firms. The main principle of this mechanism is to ‘attract’, ‘convert’, ‘close’, and ‘delight’ buyers. Marketers must carefully tailor relevant content for every phase of a buyer’s journey, from awareness, through consideration, to the final decision-making.
Speaking on inbound marketing, Mark O. Byrne, MD, Goldcore, said, “Don’t be afraid to be ballsy in terms of bold headlines and titles – providing they are true to the content. Sometimes I feel like a tabloid editor when searching for a good headline, but it’s really important to gain that all-important reader attention.”
3. Develop Influencer Marketing Strategies
In a survey conducted by Gallup, 30% of Americans admitted to trusting banking institutions in 2019, vis-a-vis 60% in 1979. Building clients’ trust is the utmost for a financial firm. Given the uncomfortable and complex relationships between financial firms and their millennial clients, influencer marketing is as essential for financial services firms as to none other. It is high time, financial marketers approach social influencers via Facebook, Instagram, Twitter, etc. to successfully attract prospective buyers.
4. Time for Personalized Marketing
In their efforts to improve customer service and build trust, personalization will very well be on the radar of financial investors, through 2021 and beyond. 55 percent of financial services firms’ marketers plan to further upscale their personalized marketing budget in the future. Most of the marketing content – blogs, White Papers, Case Studies, etc. must be true to the needs of the potential customers that they are targeted at.
5. AI Chatbots and IoT – The Future of Financial Services Firm
AI chatbots have been in vogue for quite a while now and are continuously upscaling themselves. Through chatbots, finserv companies provide their clients with personalized experiences throughout different stages of association. To stay in the competition, firms need to respond instantly to customer queries. If not, you will lose your clients to competitors. Chatbots assist better customer services. The two main primary chatbots useful for finserv companies are the Lead Bots and the Support Bots.
6. All About Website Optimization & Content Marketing
The long term goal of financial firms should be educating valuable customers, rather than hard-selling, through company websites. These may be as simple as an article or Case Study, or more interactive webinars or online mobile learning applications.
Company websites are the primary marketing assets for all financial firms. Their vision, content, design, and usability must surpass all mediocrity. Financial firms need to ensure a secure, fast, frictionless, and mobile-first user interface for their clients.
The standard content structure of financial services firms typically include articles, blogs, White Papers, e-books, e-newsletters, video content, infographics, FAQs, etc.
7. SEO for Financial Services Firms
Search Engine Optimization is an established online marketing technique for financial sector firms and the backbone of any marketing website. Content marketing without SEO is redundant. Even the thoughtfully created content would not reach its target audience. To guarantee a fully SEO-friendly website, the following factors must be addressed:
- On-page optimization
- Keyword Strategy
- Page Tags and Meta Descriptions
- Image optimization
- Page speed
- Link quality
Content must be keyword-rich and incorporate exact terminologies that buyers use for online research. Local SEO is also necessary for financial companies to drive local business.
8. Why Financial Services Firms Need Social Media Marketing
Social Media marketing platforms – Facebook, Twitter, LinkedIn, Instagram, or Pinterest are highly effective trust-building platforms for financial firms. They need to send across pertinent branding messages via text and visual content. A mix of promotional and educational content relevant to the sector can be churned out. Social media advertisements too can be aimed at a niche audience based on their age, geographical location, common interests, etc. Facebook also allows marketers to easily analyze the effectiveness of such campaigns.
9. Effective Email Marketing Techniques
For financial marketing firms, email marketing brings in approximately 4400% ROI, making it one of the most effective lead conversion methods. Create and circulate video content, blogs, Case Studies, infographics, awards and testimonials, webinars, events, etc., via email marketing.
10. PPC – A HIghly Cost-Effective Digital Marketing Strategy
According to statistics, financial industries have a conversion rate of 7.19% for search advertisements. For suitable brand positioning and optimized SEO results, financial firms require the execution of PPC campaigns.
Effective online advertising campaigns for financial firms are:
- Display Ad campaigns
- Search Ad
- Video campaigns
- Social Media Campaigns
Effective digital marketing strategies that will drive the financial service sector in 2021, include Audience Insights Analytics, Reviews, and Referrals, Omnichannel Marketing, Online Reputation Management, etc. Under a volatile market structure, especially post COVID-19, financial firms, through digital marketing strategies must make all possible attempts to project their brand value and credibility among prospective leads.
There is no limit to learning. If you are unsure of implementation, you can always consult the top expert B2B sales and marketing consulting firms
We will be your able guide to finserv digital marketing for 2021