Tag : financial

Financial Services & Digital Marketing: 4 Trends to Start Now

Customer retention in financial services consumers are demanding more targeted, relevant, and personalized communications from their favorite brands. This isn’t exactly a new development, as it’s been the case for the past several years. What’s notable about this ongoing trend is that increasingly, consumers are coming to expect this same level of personalization from companies in every vertical– and that includes the financial services sector.

The shift towards highly personalized communications coupled with increased competition, including competition from 2.0-era services (think peer-to-peer lending shaking up the traditional lending market), and the continued evolution of technology are the key drivers of marketing trends in financial services. Let’s take a look at a few of the major trends shaping the financial services marketing outlook for 2016.

1. CUSTOMER RETENTION AND LOYALTY TOP MARKETING PRIORITIES FOR FINANCIAL SERVICES
Every interaction with a prospect or customer has the potential to be either an opportunity to earn customer loyalty or an opportunity for your competition to sneak in the back door and capture your customer’s interest. According to the Accenture Global Consumer Pulse Research study published in July 2015, customers are buying more products and services from financial companies– but not necessarily from their current providers. Consumers cite competitive pricing (39 percent), high quality customer service (34 percent), and good value for their money (32 percent) as the key drivers behind switching to another financial institution.

” For banks considering the question of how to keep their customers from switching to other providers, we found that first-contact resolution is the key. Of the consumers who switched to another provider due to poor service, more than 80 percent said they could have been retained if their issue had been resolved on their first contact with the bank,” according to Accenture.

What this means, in a nutshell, is that financial services organizations have to step up their game in order to earn and retain customer loyalty. The recipe for gaining customer loyalty is excellent service (e.g., prompt resolution of any issues) coupled with substantial value. That doesn’t mean your products have to be cheaper than the rest; it means that your customers have to feel like they’re getting more out of their relationship with you than they ‘d get by working with one of your competitors.

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2. CONTENT MARKETING IS THE FINANCIAL SERVICES VALUE FUEL
With content being the primary driver of basically everything in the universe (well, at least most marketing initiatives), content marketing is one of the easiest ways for financial services companies to deliver more value to consumers. Yet, according to Financial Content Marketing: The State of Play, 2015 Benchmarks, Budgets, Trends, a report from Dianomi, less than two percent of financial services companies deemed their content marketing efforts highly effective, but 90 percent saw content marketing as an important area of growth for the following 12 months.

Content marketing in the financial services sector isn’t about sales. In fact, just 13 percent of survey respondents reported sales as a focus of their content marketing efforts. “Rather, financial services companies are taking a more wide-ranging approach: the most common objectives are brand awareness and thought leadership, both cited by 71% of those polled. Customer retention/loyalty was a close third, cited by 69%.”.

(Related Resource: Digitally Speaking – “Plain English” Online Marketing Resource & Training Library)

3. DIGITAL MARKETING MEETS CONSUMERS WHERE THEY CONDUCT BUSINESS.

Digital marketing trends in financial services a few years ago, some schools of thought were of the mindset that marketing channels like social media were pretty much a waste of time for financial services companies. After all, banking is boring, right? But here’s the thing: Consumers are conducting financial business digitally, so it makes sense to reach and engage those audiences on the same channels that they’re embracing to conduct transactions.

A quick look at StatisticBrain reveals just how prevalent digital is in the financial services world: 69 million Americans bank online, with 81 percent of those who manage household finances banking online at least once in the past 12 months. More than half (56%) paid at least one bill online in the past month, and 90 percent have used a mobile device to check their account balance or a recent transaction in the last month.

With the increased emphasis on quality content, providing value through digital marketing initiatives is a natural progression that meets consumers where they’re already conducting day-to-day business. CMO reports that, “Financial marketers are pivoting to digital because they are seeing diminishing returns and poor audience engagement in traditional advertising channels. Seventy-seven percent believe high-impact ads can breakthrough as much as TV/print ads. Sixty-seven percent say digital is more efficient, believing that it costs less to reach targeted consumers online than off.” For financial services companies embracing the power of digital, opportunities abound.

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(Related Resource: Digitally Speaking – “Plain English” Online Marketing Resource & Training Library)

4. PERSONALIZATION IS THE KEY TO GAINING CONSUMER TRUST.

The other trends impacting the financial services industry (increasing competition from market disruptors, decreasing consumer loyalty, etc.) point to the importance of personalization in financial services marketing as we move into 2016. It’s critical for financial services organizations to embrace Big Data to gain an in-depth understanding of their consumers’ behavior, attitudes, and needs in order to respond in real-time with relevant, targeted messaging.

