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    Importance of Digital marketing for financial services

    Successful digital marketing for financial services should include On-page and Off-page SEO optimization. SEO can be used to generate leads.

    Importance of Digital marketing for financial services

    By Great Learning Team Updated on Oct 27, 2022 1010

    Table of contents

    IntroductionFacts you need to knowDigital marketing for financial services

    Introduction – Digital marketing for financial services

    With the proliferation of technology in almost every sphere of our lives, the competition is getting fierce, especially with regard to financial institutions and services. There is a need to think out of the box and come up with creative marketing and execution of digital services in the financial sector if they intend to get more exposure and visibility. Financial institutions are in dire need of digital marketing to stay ahead of the competition.

    Also Read – 12 E-Commerce Digital Marketing Strategies for better Online Sales

    The primary goal behind digital marketing for financial services is to improve customer engagement and win their trust. It is imperative to implement digital strategies to gain more visibility and reach more potential customers. To make this work, financial institutions have begun allocating a portion of their budget solely for digital marketing across various channels.

    Financial institutions are leveraging omnichannel marketing for a wider consumer reach. As you would have noticed that we are getting more email and SMS alerts from financial companies. Companies reach out to prospective consumers with targeted campaigns and ads that align with their lifestyle and increase the conversion rate.

    Facts you need to know

    With around 77% of people using mobile payments, this sector needs to be explored using the right marketing campaigns. (Source)

    A report by Digital Banking suggests that in 2017, 34% of financial institutions allocated 50% of their budget to traditional media, and 15% of organizations allocated more than half of their budget to online media. (Source) This indicates that financial institutions are evolving and making the most of the opportunities.

    Most organizations are utilizing the leading social media channels such as Facebook and YouTube as their digital partners. Segmented and omnichannel marketing is favoured to run the campaigns for digital marketing for financial services. As per a report by Mintel, companies like American Express and Chase prefer Facebook as their digital partner, whereas Citi and Discover prefer YouTube. (Source)

    It is no surprise that millennials and Gen Zs account for the largest workforce in the corporate world. (Source)

    According to a report by Accenture, about 84% of millennials are ecstatic to use digital services for their respective banks or financial institutions. (Source)

    Digital marketing for financial services

    Three key aspects –

    Consumer Experience and Engagement

    Leveraging omnichannel marketing

    Entering new markets with a broader reach

    To achieve these goals and excel, financial institutions can use digital marketing strategies to their advantage in the following ways –Create a user-friendly interface via multi-channel marketing

    Multi-channel marketing helps reach more customers and engage with them on multiple platforms. The financial institutions employing an omnichannel strategy must ensure that the user experience is seamless and uniform across all channels. For a frictionless UI, website design should adhere to functionality that engages users and make them come back for more. Also, websites should offer easy navigation across mobile platforms as well without any lags.

    Financial organizations are increasingly adopting modern innovations like chatbots for an immersive user experience. All these features propel customers to spread positive word of mouth for your brand

    Content marketing 

    One of the surest ways to improve business growth is prioritizing content creation, SEO and optimizing content to grab customer attention. Content marketing is usually overlooked, but a well-crafted content plan can help customers understand the nitwits of financial services. Not only will it help generate more leads, but customers will feel entrusted to your brand and will bring in more referrals.

    Make sure that you set clear goals while planning content creation. Think of detailed and informative articles about financial services offered by your brand. Use multimedia and customization techniques to reach the targeted audience. Analyze the blog traffic to understand your readers better and then develop relevant content that resonates with your audience.

    Mobile marketing

    With laptops and tablets becoming redundant, mobile-based digital marketing will help financial marketers reach more customers. It is crucial that the content – whether audio or video-is well optimized for mobile platforms as well. Mobile-based marketing is proven to be highly effective in garnering customer attention and influence their purchase decisions.

