In order to gain new clients or keep existing ones, businesses employ a variety of marketing strategies for financial services companies. Financial services marketers are well aware of the challenges of standing out in a crowded field.
So many financial firms have highly educated people, great client relationships, and money, but they have not reached or maintained their potential financially or reputationally despite their best efforts.
It is difficult to grow a financial services company, as it is for any service-based business.
Even though professional firms are a great model for the modern organization, they are plagued with a unique organizational dysfunction.
In the financial sector, competition is fierce, and regulations are strict. Since new challenger banks, neobanks, and aggregator services incentivize customers to shop around for the best deals, it's difficult to maintain customer loyalty in this digitally savvy, younger demographic. However, what does this imply for your marketing strategy for financial services?
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Intangible, fungible solutions, matrix structures, competitive environments, and high-performance cultures distinguish professional and financial services firms. Therefore, it is critical for existing businesses to keep abreast of the latest marketing communication trends in the financial services industry, and doing so opens doors for new startups and upstarts.
We've compiled a list of the most recent trends and best finance marketing strategies to inspire your business. Only when properly understood and implemented can digital marketing strategies for financial services be an important growth center.
It will cost more to acquire leads than it will to cultivate them and turn them into long-term customers and advocates if you don't have an effective strategy. Therefore, financial services marketing resources and strategies need to be evaluated to determine what gaps need to be bridged to achieve the expected ROI.
So let’s get started by first understanding what is finance marketing.
You want two things out of your financial marketing strategy:
There have been over 700,000 monthly searches for wealth management and financial advisor-related keywords by U.S. Financial service customers. In the past year, the term "financial advisor" was nearly searched 80,000 times.
You must accomplish the following best marketing strategies for financial services in order to convert these potential customers into paying customers:
One of your most valuable marketing assets as a financial services company is your website. Your website should be the starting point and end point for everything you do. This can only be accomplished if your website meets or exceeds the standards set by the best websites your potential customers have ever visited in terms of design, functionality, and overall user experience.
You can't have a website if it doesn't entice people.
This should serve as a wake-up call for the functionality and design of your website.
In fact, nearly half of all internet users expect a website to load in three seconds or less. If this is not the case, the user will use the back button to exit. Therefore, the more files, plugins, and features your website has, the longer it takes to render.
In order to speed up your website, you should:
Within 0.5 seconds of a website's initial load, users have formed an opinion about it. When it comes to a company's website, 75% of people have made a judgment about it.
All visual aspects of your website should be designed to encourage trust, authority, and friendliness subconsciously. Whether it's an image, a color scheme, a font, or a call-to-action, all visual elements must serve a purpose. Second, your website needs to be simple to use. You should have easy-to-complete forms and your contact information readily available in the upper right corner. If you have a large number of pages, consider enabling a site search.
Your website should always be mobile-friendly. 42% of all online financial searches take place on mobile devices, and 57% say they won't recommend businesses that don't have a well-designed mobile site. If that isn't enough to persuade you, consider that Google also gives preference in search engine results to mobile-friendly websites.
When it comes to the security of your website, it is important. In fact, 85% of consumers would abandon a transaction if their personal information were sent through unsecured channels.
By ensuring that your website is secure, you can both protect yourself and your customers.
As we mentioned earlier, your financial services are being searched for online more than 700,000 times a month. If you want to turn those searchers into customers, you need to be on the first page of search results.
Search engine optimization (SEO) is how you accomplish this. A search engine optimization campaign aims to improve your website's search engine rankings for specific keywords. SEO for financial services is essential to put your practice in front of the right people at the right time.
To put it another way, it's like the world's most comprehensive library built by Google and other search engines. Requesting something from the library is the same as searching for it. Machine learning and artificial intelligence are used by Google to decipher your search term and provide you with relevant web pages.
Search engine optimization (SEO) is arguably the most dependable and profitable marketing strategy for financial services. A page's ranking in search results is affected by more than a hundred factors, but the most important ones are:
Local SEO is a great way to get your business to the top of local search results for financial services. Because of Google's emphasis on the local pack in its search results, this type of SEO is distinct from traditional SEO. Google's local pack is a box of map results that appears on the search results page above the organic results and beneath the paid ads.
You need to claim and optimize your Google My Business account for local SEO because the information in the local pack is drawn from this account.
Marketing and advertising campaigns of the past no longer have the same impact. Customers today have a virtual library of knowledge at their fingertips, all accessed through a laptop or mobile device. When it comes to financial services, most consumers prefer to do their own research. Content marketing is a great way to answer all of your customers' questions in an easy-to-understand way.
When it comes to promoting your business, content marketing is all about generating and disseminating valuable, relevant, and consistent content to a specific target audience. About 60% of Baby Boomers read blogs and online articles as a source of information and intrigue, and about 70% enjoy watching videos about products and services, according to Forbes.
Investment in content marketing is a wise decision since it generates more leads than outbound marketing and costs 62% less.
DID YOU KNOW?
82% of customers have a more positive view of a company after reading custom content, and 70% of customers feel more connected to a company after reading or watching their content.
