September 29, 2022
Finance

Financial Services Marketing: A Guide to the Industry’s Best Marketing Practices for 2022

Marketing

When executed properly, digital marketing strategies for financial services may be a substantial source of revenue development for an organization. If a plan is not implemented effectively, more money will be squandered on getting leads than on nurturing and converting them into long-term customers.

Deloitte says financial institutions are keen to leverage digital technologies to improve and enhance the client experience. For this reason, we’ve included some of the best ways for banks and financial institutions to get started with effective marketing.

Customer Relations

Financial institutions have long relied on customer outreach as one of the easiest and most effective ways to sell their products and services. Customer outreach is simply the idea of contacting customers to meet their requirements for learning, awareness, and assistance. 

Providing free consultations and webinars for a small company is one way to do this while providing financial education in the form of loan repayment programs or school-based lessons is another.

While customer outreach may appear to be a primarily altruistic use of funds, it serves to raise knowledge, loyalty, and interest in a company’s goods and services among prospective customers. 

An effective financial marketing plan takes into account all of the services and features you are attempting to offer, as well as other marketing efforts. For example, if you know that university students are returning to campus, you may target your consumer outreach around programs that educate college students on handling their own money.

Suppose you’re aware of a more significant percentage of senior citizens in your locality. In that case, you should develop free financial education programs that educate them on how to utilize digital banking and be safe while doing so. 

Through enhanced customer trust and knowledge of these initiatives, savings accounts, digital services, and even your institution will be promoted as a result.

Digitization and Self-Service

When it comes to purchasing goods and services, millennials and Generation Z are more likely to choose to do it all independently rather than rely on a salesperson who can advise and set up tailored accounts for them.

It is increasingly important for financial companies to promote digital financial goods and customer support that allow consumers to sign up for subscription online, change products/services online, and check their information without traveling into the branch. However, this isn’t a marketing approach that can be used by every company, as you may just be selling services and not actual things.

Big Data and Automated Processes

For financial services marketing, customer experience portals and automation solutions have never been more accessible. You can find out who is saving up for a large purchase and who is most likely to need pre-approval for a loan by using big data, and you can target specific clients offering them a personalized experience.

Automated systems, such as those used by JP Morgan can reduce the need for 40 full-time personnel and speed up the process. When it comes to banking, automation makes it possible for financial institutions to customize their services in a way that would have been incredibly expensive without the technology.

Social Media

In the United States, 81 percent of the population has a social media account, and many spend up to four and a half hours a day on social media. Social media marketing is a powerful financial tool that you can’t afford to ignore if you utilize it wisely and consistently. 

Even younger generations and members of Generation Z use social media to engage with companies, get knowledge from their peer group, and keep up with the latest news. If you have a strategy in place to deliver value to your followers on one or more social media platforms, you will be able to develop your client base and build brand trust.

Storytelling Through the Use of Digital Media

Marketing still relies heavily on storytelling, whether on social media, video, advertisements, or cross-channel platforms that extend into the real world. It would be best if you used storytelling as part of your marketing plan to pique the viewer’s curiosity and elicit strong feelings in them.

Here, the objective is to create something relevant, shareable, and educational, preferably all three at once.

To give an example, Allstate’s award-winning “Worth Sharing” digital storytelling advertising campaign emphasizes telling the narrative of 3-8 consumers who are making a contribution. 

Not only does Allstate promote what their consumers are doing by showcasing real people and stories, but it also generates interest throughout all advertising networks, fosters customer connections, and adds a human element to the promotion of the products and services.

Digital media provides a broad selection of unique marketing ideas, methods, and strategies no matter what your financial institution does. It’s not a good idea to try to include all of them at once. As an alternative, you should develop a comprehensive financial marketing plan that integrates all of your efforts and offers value to your company as a whole.