Growing a business can be challenging if you’re a small financial services company. Especially with the evolution of digital transformation causing an industry-wide shakeup in the financial sector, digital-savvy customers are expecting more from financial services companies. How can small financial services companies survive—and thrive—in this volatile environment?
Only using traditional marketing methods won’t bring the best result for your business—try financial services marketing instead. But what is financial services marketing, actually? In this article, we’ll walk you through this term, from the definition, types of businesses that can take advantage of it, and the five best financial services marketing strategies for financial service providers.
What is financial services marketing?
Financial services marketing is several marketing methods that employ special strategies and techniques to generate brand awareness or drive conversions to a financial firm. By using custom-made marketing strategies for financial services, business owners can turn obstacles into advantages and grow their business effectively.
What kind of businesses can benefit from financial services marketing?
The financial services sector includes many different niches and segments. Here are the main types of financial companies that can benefit from financial services marketing:
- Auto finance firms
- Brokerage firms
- Credit unions
- Commercial banks
- Retail banks
- Credit card companies
- Insurance companies
- CPA firms
- Wealth management firms
- Accounting firms
However, these financial institutions are subject to different laws and regulations, which are beyond the scope of this article. Before you consider and implement the following marketing strategies, keep in mind to refer to standard practices and regulations specific to your field.
Two major challenges of financial services marketing
- It’s hard to gain customers’ trust
This is perhaps the most common issue for financial-service marketers. Money is a personal topic, and customers must trust their financial institutions before purchasing more services.
The Covid-19 recession negatively affected most people, and only recently are customers becoming more comfortable with their financial positions. This means they are very cautious about investing money in products and services they don’t know thoroughly or are uncertain whether they are necessary.
- Customers are unaware of financial services marketing’s benefits
A potential car buyer can immediately judge quality based on objective factors like appearance, gas mileage, and price. They can read quantifiable figures about each vehicle to make comparisons and discuss them in a public forum to pick the most suitable one.
However, people looking for a financial service are less inclined to publicize their demands. This means product attributes are vague, which can increase customers’ skepticism. This problem is not easy to overcome, especially because most people consider financial services uninteresting.
Five best practice marketing strategies for financial services
Now that we have identified the challenges of financial services marketing, let’s go into the details of the most effective financial services marketing strategies that will help you attract more leads and convert them into loyal customers.
1. Host educational webinars
Webinars are an effective channel to generate leads, especially for B2B businesses. According to Findstack, around 73% of B2B professional marketers think they can get high-quality leads from webinars. Additionally, the use of webinars has increased rapidly since the Covid-19 outbreak.
Webinars continue to be the first choice for many marketers because they offer an effective way to build authority and trust among your brand’s audience base. Unlike other marketing strategies, a webinar session allows financial institutions to reveal a more human aspect, which is a huge plus since most people perceive financial companies as impersonal, formal, and unfriendly.
Webinars are an effective approach to generating leads because they promise more value than most other marketing methods. If your webinar attracts a prospect’s attention, they will be more likely to fill out their information in your webinar sign-up form.
Additionally, hosting a webinar is a golden opportunity to understand your audience. It’s the best thing next to having face-to-face conversations, making potential customers comfortable enough to bring up questions or concerns that they wouldn’t have raised in any other environment or platform.
2. Publish case studies
Broadcasting case studies can be the best way to tell your audience that you have a solution for their financial problem. Why’s this true? It’s because case studies allow you to demonstrate to your prospective customers that your product or services are effective Case studies tell a story and show how successful a product or service is. And if there’s one thing potential customers are looking for, it’s a story that promises a good ending.
Case studies are also based on evidence and are backed by real numbers. For example, if you tell a story of how you were able to help a struggling company increase their annual revenue by 200% and then back it up with statistics, you’re showing that you’re trustworthy and that you can live up to your promises.
3. Build social media presence
Statistics show that roughly 7-in-10 Americans use social media, and they spend an average of 2 hours and 25 minutes surfing the internet per day. That means that most of your customers (both potential and existing) are on social media.
Social media is where conversations and discussions happen, making it an ideal place to develop your financial brand’s authority and trust. What’s more, on many platforms social media users are not only there to interact with their friends but also with brands.
Business blog Oberlo’s research about social media statistics has also proved it:
- 54% of internet users use social media platforms to research products or services.
- 71% of customers who have had a good experience with a brand on social media will recommend it to their family and friends.
- 49% of customers are likely to buy something if it was recommended by a social media influencer.
In other words, if you’re not focusing on building your social media presence, you’re leaving money on the table.
4. Implement PPC advertising to generate financial leads
When growing a financial services business, neglecting PPC (Pay-Per-Click) advertising is a huge waste. After all, financial services companies largely rely on lead generation. PPC advertising is the way to go when it comes to generating leads.
PPC advertising offers the following benefits:
- Helps you rank faster for strategic keywords.
- Brings you prompt traffic.
- Attracts highly targeted visitors to your website.
- Contributes to your search advertising, display advertising, retargeting strategies.
5. Publish high-quality blog posts
Blogging has changed radically over the years. In general, most people will do a Google search to find answers to their financial problems or dilemmas. That’s why publishing high-quality blog content is still an effective strategy for growing a financial brand (or any brand for that matter).
Like a PPC strategy, you can start by doing keyword research. However, unlike PPC, you have a new metric to consider with SEO keyword research: keyword difficulty. This gives you a comprehensive insight into a keyword or topic, its volume (which indicates how many people search for the keyword), and how easy or hard it is to rank for a keyword. You can use keyword research software like Ahrefs, Ubersuggest, or Semrush. If you’re just starting out, try focusing on keywords with lower difficulty to start earning initial search traffic.
Investing in a blog can benefit your financial services business in the following ways:
- Drive traffic to your website
- Boost brand awareness via SEO (Search Engine Optimization)
- Generate leads for your email database
- Build trust and authority in your niche
- Grow a social media presence (when sharing a high-quality blog post on social media)
The bottom line
So now you have it—the five most effective financial services marketing strategies that can help boost your financial firm. You can now consider the pick the best method(s) for your company to increase your brand awareness and generate conversions.
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