Marketing Strategies In Banking Sector – Michael is President of Digital Authority Partners. He has brought his expertise in product management, product development and analytics to several Fortune 100 companies. Expertise: Product Management, Artificial Intelligence, Healthcare Digital Transformation, Analytics, Marketing
Financial product marketing refers to a set of marketing solutions that meet the needs of financial services companies. Highly effective financial product marketing uses digital channels to promote new financial products and increase brand awareness.
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Fortunately, financial services companies are slowly realizing the limitless potential of digital channels for marketing their new financial products. This is confirmed in a recent study of 2018 digital trends in financial services and insurance which surveyed 700 senior industry leaders.
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The report found that the proportion of financial services companies that consider themselves in terms of digital maturity tripled from 7 per cent in 2016 to 19 per cent last year.
The same report found that more than 60 percent of companies surveyed are already using artificial intelligence (AI) and 28 percent rank improving the customer experience as a top priority in 2018.
Technology and gadgets aside, going digital is about creating a stronger customer experience and trust.
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Let’s say you’re ready to make the journey from ineffective standard marketing to financial product marketing that can bring a great ROI. In that case, you’re ready to dive into three solid strategies that will enable you to begin your digital transformation.
That said, we recognize that you are a busy professional. So below is a summary of the main points of the article and the statistics that support financial product marketing initiatives for the year 2019:
If you’re a financial services company, your website (and you better have one) needs to be optimized for mobile use, because a large portion of your customers, and potential customers, are doing business.
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In fact, new research has found that we spend five hours a day on mobile devices, and 90 percent of our mobile time is spent using native apps.
The truth is, most of us spend more time using new apps than we do watching TV, listening to music, or doing any other form of entertainment.
This means that any marketing plans for software products in the financial industry should include a strong focus on mobile marketing.
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First of all, you need to make sure your website is mobile-friendly, which means having big call-to-action (CTA) buttons like ‘click to buy’ or ‘subscribe to our newsletter’. Signing up is easy. Viewing and interacting with users.
Second, you should ensure that any registration/registration form on your mobile content is short and easy to complete. People on the go don’t have time to stop and fill out complicated forms, and making it easy for them to fill out a form can increase the number of prospects for your product.
Thirdly, you need to ensure that your mobile content is responsive, meaning that it provides the same ease of use and functionality when a customer is on the move as it would if the customer was view your site at home on a desktop.
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Fourth, make sure that the text is large and easy to read, and that you use clear images that are directly related to your product (visual identity!) Your design layout should not be too complicated and you should invest make a big difference in video content that is short, actionable and informative.
This is extremely important to remember about marketing financial products on mobile devices: It’s not about sales.
What we are saying is that while the end result is for customers and prospects to buy, it is your financial mobile marketing to engage with them, and get them comfortable with your brand.
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Once you identify your target audience, you can post the right content on the right channels for maximum audience engagement. As a financial services company it is important that your marketing team understands where your customers like to go on social media.
Say you’re selling a new type of long-term care insurance, typically aimed at older consumers. You may want to choose a more professional social media platform such as LinkedIn, where financial services content is more likely to be used. Facebook’s broad user base makes it ideal for content that caters to older people.
When planning social media marketing campaigns for financial products, first know what content performs well on the platform. On LinkedIn, for example, blog articles and white papers perform best, as their users are more willing to spend time reading well-written, well-researched, informative content.
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Facebook is more flexible in terms of content, so try a mix of blog clips and video content. Facebook Live is a great video streaming tool for marketing.
The next time you unveil a new financial product or service, set up a live streaming session for your existing customers. Invite them to ask questions, give comments, and even ‘test’ a product or service to see how it works.
Crowdsourcing is another form of social media that allows financial services companies to include consumers in the process of creating new financial products.
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Perhaps a survey has shown that your customers want a financial software program that aggregates their financial data, future earning potential, and other factors to help them achieve their retirement. A long-term solution can be provided. If so, ask customers for feedback on social media channels to improve and refine the product.
For example, when Barclaycard developed its Ring MasterCard, the company reached out to its existing customers on social media platforms and asked them to send in ideas. The card was recognized as the first social credit card designed and built with the power of community crowdsourcing.
Bottom line: When people are talking about what the final version will look like, people feel more connected to the product.
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Disruptive technologies are being adopted by companies in every major industry, from retail to healthcare. Deciding what is worth investing in emerging technologies can be difficult.
However, if you are a financial services company that wants to stay ahead of the competition, you cannot avoid the risk. The world’s largest investment banks are already investing heavily in cutting-edge technologies like blockchain, which they hope will help them save up to $12 billion a year. Are you interested in how different companies use blockchain every day? Check out our report ‘Blockchain in Healthcare: An Executive’s Guide for 2019’.
But what if you are a small organisation? There are many other new technologies to incorporate into your financial marketing strategy. Chatbots are one of the lowest high-risk investments that can take your customer service game to the next level.
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Think about it: People want quick answers to their inquiries. They expect online financial service platforms to allow faster communication like their social media counterparts. Chatbots are available 24/7, patience is infinite, and the best answers are readily available. It’s no wonder people like them more: 44 percent of consumers said they’d prefer interacting with a chatbot over a human customer service representative.
More advanced bots can also detect what happens when an aggressive mouse is on the screen and adjust their response accordingly, thus avoiding losing the client.
Having a virtual assistant will also reduce operating costs by freeing up your staff to focus on selling your products and services. A new study has found that chatbots will result in more than $8 billion in annual cost savings for the healthcare and banking sectors by 2022.
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Artificial Intelligence (AI) Algorithms and Biometrics. Clients can put up with bad customer service, but if you can’t keep it safe, they’ll take their money elsewhere. Not only can a cyber attack cost you millions of dollars in financial loss, but it can also damage your reputation. Trusting AI to be your eyes and ears can help prevent these crises in the first place.
And if you want to take security to a higher level, biometrics is the way to go. Customers young and old hate having to remember multiple passwords. Invest in fingerprint and facial recognition and they will set you apart from your competitors.
One of the biggest challenges for financial companies in leveraging digital marketing is that the terminology used in relation to financial services can be confusing and difficult for consumers and prospects. And that’s a huge challenge in creating digital content that can engage people and make them feel invested in new financial products and services.
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This is especially true when you’re trying to target Millennials. And make no mistake: This is the group that will inherit the wealth passed down by Baby Boomers and Generation X, and this is the generation that is creating wealth through startups and other business ventures.
But the truth is that most financial companies have ignored Millennials in favor of marketing to Boomers with stable net worths who are less desirable than low net worth individuals (aka Millennials).
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