The financial industry is one of the most successful sectors in the economy because it deals directly with financial services and products. It covers an array of business sectors such as investment firms, banks, insurers, and real estate companies. The services and products offered by this industry are highly in demand precisely because of their nature. Almost all individuals need financial assistance at some point, which makes the sector a powerful and profitable one.
Because of the high demand for their services and products, you might think that companies in the finance sector hardly requires marketing. After all, customers in need of financial assistance go to these companies themselves, right? This may be true to some extent, but keep in mind that this industry is large and companies have hundreds, if not thousands, of competitors.
To make sure that a firm in the finance sector maximizes its potential to serve, sell, and earn, it needs to implement a marketing strategy to attract its target market and gain new customers. Digital marketing is one of the most widely used and effective practices such companies should consider. Read on to know more about what this type of marketing has to offer for the financial companies and the financial sector as a whole.
Digital Marketing and the Finance Industry: What’s the Connection?
In discussing the potential contribution of digital marketing to the finance industry, it is important to tackle the connection between the two. One of the most significant connections between these two is that this modern form of advertising is changing the landscape for financial companies. In the past, the sector has been depending on traditional options and the market’s need for their services and products to drive sales.
This, combined with the fact that the sector has been slow to adapt to the fast-paced technology for consumers, shows that the finance industry should consider more modern business practices. In fact, banks, insurance firms, credit card companies, lending institutions, and the likes are now considered ‘traditional’ options as compared to the emerging financial technology solutions today. Fintech services and products are even preferred by a large portion of consumers because they have easier and more affordable offerings.
With the application of this practice to their business, finance companies are slowly taking on a more modern approach to their products and services. This can also help them compete with fintech competitors.
Major Digital Marketing Techniques to Consider
The application of digital techniques can help improve the overall performance of the company, especially in terms of revenue. Before we talk about the benefits the finance industry can enjoy by implementing such strategies, it is necessary to take a look at some of the techniques that can help in achieving this goal. Here are some of the major practices such firms should consider:
If you take a look at a lot of websites of banks, lenders, and insurers, you will notice that only a handful have well-designed sites that solidly shows the message and idea behind their brand. Think of all the times you as a consumer went to a bank’s website to look at its offerings. Often, these sites can be confusing and not as organized. Some even do not make all essential information regarding their offerings easily accessible.
Now, if that particular bank includes consumer-friendliness as part of its branding, do you think its website is able to convey this message? The short answer is no. This is just an example of how websites can influence marketing, particularly the brand. Digital marketing deals with website design.
Business owners want to make sure that their website is able to convey exactly what their brand means. This involves a variety of elements including colors, layout, font style, and face, as well as site map and organization. Owners want to make sure that their site is not only attractive but also contains texts, images, audio, and videos that are in line with their brand.
Search Engine Optimization
Speaking of content, owners should make sure that their website contains elements that not only serve as a branding tool but also primarily as an information portal for your target market. You want to make sure that your site has valuable content that lets your customers know what to expect from your offerings and your company. So, you may want to create high-quality content for your website.
Despite having top-notch content on your site, your target market may not be able to find these pages without the help of search engine optimization or SEO. This is the practice of creating relevant and useful content peppered with keywords in the right places. When users make a query, Google’s algorithm crawls pages with keywords related to the query and includes them in the search results. The better your website’s authority is, the higher the chances of your pages being included in the results are.
Lead Generation and Conversion
SEO and lead generation and conversion come hand in hand. In marketing, you have something called visits and leads. Keep in mind that just because a user visited your website does not mean that they are a lead. Visits are equivalent to potential customers visiting a store and looking at the products.
They turn to leads if they show significant interest in the offerings. When they send in enquiries, ask for demos or free trials or other forms of actively knowing more about the offerings. Finally, they are converted to sales if they take action and purchase or avail of the offering. This practice helps in doing so by getting consumers to pay attention to your products or services in the first place.
You might think that just because consumers need your product and services, it means that you have a guaranteed pool of customers. Keep in mind that there are countless competitors from traditional and digital sectors. Because of this, you cannot afford to have a stain on your reputation.
Negative reviews contribute to a bad reputation. You want to make sure that you address such reviews by reacting accordingly. You might want to show that your company accepts criticisms and is doing everything it can to address the issue. Your in-site expert can help you address such feedback accordingly and appropriately.
Benefits of Digital Marketing to the Finance Industry
Now that you have an idea as to what the mentioned techniques you can use to improve your company in the finance sector, you might be wondering how it can impact not only your firm but the industry as a whole. Check out this list of benefits you can expect when you implement a well-thought-out strategy.
Targeted and Cost-Effective Marketing
One of the main points of digital marketing is to more accurately target the audience you want to cater to. This improves the efficiency of your strategy as you are not wasting resources on a campaign that misses your target audience. By the aforementioned techniques, you are also boosting the cost-effectivity and efficiency of the campaign. This is because you are paying for a targeted strategy and not a hit-and-miss one.
Increase in Sales
The combination of SEO and lead generation and conversion can help you increase your sales, thus also boosting your revenues. As SEO helps drive clicks and visits to your website, you have a larger pool of potential customers, which can eventually turn to sales, given that your website features effective and convincing content. Combined with great customer support and integrity of the company, as well as the products and services, your campaign can result in increased sales.
Easy Access to Data for Analysis
Clicks, visits, and leads are easy to monitor, especially as Google offers a monitoring and analytics service for website managers. This makes it easy to gather information about the effectiveness of your campaign. You can use such data to analyze your strategies, make projections, and make necessary changes for improvement.
Better Brand Recognition
This practice is a great tool in your company’s branding activities. Through your website’s appearance and content, you can put forward the idea, image, and message you want to convey. Other techniques such as social media and email marketing, as well as the content of such materials also contribute to strengthening the brand.
Now, keep in mind that social media is a widely used platform not only for socialization but also for business. By incorporating digital tools such as social media, you are expanding the reach of your materials, which also increases the pool of prospective customers. Again, these potential customers can turn to sales with the right combination of other practices.
The financial sector may be slow to adapt to modern technology but incorporating digital marketing strategies can help boost its competitive edge. Now that you know what this practice has to offer, you may want to consider adopting it into your marketing activities to create a more productive, efficient and profitable campaign not only for your company but also for the wider industry.