Financial services marketing means the combined use of marketing tactics by marketers in the financial services domain to attract new customers or retain remaining ones.
If you are a marketing professional involved in the financial services sector, you are likely to know how challenging it is to stay ahead of your competitors.
Here are some effective techniques you can adopt to draw clients to the financial services marketing services you are offering.
Create a Trustworthy Image With Your Prospective Customers
Millennials prefer doing business with trustworthy financial companies. A trustworthy relationship can be created by establishing a unique company culture, building digital experiences that can be utilized by young people and acquiring endorsements from celebrities.
As a financial services provider, there is one thing which makes you similar to any other company in this domain-you are dealing with your client’s money.fi
If you are the marketing professional of any financial services provider, trust is the major issue which you will have to overcome. Why would people trust you with their money? What makes your financial service products different from that provided by others?
Irrespective of your company’s size, building a trustworthy relationship is a major challenge. No matter what your specialty may be, making people trust you is the most important factor you need to solve to acquire new customers. From the branding and marketing viewpoint, you need to coordinate with your executive team to define and enhance your core values.
Defining core values alone is not enough. You have to show your clients that you mean what you say. For instance, a new study showed how Millennials want to see company values in action, rather than just hear about them. Company values are important. Therefore, as a marketing professional, you need to promote these values and show potential clients how you can live up to their expectations daily.
Millennials and the young generation love engaging with brands through digital channels. Therefore, ensure that your website is mobile responsive and easily navigable, exactly in the way your customers. A recent study in the UK predicted that over 70% of young people will manage their financial lives specifically through digital channels in 2023.
Build a good presence on social media by making celebrities endorse your product. In today’s world, young people look to various social media influencers to make the next investment or utilize the next financial product.
Relate Yourself with Your Target Audience
Young people who engage with a financial services company look primarily for three things-exceptional digital experiences, rewards, and convenience. Your marketing message should address these simple needs flawlessly.
To create a trustworthy image in the minds of your customers, your branding and tone of communication should be relatable to your target audience.
Be it targeting niche or a larger market segment, it is essential to relate with your audience and use media channels and outlets which they are likely to use. You won’t market a college finance-based app in the same manner as an afterlife financial service.
Therefore, it’s quite surprising that some companies are not creating marketing campaigns specifically for the target audience they want to reach out to. This is the easiest way to reach out to potential customers and become obsolete.
To attract new buyers to a financial product you are offering, there are two strategies using which you can relate with your target audience-speak in a language which Millennials clearly understand and cater your marketing message to their needs. Most financial companies don’t speak in the language of the Millennial buyer.
They don’t trust banks. They don’t prefer making investments and would rather like to keep their wealth in cash. Many do not possess a credit card. So, they cannot relate to traditional financial products. In the same manner, marketers in the financial domain cannot relate to Millennials.
You have to keep one thing in mind. You have a generation which has seen the impact created by the economic crisis of 2008. Therefore, they don’t want to buy any type of financial product. But a decade since the crisis, most financial marketers are promoting their financial products in a way as if the financial crisis never actually happened.
Therefore, you need to adopt a tone of communication which they can understand easily and explain to them how your financial products can be useful for them. You can take the assistance of any reliable company offering digital marketing services to develop your strategy in a way which they can understand clearly.
Explain to them the wide variety of financial tools available which can be useful to them. You will need to educate them about the products and services you are offering.