Effective financial services marketing: practical tips
The financial sector accounts for a significant proportion of the total volume of digital advertising – around 14%. However, the specifics of this industry require a special approach: investment in advertising does not always have the expected effect. Marketing financial services has a number of peculiarities that should be taken into account when developing a strategy.
This process includes the promotion of products for banks, insurance companies and asset management organisations. The main efforts of specialists aim to solve the following tasks:
– building trust in the company;
– customer education;
– customer retention;
– encouraging potential customers to interact with the company.
It is worth noting that the financial sector is highly competitive. This requires companies to take a proactive but balanced approach. They must also be decisive but not aggressive. Customer acquisition tactics should be based on engaging the target audience and stimulating their interest.
Building customer trust should receive particular attention. The financial sector’s reputation has suffered significantly as a result of the crises, making it less attractive to consumers. To rebuild trust, firms need to develop transparent and open communication. Digital technologies play a vital role in this process, enabling effective interaction with customers and increasing their loyalty.
Strategy features
According to a Boston Consulting study, around 50% of offline investors go online for information before making a purchase. This highlights the importance of an online presence and the use of digital marketing to promote financial solutions.
The most effective fintech strategies include:
– search engine optimisation (SEO);
– search engine marketing (SEM);
– content marketing;
– pay-per-click (PPC) advertising;
– email marketing;
– social media.
Companies often use several of these strategies to increase their overall effectiveness.
Multi-channel approach and personalisation
Financial services companies should also consider multi-channel tactics. This will allow them to reach more potential customers and demonstrate excellent ROI – return on investment.
Omnisend states a multichannel strategy delivers a 19% increase in engagement, compared to 5.4% for a single-channel approach. In addition, multichannel marketing helps attract new customers and retain existing ones.
A multichannel approach creates an integrated customer experience across platforms such as websites, mobile apps, social media, and other digital channels. This strategy’s heart is a focus on the customer journey and optimising engagement at every stage.
Personalisation should receive particular attention. This is achieved through a deep understanding of the target audience and the use of modern digital solutions. For example, implementing chatbots on the website or app provides customers with 24/7 access to advice on a wide range of issues. Moreover, personalised email newsletters are an effective way to increase customer loyalty and engagement.
