Digital Marketing for Financial Services
Digital marketing is being adopted into the very traditional financial services sector. Read our blog to learn why embracing digital marketing matters.
Banking, wealth management, insurance — it's all serious stuff. So, it's not surprising that financial services — a very traditional sector — hasn't been the quickest to embrace digital marketing. However, with the potential to positively impact processes
How are financial service companies adapting to digital transformation?
Before we get too deep in the digital marketing weeds, we need to pinpoint who we're talking about when we say “financial services." We're talking about organizations that provide economic services to both individuals and corporations — think banks, advisors, investment houses, lenders and so on.
Due to the regulations associated with the services these entities provide, many financial marketers have been hesitant to jump on the digital marketing bandwagon.
Fortunately, there is some progress. Future-focused financial organizations are beginning to utilize digital marketing services to build stronger relationships and use data to deliver the tailored experiences consumers crave. When updating financial services for the modern consumer, maximizing convenience is key in areas such as:
Branchless banking. Consumers interact with online portals via a website or app, and never go into a physical location. This lowers the costs of delivery and reaches more households in geographically remote locations.
Electronic banking. This category includes mobile banking, internet banking, ATMs and POS transactions. Typically, customers do have a “home” branch, however, the services listed offer additional convenience.
Digital advisors. By using algorithms to create investment portfolios for individual investors, these services often come at a lower price point than traditional financial advisors.
As your financial company looks toward the future, you must know how to market your services as the solution customers need.
How to market as a financial institution
How can you stand out In an industry made up of massive conglomerates? How you engage your customers via your digital marketing strategy makes a difference.
There are several core areas where financial marketers can achieve this, including:
Customer outreach. Communications should reflect the services and features you're selling. Build awareness, loyalty and customer interest around these programs by segmenting and targeting customers.
Self-service and digitization. Consumers crave convenience. When applicable, create online portals where your customers can easily access and update their information or use services without needing to go to a location in-person.
Social media and digital storytelling. Content marketing will prove essential. Demonstrate the value you offer while building trust and awareness. One example of this is to highlight relatable stories about real-life customers who used your services. (More on this effective content strategy in a bit!)
Automation and big data. Your organization owns a massive amount of data. Use it! Software can help identify patterns and predict consumer behavior. Offer services target customers need before they even realize it.
Digital marketing is essential in bridging the gap between financial service providers and potential clients. By utilizing customer-centric strategies, companies can educate consumers not only about their brand, but how they can reach a better financial future.
What content to create as a financial services company
Content marketing gives your company an opportunity to frame its expertise and show why consumers should turn to you. Your social media marketing should focus not only on building brand awareness, but also addressing pain points your audience experiences. How are your services better positioned to solve these issues compared to others in the market?
Let's use millennials as an example. CSpace revealed that 92% of this demographic believe that education about financial literacy is important. This is a great area for your financial institution to address. Share stories on social media that demonstrate how you helped a client become savvy about their finances, overcome a challenge or take advantage of a new opportunity. Use a mixture of content, including:
Across all channels, your content marketing strategy should share a cohesive voice. Your team will need to have a strategic plan that leverages all of the data available to you to ensure that you're targeting your ideal consumer through the right channels.
Remember, fostering trust among consumers is a critical factor in building brand loyalty. Clients must feel confident they're entrusting their finances and sensitive data to the right institution.
Strategies for financial marketing
We've covered a lot, but something you should never lose sight of is the overall goal of your financial services marketing. No matter what type of martech you use, it won't help your team unless you have a clear strategy.
Use Hubspot’s principles of inbound marketing as a way to form connections with your customers:
Attract. Use the content marketing strategy we discussed above. Market to your leads through valuable content and conversations that establish you as a trusted advisor. Content management tools will help you better understand and reach your target audiences.
Engage. Marketing automation software can help you manage lead flows. Present insights and solutions that align with your prospects' pain points and goals.
Delight. Align post-purchase experience with consumer expectations. Provide user-friendly customer service options to empower them to autonomously solve issues, or help connect them with an expert for more complex matters. Responsive agents, FAQ pages and chatbots can help here.
Deploy technologies that align with your marketing strategies and help to attract, engage and delight customers.
Using technology to better serve your customers
Improved lead generation, increased customer engagement and higher retention rates — even the most traditional financial services provider wouldn't say no to all that! To achieve these benefits, a financial marketer must optimize their full martech stack. Leverage the data you already possess to find patterns in consumer behavior and apply these insights to your products and services.
At GeekHive, we can review your existing martech ecosystem and optimize your customer experience. Contact us today and unlock the power of your marketing team.