    Focus on Personalization 

    Personalization is everywhere. It is the buzzword that increases customer engagement and improves customer retention in the long run. About 77% of customers respond well to personalized messages in some ways to cater to their individual needs. (Source)

    स्रोत : www.mygreatlearning.com

    Financial Services Marketing: Everything You Need to Know

    The financial industry constantly lags in adoption of digital. Get ahead of the curve with everything you need to know about financial services marketing.

    Financial Services Marketing: Everything You Need to Know

    DOWNLOAD THE GUIDE WATCH THE WEBINAR WRITTEN BY Karen Pomazal VP, Marketing

    Digital financial service marketing can be a significant growth center for a financial services provider, but only when well understood and effectively implemented.

    Without an effective strategy, more money will be wasted on acquiring leads instead of nurturing them and turning them into lifelong customers and advocates.

    The path to success lies in evaluating internal financial services marketing resources and strategies and determining what gaps to bridge to generate the expected ROI.

    Introduction 

    Financial services marketing accounts for 14% of total digital advertising spend globally, yet for $92 spent acquiring a lead, only $1 goes to converting them into a customer. While this gap may appear like an oversight, the reality is more nuanced.

    Financial service providers seeking to market their products effectively must navigate a complex marketing landscape filled with regulatory and compliance obstacles while relying on outdated traditional marketing methods.

    As a financial services provider, effectively marketing your products requires a reboot, one that starts with a deeper understanding of digital financial services marketing, what it is and how it works.

    What is Financial Services Marketing?

    Financial service marketing uses various marketing strategies and techniques to create and drive awareness of financial products. The process goes further to capture leads and convert them into loyal customers through a series of ongoing marketing campaigns.

    Marketing of financial services utilizes two primary methods:

    Digital marketing: including inbound channels like blogs and outbound channels like PPC ads

    Traditional marketing: including TV, radio, print, and signage

    Most financial service providers will use a mix of digital and traditional marketing. However, due to legacy practices, most rely more on traditional marketing channels. This is changing as digital marketing campaigns in the financial sector are being shown to be effective means of reaching customers. It's important to know what these new marketing efforts are achieving to implement them yourself successfully.

    Effective marketing of financial services drives awareness, reduces customer acquisition costs, drives down churn, and bolsters revenues.

    Why Does the Financial Services Industry Need Financial Services Marketing?

    The financial services industry is one of the oldest in the world. Moreover, everyone needs financial services at some point in their life. These two factors may make it seem that financial organizations have the unique luxury of sitting back and having customers come to them. While this used to be the case, several factors have rendered this stance ineffective and dangerous.

    They include:

    Commoditization: Standardization of financial products has made it harder to differentiate from the competition.Disruptive FinTechs: Aggressive FinTechs (Financial Technologies) challenge the status quo and completely upend the established order.Lack of trust: The financial industry has suffered a loss of confidence in the eyes of customers; trust it must painstakingly win back.Regulatory barriers: Tighter regulations are making it harder to market aggressively.Digital transformation: Advances like marketing automation are rendering traditional marketing methods ineffective.Digitization: Digital-first customers expect enhanced and personalized digital experiences.

    With these barriers to success, financial service providers must create and implement innovative financial service marketing strategies that lead to new business.

    Read more about the challenges of marketing financial services here.

    Which Financial Institutions Can Benefit from Financial Services Marketing?

    Financial services marketing can benefit entities involved in selling any financial service.

    Some of these entities include:

    Retail and commercial banks

    Investment banks and companies

    Brokerages Insurance companies Credit unions

    Credit card companies

    Mortgage providers

    Accounting and tax advisory firms

    Asset-based lending and equipment financing

    Factoring

    It is important to note that these entities often fall under different laws and regulations. As such, and depending on the type of entity, marketing activities must consider the appropriate requirements.

    Ready to start embracing a digital-first financial services marketing strategy?

    Get in touch with our team!

    What Differentiates Financial Services Marketing?

    Unlike other industries (except perhaps the medical sector), the financial services industry must adhere to a raft of marketing requirements and regulations.

