Recent research from Mintel demonstrates that the top-rated financial companies are currently investing their funds in digital advertising in order to encourage more personalized messaging. However, some businesses still remain stuck in more traditional and out-of-date spending habits.
Let’s have a closer look at the difference between leading financial companies and the average firms in the industry as well as define how digital marketing can boost your business and help you win consumers.
Source: Sun Strategic
Common Mistake of Many Financial Institutions
The recent Digital Banking Report showed that many financial businesses didn’t lower their offline marketing budgets over a period of 12 months. 34% of companies spent more than 50% of their funds on traditional media. Just 15% of financial firms allocate half of their media budgets to the digital marketing. Similarly, the majority of credit unions and traditional banks commit up to 40% of their media budget to online marketing, while companies offering quick loans online provide a better money choice and win more consumers by going digital.
Progressive financial firms decide to use digital marketing in order to target new consumers, align with their lifestyles and make experiences more personalized. For instance, some companies are trying to improve trust and win their consumers by increasing their digital presence or using running banner ads on popular websites.
Opportunities with Online Marketing
Financial experts state that there are three main opportunities for financial businesses with digital marketing. The first one is concentrating on engagement and experience. Spending money on online platforms can generally improve customer engagement and engage their overall experience. If your online branding is professionally executed, it can result in boosting the consumers’ interactions as well as social sharing.
The second opportunity is leveraging social media channels, which can promote new products, financial education, and benefits of online banking to certain categories of customers. The last opportunity is entering new markets. Credit unions and traditional banks may use online branding campaigns to increase brand awareness, promote their services to consumers of all ages and enter new markets.
Using Social Networks
Using YouTube, Facebook and other segmented online channels can also be a great digital marketing campaign for your financial company. Many top-rated financial brands use Facebook or YouTube as well as many other online channels to market their services and reach for new customers.
Concentrate on Benefits to the Consumer
Once you realize that digital marketing is something that your company needs right now, it’s time to establish your marketing strategy. One of the most useful marketing tips from the leading financial experts is to focus on the benefits to the customer while creating online marketing material.
It’s not enough to just mention that your services may help the customer – you need to emphasize how exactly the client can benefit from working with you and what makes your firm a safety net for the client’s future. Concentrate on benefits to the consumers and help them realize how their life will change for the better from choosing your service. This will help you convert leads into new clients.
Don’t forget about establishing your firm as an industry expert. Contributing to the local online publications can raise trust and brand awareness among your clients. You may contact local editors or journalists with a story idea connected with investing or financial planning to get closer to prospective customers.
Establish yourself as a professional within the financial space and you will soon get more clients using these digital marketing tips.
Jules Born is a content manager and the copywriter for the Personal Money Service company that provides financial services online. Jules writes here to share effective and helpful tips based on personal experience.