Marketing Strategies For Banks And Financial Institutions – However, regardless of your goals or the financial services you provide, effective financial marketing strategies can help you focus your efforts so that you can better achieve your goals and objectives.
These 5 financial services marketing strategies are a good starting point for many marketing strategies for banks and financial institutions. 1. Working with clients
Marketing Strategies For Banks And Financial Institutions
Customer outreach is one of the oldest and simplest marketing strategies that banks and financial institutions can adopt. However, it is also one of the most effective. Customer outreach is simply the concept of reaching out to customers to meet current needs for education, awareness and assistance. This is scalable for smaller organizations in the form of free consultations and webinars, and larger organizations in the form of financial education such as debt management programs or financial education in schools.
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Why does this work? Customer service may be a largely charitable use of budget, but it helps increase customer awareness, loyalty and interest in products and services. A carefully designed financial marketing strategy takes into account the services and features you are trying to sell as well as other marketing campaigns. For example, if you know students are going back to school, you might focus your outreach on programs to teach college students how to manage money on their own, but only for college, or your car budget. If you know there is a large percentage of seniors in your geographic area, you can create free financial education programs that teach seniors how to use digital banking and online security. These programs, in turn, will increase savings accounts, digital solutions and even your bank by increasing awareness and increasing consumer confidence.
While baby boomers and previous generations generally prefer to get products through sales representatives who can give them advice and create personalized (or not) accounts for them, millennials and Gen Z often want all something to do themselves with minimal contact with people’s representatives. Creating and promoting digital financial products and customer service or experience portals that allow customers to sign up for online services, change products and services online is an effective and increasingly necessary trend for financial institutions. , and view their information without placing a base under a branch. However, this is not a marketing strategy that applies to all organizations because you can only sell services.
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81% of the US population is on social media, and many use social media for up to 4-5 hours a day. Smart and consistent use of one or more social media platforms is a valuable financial marketing strategy that you cannot afford to ignore. Millennials, Gen Z, and even Baby Boomers use social media platforms to connect with brands, learn from peers, and keep up with current events and news. A consistent presence on one or more sites with a strategy to deliver value to subscribers will help you build brand trust, create marketing opportunities, and expand your customer base.
Many financial and banking organizations use social media to connect with consumers to build trust. For example, by demonstrating that banking and financial services are staffed with real people, showcasing customers and success stories, and providing customer service. For example, financial institutions can typically reduce customer service costs by more than 70% by switching from the phone to social media. A good social media marketing strategy requires the smart use of creative storytelling, content and humor, as well as consistency and a willingness to offer value to the customer, not the bank. However, it is worth it in terms of building trust, awareness and relationships with consumers in their space.
Most financial institutions have more data than they know what to do with, but that is changing rapidly. Today, customer engagement platforms and automation tools make it easier to use and implement data as part of your financial services marketing strategy. For example, big data can tell you who is saving for a big purchase and is more likely to need credit pre-approval. Big data can help you identify and offer services before or after they are needed, it can help you target specific clients for additional customer service or digital financial education, and it can also help you measure reduce customer service required.
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For example, JP Morgan uses bots to respond to internal IT access requests, reducing the need for 40 full-time employees and speeding up the process. Other banks are using automation to tailor services, offer more specific or personalized solutions, and create customized data and customer dashboards in ways that would be cost-prohibitive without automation.
Storytelling continues to be one of the most effective marketing mediums, be it social media, video, advertising or multi-channel platforms that extend into the real world. Here, your marketing strategy should involve telling a story that evokes interest and emotion to engage, excite and connect with the audience. Your goal here is to create interesting and general content that can educate, entertain or help the reader in some way – and hopefully manage all three at the same time. For example, Allstate’s award-winning “Worth Telling” digital marketing campaign focuses on telling 3-8 customer stories that make a difference. Allstate not only promotes what their customers do by building trust through people and sharing real stories, but drives interest across all marketing channels, builds customer relationships, and creates a human touch by promoting the products and services discussed in the videos.
No matter what your financial institution does, digital media opens up a wide range of creative marketing ideas, tactics and strategies that you can use. However, don’t focus on one or try to combine everything. Instead, create a broader individual financial marketing strategy so that each element complements and builds on the others, adding value to your organization.
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By clicking “Submit”, you agree to our Policy and will receive communications about additional resources and information that we think you may find interesting. Fintech marketing is a set of marketing techniques designed specifically for financial technology (“fintech”) companies. These companies are using new technologies to improve and ultimately automate the delivery and use of financial services for consumers.
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While creating a great product is the first step towards revolutionizing the industry, implementing the right fintech marketing techniques in an increasingly saturated market is often a challenge. Especially when traditional banking companies are finally catching up with new technologies, best-in-class user experiences, and consumer needs and expectations.
At the same time, let’s face it: financial services are boring from a consumer perspective. This is no secret, and we are not going to hide it, like most companies trying to sell their services.
However, what if I told you there are 9 tactics you can use today to ensure the success of your fintech marketing efforts, attract new customers, and propel your company into the future?
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Fintech marketing is today’s marketing methods, not the boring methods of 2007. And it’s surprising that so many companies are promoting a world we’re no longer a part of.
By implementing some simple but effective marketing strategies, you can ensure that your fintech company breaks through the sea of gray and ends up at the colorful pool party everyone wants to be invited to.
For a limited time, Digital Authority Partners is offering a FREE content and SEO audit to fintech companies interested in assessing their existing brand to build a solid content marketing plan for 2022. Interested? Email us at h[email protected] or call us at 312-820-9893 for details.
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In the 21st century, everything is mobile, and if you’re not basing your marketing initiatives on these valuable handheld devices, you’re missing out on one of the most effective ways to connect with consumers.
Recent studies have shown that we spend five hours a day on mobile devices, and the amount of time spent on mobile apps has increased by 69 percent since 2016. That’s five hours a day in which fintech companies can focus on mobile phone users to get the most out of them. your marketing strategies.
First, make sure you have a mobile responsive website. By doing this, you will not only rank higher in Google search results, but you will also have a greater chance of getting conversions from the visitors you receive. AND
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