What are some digital marketing trends and strategies in the financial industry that you should focus on to enhance your visibility, customer perception, engagement, and audience?
The Advantages Of Digital Marketing For Finance And Bank Companies
Ruler Analytics’ 2021 statistics indicate that the typical conversion rate for financial services customers is 4.3 percent. Failing to incorporate digital marketing practices could result in a significant portion of your audience being overlooked.
To achieve the objectives of your financial institution, digital marketing employs a variety of techniques that are specific to the digital or online realm. Now, let’s delve into the advantages of digital marketing for financial organizations.
Build Brand Awareness and Trust
Late 2021 data from Wikipedia states that there are nearly 5,000 banks within the United States. As such, customers have many choices when deciding where to trust their money. So, what measures can financial institutions implement to ensure that they are the preferred option for customers?
The implementation of digital marketing tactics is essential.
By improving your customer service and tailoring the customer experience, you’ll cultivate trust among your current clientele.
If financial services companies concentrate on enhancing user experience while revamping their website and giving importance to digital marketing aspects like social media marketing, email marketing, and content marketing, they can reap significant benefits.
By creating brand awareness, you can enhance name recognition and further cement your position in the market. When potential customers perceive familiarity with your brand, despite not having worked with you previously, they instinctively develop trust.
To ensure a successful conversion, it is important to establish trust with the customer at every stage of their journey.
Engage with Your Audience in Innovative Ways
Although the financial services industry may not be as captivating as the retail sector, you can still come up with fresh approaches to engage your audience through an enhanced marketing plan.
There are various methods to achieve this, such as implementing a tailored drip email strategy, creating captivating social media posts, publishing informative whitepapers and blogs, developing email newsletter content, or optimizing your website.
Track How Your Audience Progresses Through the Sales Funnel
By incorporating digital marketing into your financial organization, you can gain a deeper understanding of your typical customer’s journey from a curious prospect to a devoted patron. This enables you to comprehend how a lead discovers your business and moves through the conversion process.
In turn, this enhances your ability to cater to your customers throughout the sales process, increasing the likelihood of their continued patronage even after they have converted.
Generate New Leads
When your financial institution focuses on digital marketing, you will observe a surge in website and social media traffic, as well as a tendency for your email list to expand.
You may receive leads that are already highly qualified, resulting in an increased likelihood of conversions.
Convert More Customers
Financial services companies aim to increase their customer base and expand their business by achieving more conversions. The strategies outlined in this guide will assist in maximizing the 4.3-percent conversion rate.
Facts To Know Before Launching Your First Digital Marketing Campaign For Financial Services
Many of the techniques employed by banks and other financial institutions are antiquated and pose challenges in terms of quantification, as we previously discussed in our blog post.
In the past, the idea of financial services companies being able to expand their reach globally was unimaginable, but with the advent of digital marketing, this unparalleled marketing service is now achievable.
Reviewing analytics makes it easy to track the effectiveness of digital marketing campaigns since all outcomes can be measured.
Financial institutions like banks generally find digital marketing costs to be more affordable since there are no excessively high expenses for TV advertisements or mailing out thousands of flyers.
Furthermore, if your financial services organization is still dependent on cold calls or warm calls to boost sales, it is advisable to start incorporating digital marketing tactics as well.
Act-On, a marketing resource, states that organic search results account for over 62 percent of calls from financial service providers, indicating a need to prioritize SEO.
Strategies And Trends Of Digital Marketing For Financial Services
Having comprehended the significance of digital marketing in the financial services field, we intend to utilize the remainder of this article to discuss the relevant approaches and patterns impacting this specific marketing domain.
1. Website Design
Blogging Wizard states that it takes only 50 milliseconds for an online user to develop an impression of your website, not almost a minute, but just a fraction of a second.
It is important that your website is easy to navigate and includes visual elements that enhance the overall design rather than detract from it. Consider arranging patterns and elements in a way that follows the natural scanning pattern of the eye.
Having clear CTA buttons above the fold is necessary, and incorporating a search function in the navigation would be a wise decision. A well-designed site is one that is easy for users to navigate.
To ensure a consistent user experience, the website should be optimized for mobile devices in addition to desktop computers.
We have a variety of financial service website design samples available for you to review. These encompass examples of hedge fund sites, bank sites, financial services sites, and venture capital sites.
2. Email Marketing
Email marketing is the upcoming digital marketing approach for financial institutions.
Once you give importance to your website design and blog development, you will start to gather contact details of interested customers and potential leads to maintain communication.
Utilizing your email list can be an effective means of communication. You may choose to send your clients newsletters on a monthly or quarterly basis, which will provide them with exclusive access to behind-the-scenes information regarding your financial services institution.
By using email, you have the opportunity to provide your customers with exclusive deals on life insurance or mortgage plans, as well as keep them updated about any modifications or extra services offered by your company.
The utilization of email can result in increased conversions. A lead can be directed through the funnel with the use of an automated drip email campaign. Though responses can be given to leads in real-time, the majority of their emails would be scheduled based on their actions.
