Marketing For Financial Services
Due to the evolution of technology and rapid rise of a now digital landscape, the financial services sector has become ultra-competitive and highly regulated.
While the sector is a tough marketplace, external factors from said regulators and competitors also make your ability to market your products and services very challenging.
Which is why an informed digital marketing approach is crucial to your long term strategic and operational success.
A digital marketing approach that incorporates precise metrics and measurement, collaborative channel strategies, and attainable goal setting. This is the only way to ensure you meet regulatory compliance while attracting new customers.
Digital Marketing Challenges For Financial Services Companies
In addition to the digital marketing challenges that all industries face, there are some that greatly affect financial services organizations.
Regulation, Regulation, Regulation
Regulation has been at the forefront of many financial services marketing challenges for a number of years. Creative Mindscape and its partners works with companies who are heavily regulated by government and other bodies, such as licensing agencies and overseeing organizations.
Your Money Or Your Life (YMYL)
Web page quality is extremely important to search engines, especially for sites that Google has deemed Your Money Or Your Life (YMYL) sites. This group of sites includes those from businesses that give advice related to health or wealth. Basically, search engines are trying to protect people from scams, which are rampant in these industries.
High organic search rankings are the holy grail of digital marketing. To rise to the top, your site will be even more scrutinised than others to ensure reputability, trustworthiness and demonstrate expertise.
Staying Ahead Of The Competition
As mentioned earlier, the financial services vertical is extremely competitive. In fact, finance and insurance companies spend more than any other businesses on Google ads.
It’s no longer enough to just keep up with the competition. You need to stay ahead of the game by recognising and predicting industry trends and anticipating your audience’s needs, before you spend thousands on ad campaigns that deliver negligible ROI.
Identifying Target Market & Aims
Whether your financial market is B2B or B2C, your objectives remain the same. Your digital marketing strategy must showcase your company, and your assets (including your website) as professionally branded, respected, and credible.
Your digital marketing must engage your prospects to trust you. It must share your company values and vision. It needs to educate people and build awareness of what you do and how you can help them.
Finally, you need to measure the success of the strategy. Does it help meet your overall business goals? Does the strategy deliver increased reach and prospecting opportunities? Has your company’s profit margin increased, and are we making better use of your sales and marketing budget?
Engage potential new prospects and re-engage clients you didn’t win last time while also nurturing existing clients by:
- Building awareness of your products and services
- Reducing traditional media and marketing costs
- Building relationships and establishing outstanding credibility
Creative Mindscape In The Financial Services Space
Creative Mindscape has a strong understanding in the financial sector, working with many financial services companies, both on the client and agency side. We tailor digital marketing strategies for financial firms that deliver winning results.
Financial services marketing must be tailored to each organization as core products and services, values and vision, always differ. Thus, they need to be showcased in such a way that you rise above competitors in the marketplace.