Success in content marketing cannot be achieved by cutting corners. The more quality content you have, the more traffic and leads you'll generate. Different forms of content marketing include:
Some websites and web pages are scrutinized more closely by Google because they have the potential to negatively impact the well-being and happiness of users. Your Money Your Life (YMYL) is the name given to these pages. YMYL pages are more difficult to rank because they deal with financial advice or wealth management.
At all costs, you should avoid the following:
Internet users watch digital video for an average of 15 hours per week. Additionally, 86% of YouTube viewers say they frequently use the site to learn something new.
It's no surprise that the best financial services companies are investing heavily in video marketing, given that one minute of video is equivalent to 1.8 million words. Most marketers say that video has improved their service's comprehension by 97% and boosted sales by 76%.
Start by incorporating these types of videos into your marketing strategy:
Consumer confidence in the financial services industry is low. Dispel this notion by displaying your online personas in a positive light.
Nowadays, many young people rely on social media influencers to help them decide whether or not to make a particular investment or use a particular financial product. Social media is a great way to promote brand awareness and build trust with younger audiences, such as millennials who believe banks don't understand their needs.
Approximately 95% of millennials, 87% of Gen Zers, and 70% of Baby Boomers believe that brands should have a Facebook page.
Financial well-being is a complex topic, but influencers can simplify it for your audience. There are millions of millennials who don't believe in financial products, and influencers can help you reach out to these people. Your customers can help you gain new ones and keep your current ones engaged with the help of these people.
So if you want to get your message out there, consider working with influencers to do it for you. Social media posts that are honest and helpful give potential customers a glimpse into the workings of your financial company.
With an average ROI of 4,400%, email marketing for financial services generates and closes more leads than any other method. Staying in front of customers, both new and old, is easy with opt-in email marketing.
Here are some email marketing content ideas:
When it comes to finding local products and services, 97% of consumers use the internet. In fact, 63% of online searchers say they click on paid ads, and 75% of people say paid ads make it easier for them to find the online information they're looking for.
Paid online advertising is a great way to grow your brand and improve your SEO efforts at the same time, so we highly recommend it.
In display advertising, your ads are shown to customers while they're visiting other websites that are related to yours. Popular news and weather websites, as well as smaller personal blogs that you read, almost certainly have display ads.
When someone searches for your products or services, your paid search ads will appear above the organic results. Clients will only be charged when they make an online purchase or make a phone call to your financial services firm. To get the most bang for your buck, start a paid search campaign with one of these.
Advertise to people who have previously visited your website via remarketing. When users search on Google and other search partner sites, you can target them with bids and ads that are more relevant to them.
The average daily time spent on social media is two hours. Businesses, on the other hand, are nearly impossible to get noticed on social media platforms because of their algorithms. Customers are 27 times more likely to click on video ads than on standard banners, and businesses that use video ads in their marketing see a 49% increase in revenue year over year.
The perception of your authority is important because everyone wants more money, and they want a financial services company that can get it for them. Having authority-building content on your website and on other relevant websites is just as important as your reviews and testimonials.
The best source of qualified leads has always been and will continue to be personal recommendations and recommendations from others. Even so, rather than in person, these recommendations and referrals are taking place online via social media sites like Facebook, Yelp, etc. An impressive online review portfolio is a must if you want to generate more financial leads.
Make sure your testimonials are prominently displayed on your website's homepage.
You don't have to rely solely on testimonials and referrals to establish your authority and credibility online.
Optimize your current digital workflows, web copy, and content assets to get the most out of your resources. The vast majority of your customers don't know as much about your business or finance as you think they do. Marketing strategies for financial services company and fintech marketing skills both benefit from having a consistent brand message in place.
To put it another way: Speak your mind! In the financial sector, there is a lot of jargon that is difficult for non-professionals to understand.
New customers can be gained by creating a frictionless, omnichannel user experience. The financial services industry must really optimize the end-to-end user experience in order to wow and delight its customers, from better messaging to better UX and better technology.
So you've gained the trust of your customer, built a relationship, and secured a sale. Congratulations! What will be the next step? Keeping your customers happy and making their experience as painless as possible is now your responsibility.
Consistent app and website design based on mobile-first principles is a great way to ensure that all aspects of the user experience are consistent.
Progressive financial institutions are embracing a conversational tone in their content and avoiding the stiff, authoritative tone of the old-school financial marketers. It's no longer about promoting a specific product but rather about conveying a message through a combination of warm color palettes, rich iconography, and compelling copy.
Emerging technologies that can improve the experience of new financial customers are now being advocated by some financial marketers.
It is our hope that the information in this article will be useful to financial marketers who are looking to improve their return on investment (ROI). Every one of these marketing strategies for financial services can have a positive impact on both attracting new customers and keeping the ones you already have.
If all of the above seems overwhelming, you're not alone. Getting more leads and new customers is something you should be working towards. Get in touch with our financial services marketing agency right away!
We treat your business as if it were our own, which means we work hard to get to know your financial services, sales process, competitors, industry, and markets so that we can market you online effectively, all while tracking and proving that your investment in our internet marketing services was worthwhile.