Financial industries encompass a wide range of enterprises and other businesses that manage finances for individuals or businesses. These can include banks, credit card companies, credit unions, investment funds, insurance companies, stock brokerages, accountancy companies, and other financial enterprises. These businesses use financial marketing to broaden their approach.
Essentially, financial marketing is the process of using multiple strategies, tools, and processes to spread brand awareness for organizations or companies in the financial and banking industries. When you increase your financial marketing, consumers can have easier access to your services/company. It also instills better trust and communication between the brand and the client.
Boosting and updating your marketing trends helps customers and the brand create a stronger bond. When a brand is actively engaging in its strategies, it has better control over its image. However, to achieve these benefits, you need to first adapt to these top financial service-marketing trends in your business.
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5 Financial Service Marketing Trends to Guide Your Strategy
Let’s look closely at the top five financial service marketing trends that will significantly impact any finance industry.
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Social Media
Most of the world’s population is on social media, and they all collectively use different social media platforms between five to six hours a day. Utilizing this marketing trend will significantly improve your financial industry, and you can’t neglect the impact it will have on your business.
Plenty of people have the wrong image of financial industries, and you can improve how they view your business by using social media. You can even show customers your employees, business, and other facilities according to your wishes. It will also help develop a better sense of trust with your consumers.
Social media platforms see trends rise and fall in popularity, so your constant availability and consistency are essential steps to ensure the target audience is hooked from the beginning. The first thing that you need to do is ensure the content and storytelling are excellent, while adding sparks of creative humor.
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Big Data and Automation
Most of the time, financial industries struggle to effectively manage their data. This comes from their vast documentation, and this is usually more common in large brands. However, it isn’t a challenge to gather your data in a more cohesive way. Now, with the invention of different automation tools and customer experience platforms, it has become easier to utilize and apply big data in your marketing strategies.
Big data will tell what type of people are interested in buying something, which will likely require pre-approval for various financial services. It will also allow you to offer services before they are required. Therefore, it will be easier to target your desired audience and spread financial knowledge more efficiently.
For instance, some businesses use bots to address internal IT requests and specific issues, which inevitably reduces the cost of forty full-time workers and increases efficiency.
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Customer Outreach
It is essential to include customer outreach in your financial service marketing strategies. It’s one of the oldest and simplest trends for financial industries to adopt. Explaining customer outreach is relatively straightforward; it’s the concept of reaching out to different consumers to fill their current requirements.
For medium or small businesses this can take the shape of webinars and free consultations. As for big brands, they have a more extensive financial education system, i.e., financial education programs in schools and debt management in other institutes.
It may seem like a waste to some, but it can improve awareness, instill trust, improve communication between the brand and consumer, and vastly increases the chances of people being interested in your services. A formulated financial marketing technique will take these features and services you’re selling and trying to promote, and will boost them.
If you have a clear understanding of your demographics, whether they are seniors or teens going back to school, you can create a better approach and set up educational programs accordingly.
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Digital Storytelling
Storytelling is one of the most effective ways to improve your strategies. It impacts your platforms, whether cross-channel, video, social media, ads, or other channels that are extending into the real world. Digital storytelling make sure that you can convey your ideas and views in a way that incites excitement, interest, and moves the consumer enough to commit to your services.
Your goal should be to create shareable and knowledgeable content that people can relate to and benefit from. Doing so will improve loyalty and communication with the consumer. Establishing communication with your audience is essential because it increases the number of sales and motivates various potential customers to commit to your services.
Regardless of what your financial organization stands for, you should focus on your digital storytelling. It can open a wide range of creative financial marketing ideas, strategies, and tactics.
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Addressing Consumer’s Micro-Moments
Micro-moments are times when consumers pick up their phone and search for different things to answer various questions or sate their curiosity about a particular topic. For instance, when someone seeks to learn something by watching a video, reading content, or making a purchase, these all fall into the consumer’s micro-moments. Phones have become a regular tool to help educate and entertain people.
Industries and businesses would do well by searching for platforms that will predict what messages or texts people are likely to look up in these micro-moments and let you change and optimize your campaigns as well. This will also let you closely stick to the many fluctuations in customer inquiries. This way, your team can tell the consumers what they should know at any given time on a sensible budget.
Wrapping Up
When you incorporate these top five marketing trends, you will see a significant change and improvement in your company’s reach. Regardless of what your organization stands for, you will most likely need these trends and tactics for your business.
Financial marketing completely changes your business’s approach to consumers. The many advantages will encourage you to seek financial services and include these trends in your strategies too.