Every finance marketer knows that achieving success is not an overnight feat. With strict regulatory compliance laws, the complexity of products and services, and changing customer expectations, realizing results has more to do with strategic effort than luck.
And that's a good thing.
Effort is more in your control than luck. With financial services marketing, your financial institution can come up with strategies and processes that contribute to long-term success.
So, today we’re going to define financial services marketing and then explore 8 tactics that will help you attract and retain customers.
Financial Service Marketing: What It Entails
Financial service marketing refers to the strategies that financial institutions use to promote their products and services to their target audience. Its goal is to attract and retain customers, build brand awareness and trust, and ultimately drive business growth.
To achieve these goals, financial institutions use various methods such as advertising, digital marketing, and offline marketing. Each method plays an important role in reaching and engaging with the target audience, and when combined effectively, they can create a comprehensive and impactful marketing strategy.
Tailoring Marketing Strategies for Different Financial Institutions
Segmentation of Financial Institutions
Financial institutions can be categorized into various segments, each with its own unique characteristics and target audience that requires tailored marketing strategies.
Banks: Banks typically focus on providing a wide range of financial products and services, including loans, mortgages, and checking accounts. Bank marketing strategy often emphasizes trust, security, and convenience.
Credit Unions: Credit unions are member-owned financial cooperatives that offer similar services to banks. They are known for personalized service, community involvement, and the competitive interest rates they provide.
Insurance Companies: Insurance companies offer various insurance products, such as life, health, auto, and home insurance. Their marketing efforts focus on building trust, highlighting coverage options, and demonstrating financial stability.
Investment Firms: Investment firms specialize in managing and growing clients' investment portfolios. Marketing strategies for investment firms include expertise, performance track record, and personalized investment advice.
Fintech Startups: Fintech startups use technology to provide innovative financial solutions, such as mobile payment apps, robo-advisors, and peer-to-peer lending platforms. Fintech startups differentiate themselves through convenience, simplicity, and cutting-edge technology.
Modern Tactics for Financial Services Marketing
1. Leveraging Online Channels for Maximum Impact
Online channels make use of search engines, social media, and email marketing to reach a larger audience and drive targeted traffic to your website.
Statistics show that 81% of consumers conduct online research before making financial decisions, highlighting the importance of having a strong online presence.
To make the most of online channels, you need to:
- Optimize your website for search engines to improve visibility and attract traffic, 41% of which comes from organic search in the finance industry.
- Develop a social media strategy to engage with your audience, share valuable content, and build brand loyalty.
- Implement email marketing campaigns to nurture leads, provide personalized offers, and drive conversions.
2. Embracing Digital Marketing for Financial Services
Digital marketing provides your financial institution with the tools to target specific demographics, track campaign performance, and optimize your marketing efforts based on data-driven insights.
With pay-per-click (PPC) advertising, for instance, you can display targeted ads to users who are actively searching for relevant financial services. Data shows that 26% of web traffic in finance comes from paid search.
Content marketing is also significantly important. Creating informative and valuable content helps your financial institution establish itself as a thought leader, gain the trust of its audience, and generate leads.
3. Harnessing the Power of Social Media
Most people today are no longer visiting physical bank branches. As part of the bank's digital transformation, 88% of banks are active on social platforms to cater to a significant portion of the 4.95 billion social media users looking for real-time support and insights concerning their finances directly on these platforms.
To harness the power of social media effectively, you can:
- Share educational content to help their audience make informed financial decisions.
- Encourage testimonials and reviews to build credibility.
- Use targeted advertising options available on social media platforms to reach specific demographics.
4. Enhancing Website Experience for Visitors
Most of your competitor financial institutions are online as well, and you’re likely to lose a potential customer quite easily. The most common reason why consumers abandon a brand is because of a poor user experience with its website.
Your website serves as your online storefront. It provides visitors with information, resources, and the opportunity to engage with your services and, therefore, has to be user-friendly and intuitive.
Here is how you can achieve that:
- Ensuring fast website loading times for better user experience and lower bounce rates.
- Publish high-quality, informative content showcasing expertise in finance to engage visitors.
- Simplify website structure and menus for easy navigation and content discovery.
- Invest in clean, visually appealing design to build trust and credibility with visitors.
5. Implementing Email Marketing Campaigns
Email marketing remains a powerful tool for financial services marketing. It allows financial institutions to nurture leads, deliver personalized content, and stay top-of-mind with their audience.
According to a study by Litmus, email marketing has an average return on investment (ROI) of $36 for every $1 spent and a conversion rate of 5.8%.
You can make your email marketing campaigns effective by first segmenting your email list based on customer preferences, behaviors, and demographics. Then proceed to send personalized email content that will help you nurture leads and guide them through the customer journey.
Leveraging Offline Channels for Effective Outreach
6. Elevating Brand Presence through Traditional Marketing
Traditional marketing methods such as print advertising, radio, and television still have their place in financial services marketing. By strategically placing ads in print publications or sponsoring relevant events, your financial institution can increase brand awareness to a broader audience, especially those not active online.
7. Incorporating Digital Signage
Digital signage for financial institutions is another effective offline marketing tactic you can use in your physical locations to capture the attention of customers and drive interest in your institution's services.
It can enhance customer experience by providing real-time updates on queue status and directing customers to the appropriate service areas.
Kiosks equipped with interactive capabilities provide self-service options that enable customers to independently explore your services thereby reducing staff workload. You can also use your digital displays to educate customers and employees while displaying financial news that keeps customers informed about market trends and positions your institution as a reliable source of information.
The Look Content Manager has a pretty straightforward way to achieve this. First, you can use the RSS app in the apps section to display live data feeds, including news and current affairs in the financial sector. Use your search engine, or check our article about RSS Feeds, search for the item you want to display, and copy the link, i.e. from Forbes or Bloomberg. In the RSS app, paste the link, save it as content, and it will display with a few clicks.
Alternatively, you can broadcast BBC Business News using the inbuilt app. The embeddable code app is available also. All you have to do is copy the code you want to embed from a third-party website, paste the code into the app, and then save it as a content item.
Participating in events and sponsorships can significantly contribute to your marketing efforts. When you align yourself with relevant events or organizations that your target audience also values, you create opportunities for direct engagement and brand exposure.
For example, let's say your financial institution specializes in retirement planning services for small business owners. You might consider sponsoring events hosted by local business associations or industry conferences focused on entrepreneurship and finance. This will allow you to reach your target audience effectively while also establishing your institution as a valuable resource within the business community.
If your financial institution is the one hosting an event, use your digital signage network to amplify your message. With the layout designer in Look CMS, you have the flexibility to customize your display content according to your branding and product offerings. This will enable you to maintain consistency across all touchpoints.
9. Implementing Omnichannel Marketing Strategies
Omnichannel marketing involves creating a seamless and integrated customer experience across various channels, both online and offline. This strategy ensures that you can provide a smooth transition for customers, such as from online research to an in-person consultation.
Make sure to leverage data analytics to gain insights into customer preferences and behaviors across various touchpoints so that you can better target your marketing efforts.
Conclusion
Financial services marketing can build brand awareness and drive tremendous business growth when implemented correctly. The finance industry is quickly shifting digital because the online landscape provides a lot of opportunities to nurture leads. Even so, remember that an online strategy takes time to build, so pick a few tactics that will contribute greatly to your most pressing goals and work your way through the list.
Look CMS is designed to be your partner in increasing visibility and streamlining the processes between you and your customers across your entire signage network. If you’re looking to explore all the features and see for yourself, sign up for a 14-day trial today. It’s free!