” This kind of customer-first strategy is no longer optional. Gartner reported that 89 percent of companies plan to compete primarily on the basis of customer experience by 2016,” explains PixelMedia. “The other side of the coin is that a firm without a customer-first marketing strategy will lose out to more responsive competitors with lower overhead. This new breed of financial service providers, many with no physical locations, are engaging customers with targeted messages and more creative financial offerings.”.

Financial services companies are being forced to meet their digital consumers in the digital world. In 2016, keeping pace with the speed of digital means better customer acquisition and retention, factors that no financial services organization can afford to lose in today’s highly competitive environment.

 

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Alex, MPeMG

 

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5 Ways Financial Companies Boost Marketing Success

The “Financial Game” is littered with all kinds of firms claiming to do something different than the other. So as you can imagine, it’s pretty easy to get lost in the mix. Being that MatchPLUS eMarketing Group(MPeMG) deals with many financial firms as clients, we came across this article while doing some customer work & thought we’d share a few tips on how to separate yourself from the pack.

5 Ways Financial Companies Boost Marketing Success

James Daniels | April 1, 2016 | Video Email Marketing | No Comments

Financial companies benefit from having the right online marketing strategies in place. If you own a financial company, continue reading for five ways to boost your marketing techniques to increase profits.

1. Refine Your Email Marketing Strategy

Email marketing is a great way to connect with customers with whom you’ve already worked, as well as promote yourself to potentially new customers who are interested in what you have to offer them.

To make the most of your email marketing campaign, you should only email those people who have given you permission to do so. They may have signed up for your email list via social media or your website, for example. A good rule of thumb is: “Never send unsolicited emails.” 

21 Proven Conversion Tricks with eMail Marketing

Your emails should also be personalized with the recipient’s name, should be sent from an individual email address, should be formatted simply, and signed by the individual sender. Finally, include a strong call to action and references to current events, as well as helpful and relevant information that your recipients will appreciate. You also want to include a video in your email, as that has proven to increase engagement with viewers.

2. Advertise on Social Media Through Video

Many companies today are taking advantage of the opportunity to advertise products and services affordably on social media websites , from Facebook, LinkedIn, Twitter, and Instagram.

As a financial business, you can use social media video ads to target the audience that will be most interested in seeing your ads. This means that you make every dollar you spend on your video ad campaign work to your advantage. Video is one of the best ways to advertise to social media users, and is likely to result in many more likes and shares than a standard text based ad.

5 Steps To Build & Star In Your Own Video Marketing

3. Connect with People on Social Media

Another way that you can use social media to promote your financial company is by connecting with users who have addressed you directly or have mentioned you in a hashtag, whether they have positive or negative things to say about your company.

If you are a company that often has reviews from customers, reaching out to people who have complaints will give you the chance to make things right and salvage the relationship. Plus, this looks really good because it proves you care about your customers’ feelings.

Social Media Marketing 101 - Membership Site Graphic

4. Start a Blog and Use SEO

In addition to creating a website that’s attractive, functional, uncluttered, and easy to navigate, you should also set up a blog that you can fill with useful and relevant information that your customers would be interested in reading. This content should be helpful for learning about the industry, new ideas to help their business, and how your products and services can help them achieve their goals.

Establishing yourself as an expert in your field, and providing valuable information for free in this manner, entices more customers to want to work with you and trust you. Just be sure that you incorporate the latest SEO strategies throughout your website copy and blog so your site will rank high in search engine results.

5. Advertise Locally

Local websites, including directories of local businesses, can help put your brand in front of more people who would be searching for companies like yours. Therefore, focus your advertising on local customers, who need your help. This could help get more customers through your door.

So while you think about finding and investing in the right insurance to protect your company and financial business assets from companies as www.bizinsure.com, you can also watch it grow by boosting your marketing strategies on a consistent basis using intelligent marketing techniques.Local SEO - Membership Site Image

James Daniels is a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics.

Of course, these items take some time to execute, however, getting them implemented into your marketing strategy early would be very wise. Believe it or not, the digital world is still in its infancy. We hope that you start seeing some success with these tips from James, however, if you’re having a hard time figuring them out or implementing them, relief is just a click away: Digitally Speaking – All of your Digital Marketing answers and needs in one convenient spot each month!

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Alex, MPeMG

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www.MPeMG.com

(412) 374-1558