The financial services industry has been slow to adopt to the world of digital marketing. But the current coronavirus pandemic can be the much needed boost. As more and more people avoid physical interaction, there will be a greater need for digital services.
Here’s where digital marketing comes to play. Using digital marketing, you can keep on attracting new customers and maintain relationships with the existing ones. All of this you can do with a reduced cost!
This blog post is a guide for any marketers wishing to implement digital marketing for their financial service company. If you are one such marketer, this blog will teach you how you can be benefited from digital marketing, how to leverage it to your business’s advantage, and some of the best tips for digital marketing out there.
How the Financial Industry can be benefited from Digital Marketing?
Digital marketing has greatly changed the way businesses approach customers. The financial industry has also embraced digital and reaping the benefits of such change. Some beneficial changes enjoyed by finance companies (and so can you) are:
1. Helps Identify Potential Customer
With digital marketing, you can pinpoint your exact target customer using various segmentation categories. For example, You can target based on age, location, interests, etc. This kind of identification can help you get more customers at less cost.
Moreover, satisfied customers are more likely to recommend you to others on social media. This is a valuable way to get potential customers.
2. Increase Engagement
Financial products can be hard for a lot of people to understand. This is why marketers in the financial industry need to be engaged with their customers the whole time. Digital marketing can help improve engagement.
Using the power of social media, public relations (PR), and other mediums, marketers can increase the engagement and retention of customers for financial products.
3. Generates Better Leads
Not only does digital marketing provide you with better potential customers, but also better leads. By offering content giveaways, you can get customer information like an email address in exchange. You can then provide them with offers that will lead to conversions!
Provide content that is relatable, easy to access, and understandable. Through such offers, you can easily generate qualified leads.
4. Improves Conversion Rate
Ultimately, all companies want leads to convert to sales. Digital marketing helps to improve conversion rates more effectively and efficiently.
Digital marketing forms such as video marketing, email marketing, content marketing, and social media marketing improves conversion rates when done right. In fact, videos on landing pages increase conversion rates by 86%.
5. Promotes Brand Awareness
There are so many financial companies out there. And you can get lost among them. Digital marketing can help you stand out.
You can tap into various channels like mobile marketing, social media marketing, and even email marketing to improve your online presence and make potential customers aware of your brand. Creating a strong and independent brand image is also important, and digital content marketing can help you with this aspect.
Best ways to leverage marketing for Financial Service Business
Utilize digital marketing tools to gain and maintain customers for your financial service business. Here are some ways you can do so:
1. Content Marketing: Create content to generate leads
The finance industry is well-positioned to make effective use of content marketing because the topics it deals with are generally not readily known by the individuals to whom they advertise. Using this fact to your benefit, you can develop unique content based on your own experience to bring in consumers and provide insight into the subjects they think about.
Providing educational content to your customers helps you to build authority. And the authority built can help you generate leads and eventually convert. One study found that content marketing generates 3 times more leads than traditional marketing. You can achieve the same results for your financial service industry as well!
There are several different types of content to choose from, but concentrate your attention on those with which consumers are more likely to exchange their information. These include white papers, e-books, webinars, case studies, and reports from third parties. Spend less energy on the material providing fewer leads: videos, photos, and infographics.
2. SEO: Optimize your website for Visitors
With so many financial services out there, it might be difficult for yours to gain visibility let alone gain trust. This is where Search Engine Optimization (SEO) comes into play.
SEO is a great way to boost the visibility of a website. With advanced SEO tactics, it is even possible to rank on SERPs (Search Engine Results Page) and improve visitors to the financial services/products.
Here are some SEO tips to optimize your website:
- Perform on-page and off-page optimization
- Optimize your ad campaigns with the right keywords. Else, it will cost you a lot
- Build links from high authority websites
- Do not perform black-hat (i.e. shortcut) SEO techniques
- Give different anchor texts while performing link building
3. Marketing Automation for Big Financial service Business
Customers want their financial service provider to offer personalized service. Many businesses, especially the big ones, do have the info but fail to leverage it to provide the best deal to the right customer at the right moment.
Automation can help. Firms can combine CRM data with marketing analytics, and then use automation to sell personalized services to their customers, based on the insights gathered. An automated marketing system, for example, can send emails when a person clicks on a certain link. Also, firms can use their automated system to offer targeted online ads.
You can also use the automated system to measure the performance of your marketing campaigns. Measures to track are for example clicks and conversions, and you can then filter out the content that isn’t performing well to improve on your response rates.
4. Social Media Marketing
Social media and financial services? Don’t they seem to be from different poles? In the modern era- No.
Social media marketing can help financial service companies target millennials- who have very little knowledge of financial products but are tech-savvy. In addition, recommendations on social media goes a long way to secure new customers and ensure brand loyalty.
On the other hand, a bad experience shared on social media can get viral in less than 24 hours and ruin your brand! Therefore, financial service companies need to adopt social media marketing.
Look at financial service companies that have found success on social media and try to identify what they’re doing that’s working so well. It may be that they focus on showcasing the people behind their brand, or that they’re perfecting their hashtag game (or both). You can also start promotional campaigns- promotions are the most attractive way to entice customers to follow & engage socially.
Tips for Financial Marketing
1. Perfectly choosing keywords
Creating a lot of great content but not having it seen is a missed opportunity. So you would want your content to be SEO friendly.
Although there are a lot of things to do to make your content SEO friendly (e.g. link building, website speed increase, etc.), the most important thing to do is making sure that it’s keyword-rich (based on keyword research) and that it uses the right language and tone, which your personas would use and search for.
2. Content Funnel Optimization
Each customer is on a different stage of the buyer journey. Therefore, the content you choose will differ depending on the stage the customer is in. Each piece of content you create needs to be crafted with the buyer’s journey stage in mind, as it will dictate the content’s tone, the level of information you offer, and the type of content used.
So optimize your content based on each stage of the funnel. You can plan to concentrate on each stage separately or have an overall plan. Your wish. But the important thing is selecting and creating the right content for each stage of the buyer’s journey helps to move them down the funnel towards a sales conversion.
3. Focus on the customer experience
The better you can target how and where customers want to engage with you, the better you can engage with them. Nowadays, people prefer engaging with the brand digitally. So provide a digital experience that provides a hasslefree and seamless journey for your customers.
Design your website keeping your customers in mind. Make it a one-stop-shop for all information on your offerings so that prospects can conduct thorough research on you. Make it easy for your customers to get in touch with you by providing all contact details.
4. Bring on the Chatbots
You can keep on arguing about how robots will steal our jobs. But in this instance, it will enhance our jobs. Chatbots can help you get qualified leads and on the other hand, help customers get a fast response.
Studies have shown that when customers get a response in an hour, they are 7 times more likely to make a deal with businesses. Chatbots, having automated responses, can, therefore, provide faster responses and help you secure a deal.
In addition to helping ensure a fast response, chatbots can qualify your leads for you, directing questions and comments right to the people they’re intended for.
5. Make your print and digital marketing efforts work together
Just because the world is increasingly becoming digital, does not mean that print marketing is dead. Instead, you can integrate the two efforts to create an impactful strategy.
You can use direct mail to direct your customers to your website or app using a URL or QR code. You can also offer coupons for digitally redeemable products. These tactics can help you grow fast!
There’s no universal blueprint for how to get your digital marketing to do more for you. But there are trends that undeniably shape how you should connect with consumers in order to increase your footing in the financial services industry. Incorporate the above advice into a comprehensive digital marketing strategy to be on the top of the competition!