3. Personalizing the Customer Experience
One significant finding from a survey conducted by Capco, a bank company, and published on Business Wire in 2021 was that 1,000 customers were surveyed and revealed many interesting insights. However, the most important takeaway for you is as follows.
Personalization is considered “highly important” by as many as 72 percent of the participants.
Your financial institution has several options for personalizing your emails, blog posts, and social media content, including machine learning-based personalization, real-time personalization based on both historical and current data, and prescriptive personalization that relies solely on historical data.
4. Corporate Storytelling and Personal Stories
Although unveiling some information in your bank newsletter is admirable, customers desire further transparency. For this reason, corporate storytelling is included in our digital marketing trends for financial services.
Crafting a unique story for your bank or financial institution is essential. Utilizing corporate storytelling can help establish a connection and engage with your audience by providing transparency, ultimately increasing trust.
You might find it suitable to share personal anecdotes in certain situations. However, ensure that the stories relate to your financial company and steer clear of sensitive subjects such as politics, sex and religion.
5. Plan for Local SEO
Discussing SEO (Search Engine Optimization) is crucial when referring to online content, particularly in the finance industry, which is already fiercely competitive and complicates companies’ efforts to establish trust with their customers.
If you aim to cater to the local market or are a startup, mastering local SEO can bring in a significant number of valuable leads as 72% of customers who searched for local businesses visited a nearby location within a short time frame.
To achieve the highest level of visibility, it is recommended to combine SEO and PPC advertising. Developing relevant content can also lead to appearing in SERPs, resulting in increased lead generation effectiveness.
Make sure that the overall experience stays consistent across all locations, while also making appropriate adjustments to appeal to the specific needs of your local customers.
6. Content Marketing
The world has witnessed the efficacy of content during the pandemic. With the widespread reach of the internet, content marketing remains one of the most influential tools to promote your business endeavors.
In the realm of financial services, emphasis is placed on consistently producing current content and considering it as a main priority instead of a secondary concern in digital marketing. It is essential to formulate a concrete plan for content, regularly enhance its performance, and concentrate on specific objectives.
7. Mobile Marketing
The usefulness of laptops is rapidly declining.
With the fast-changing trend of content consumption on smaller screens, financial organizations are emphasizing their efforts on mobile digital marketing and its optimization.
Are you curious about the effects? These organizations create a mobile UI first and then adapt it for larger screens, resulting in higher engagement than their strategies focused solely on PCs or laptops. This approach has been proven effective.
8. Educational Videos
As the internet becomes more accessible and less expensive, individuals are turning towards content that is visual in nature, as opposed to text-based material. Regardless of our age, we are constantly acquiring fresh knowledge.
Many individuals lack adequate financial knowledge, highlighting the need for organizations to provide educational videos that add value for their customers. By doing so, organizations can establish themselves as proficient and reliable brands committed to the betterment of their users.
By implementing a strategy of producing educational videos at a lower cost but at a greater quantity, you can establish a significant number of inbound links.
Incorporating marketing analytics into your video efforts will improve your visibility and increase the likelihood of delivering the appropriate message to the correct audience.
9. Social Media Marketing
It’s common knowledge that social media has a widespread presence in the world today. If you observe your surroundings, you’ll notice a significant number of individuals exploring various social media channels. This makes it an indispensable component of any digital marketing strategy.
Connecting with customers is the primary focus of social media marketing for financial services. Furthermore, having a robust social media presence can enhance the likelihood of generating significant leads and expanding the customer base.
By sharing content that holds significance and anecdotes of accomplishments, you can establish a connection with a broader audience. As a result, a portion of that audience can transform into your loyal patrons.
10. Get Positive Customer Reviews
Reading online reviews before making a purchase is believed to be essential by 90% of customers. This indicates that online reviews play a vital role in their decision-making process and greatly influence their trust in the brand.
Considering that finance is a particularly sensitive industry, customers tend to be less willing to experiment with unfamiliar brands. To overcome this, it is advisable to prompt your clients to leave their feedback on digital platforms and promptly address any negative comments in order to resolve any issues.
11. Engage With Audience
Due to the 2008 crisis, banks and other financial institutions are struggling to gain the trust of the current generation. However, as time passes, this mistrust is diminishing and they are now willing to give a chance to those who are vigilant.
Understanding their language and finding the most effective methods to engage them are crucial. The current generation is interested in consuming captivating content and being drawn in by unique experiences, incentives, and convenience.
Given that only 24% of the present generation is knowledgeable about financial concepts, there is a significant opportunity for you to educate and interact with them at the same time.
Deploying digital marketing for financial services is an opportunity you miss at your own cost
Gone are the days when cash reigned supreme, as people now place more value on services such as Apple Pay and Amazon Pay. As a result, organizations are always striving to offer superior options compared to their rivals.
The competition offers a comparable range of services, hence you require an additional unique factor to distinguish yourself.
The distinguishing factor lies in their marketing strategy, which is crucial. Financial service brands can utilize digital marketing to increase their visibility and explore new areas.
Your brand should place its main emphasis on cultivating trust and fostering a favorable atmosphere. With the support and endorsement of your satisfied clients, your success will flourish organically.