    While these rules are in place to ensure the protection of customer interests, they act as a significant barrier to marketing financial services.

    स्रोत : www.o8.agency

    How Digital Marketing is Reshaping Financial Services

    Learn some trends that Financial Services companies are ignoring. Explore the key financial services marketing trends and opportunities for marketers.

    How Digital Marketing is Reshaping Financial Services

    How Digital Marketing is Reshaping Financial Services Modern Marketing

    By: Fab Capodicasa

    Consumer technology is moving at a hectic pace. In stark contrast, the Financial Services industry has been extremely slow in modernizing their marketing in step with changing consumer behavior.

    However, there are some trends that Financial Services companies are ignoring at their own peril. Here, I take a moment to explore the key marketing trends and the resulting opportunities for marketers.

    Social Media is here to Stay

    TrendSocial Media is now an integral part of daily life, however Financial Services firms have been slow to adopt social media marketing, fearing reputation risk and perceiving a lack of value in social marketing.

    Ignoring the power of online word-of-mouth is no longer an option. In a world where a complaint from an annoyed customer can go viral in less than 24 hours, social media has to be taken seriously.

    Financial Service firms have been playing catch-up in the last few years. In fact, their presence on social networking sites saw 31% year-over-year growth, way above average.

    OpportunityAs 59% of customers are unaware of their firm’s presence on social media, there is plenty of room to gain a competitive advantage.

    Firms can start by enhancing their existing campaigns by incentivizing customers to share socially. Whether part of an existing campaign or stand-alone, promotions are the most attractive way to entice customers to follow & engage socially.

    Marketing Analytics are Critical

    TrendThe Financial Service industry was an early adopter of technology that brought customer data together. However, firms have struggled to cope with the recent explosion of data from website behavior, social media interactions and other digital channels.

    Customers want their Financial Institutions to be proactive and provide personalized attention.  Most firms already have the data, but they struggle to harness it to deliver the right offering to the right customer at the right time.

    OpportunityFirms can combine CRM data with marketing analytics, and then use automation to systematically up-sell, cross-sell and nurture, based on the insights gathered.

    Also, firms can use their analytics to refine targeting for online advertising to increase the related ROI.

    Online Video is Exploding

    TrendYouTube is now the second largest search engine after Google, and accounts for 50% of internet traffic. Online Video is very effective; 46% of consumers are more likely to investigate a product after seeing an online video.

    Online Video has been gaining popularity with Financial Services companies in the last few years, but there is a problem. Firms are making the mistake of using YouTube the same way they use TV advertising: to interrupt consumers rather than attract them.

    OpportunityAdopting high volume, low-production-cost video can significantly boost a firm’s inbound and social marketing success. Online video is very effective (a person can retain 95% of a video after 72 hours vs. 10% of text they’ve read) and very searchable (video appear in almost 70% of the top 100 search listings).

    With the right video content, firms can then leverage their marketing analytics to target the right customers with the right video message. Also, video nurturing is an underutilized tactic among firms.

    Email is Being Neglected

    TrendAs customers continue to move to online as their primary method of managing accounts & relationships, email has become a key channel for communication. In the Financial Services industry however, email is still mainly used for operational alerts rather than marketing.

    Compliance concerns and fear of bombarding customers has kept firms away from using email for marketing. Perhaps related, the Financial Services industry has a poor record for email marketing, averaging click-through rates of 2-3%, mainly due to poor segmentation.

    OpportunityFirms can leverage the data they collect from marketing analytics to segment, target and personalize emails better. This will increase engagement rates significantly.

    Additionally, firms should shy away from one-way communication. Firms can use marketing automation to create a two-way conversation by listening to the customer’s online behavior.

    Want to learn more about how financial services can leverage digital marketing techniques? Check out our brand new ebook  Don’t Get Left Behind: The Rise of Digital Marketing in Financial Services.

    स्रोत : blog.marketo.com

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