It’s difficult to market intangible products. You can’t see, hear, or touch finances but their mismanagement can be ruinous. What’s the best way to get that message across to your target audience?
Well, we don’t have a magic wand, so we can’t wave it to get you the perfect answers for guaranteed results. However, we’ve done the next best thing and consulted some financial industry experts. They share some of the challenges they’ve faced and how they dealt with them.
Fear Of Failure & Lack Of Knowledge
“One of the challenges we encounter marketing our company is the myth trading Forex is risky and that what many people have heard is about people losing lots of money. Although the Forex market is the largest financial market in the world, trading 5.4 trillion dollars each day, people lack sufficient knowledge about how it actually works.
“What we did to overcome these obstacles is focus more on the education by posting videos on our YouTube channel along with testimonials from women who have taken our course. We also have videos from our Master trainer and co-founder giving live demonstrations of the trading process.
“We created a group on Facebook where those who are interested can get a full understanding of Forex before deciding to invest or take part in the market. This has helped us over the biggest obstacle…lack of knowledge.”
Robyn Mancell, co-founder of Girls Gone Forex
Long Sales Cycles
“One of the challenges we have is we are marketing to people in a tax arena. Taxes are very personal and not something many people want to discuss. These people have to come forward willingly and at a time when they’re ready to find a solution to their financial problem.
“This can make our buyer’s cycle very long, sometimes even years. So, we have to be producing content that is relevant for every stage of our customer’s journey.”
Priya Mishra, managing attorney for Top Tax Defenders
Cutting Through The Competition
“This is a very interesting topic, which I deal with daily. I own a small trading education and information website. The main problem for me is being able to reach my target audiences through the immense competition that exists in that sector.
“The finance niche can be a very profitable niche filled with products with high margins. Now, it is hard to compete with bigger companies and brands making a killing from their products if you are a smaller company with smaller margins. Buying advertising is difficult in this environment as the bid prices for display advertising are five times as much as compared to other sectors.
“So, overall, the main difficulty for me is reaching my target audience via paid advertising due to immense competition in the sector.”
Paul Koger, Head Trader and Founder, Foxy Trades, LLC
Strict Corporate Policies
“I was recently contracted by a major Canadian bank to create a social media best practices presentation for a couple of departments in a local market whose management was really keen to take advantage of the benefits social media marketing could offer.
“The more I researched, the more roadblocks we ran up against due to their corporate social media policy, which filled a 3-inch ring binder. The main obstacle involved the content employees could share.
“The bank used a white label social media posting service that pulled in pre-approved content for employees to post, which included the wording to use when sharing the information.
“They could make minor tweaks to the wording, but the result was multiple employees (and, in fact, anyone else within the entire bank,) were often sharing almost the exact same posts. No personalization and no personality. This made it difficult for individual employees to attract individual clients and audience members because their social media feeds were extremely corporate and boring.”
Brandi Good, BLG Business Solutions
MARKETING TRENDS IN THE FINANCIAL SERVICES SECTOR