Financial Marketing Must Evolve to Boost Growth
The technological advancements of the last decade have had far-reaching effects, including the way businesses reach their customers. If brands fail to keep up with the rise of digital channels, growth is going to decline and eventually, cease altogether. The financial industry has made admirable strides toward keeping up, but many mid-size banks and credit unions have failed to evolve their traditional advertising endeavors to more innovative—and effective—forms of digital marketing.
According to The Financial Brand, researchers found that mid-size banks have had negligible growth regarding revenue in the past two years, but they have not changed their marketing strategies to address the slump. Read on for two ways banks can utilize some of the most effective digital marketing techniques in the financial sector to boost revenue and improve growth.
Harness the Power of Financial Headlines
If there’s one news story that anchors never fail to report, it’s the current state of the financial industry. New headlines regarding the financial sector abound on a daily basis, because money is a driving force at the forefront of everyone’s life. In short, people want to know what’s going on—both the good and the bad.
With that in mind, brands should build a content marketing strategy around addressing and explaining current events within the financial sector in an easily graspable way. Some banks have already embraced this tactic by providing their customers with insights into breaking financial news in the form of a regular digital magazine. Financial customers don’t necessarily care so much about the news in general, but rather, they wonder how it’s going to affect them. That is exactly what Credit Suisse’s e-magazine, The Financialist, delivers.
Another effective channel, largely untapped by the financial industry is the world of video. Videos can explain a complex financial topic in a meaningful way. Short how-to clips and longer, in-depth explorations of advanced banking or investing can live alongside each other on a YouTube channel providing a self-service educational resource for customers.
By providing digital resources like e-magazines, infographics and videos, companies can build both trust and a healthy rapport with clients and prospects. Nurturing this relationship is an important step toward generating new revenue from these engaged sources.
Reach Customers Where They Spend Their Time
As unfortunate as it might seem, most people no longer crave the human touch—at least, not when it comes to banking. Customers want convenience. They want access to cash when they need it and access to their accounts 24/7. This is why more than 25% of millennials with liquid assets of $250,000 to $1 million use primarily mobile banking apps to check account balances, seek investment advice and transfer funds. Though consumers still appreciate experiences catered to their personalized needs, they no longer want to hold long conversations with tellers to get information about new services or more efficient ways to make their money work for them.
Personal connections must be established through channels where consumers are already spending a bulk of their time. Resources and offers provided within a mobile finance app, tailored to the customer’s specific financial status, are less intrusive than traditional sales calls and are increasingly welcomed by consumers seeking the means to self-educate before interacting directly with their financial partner.
Digital Marketing: The Present and Future of Financial Advertising
Content marketing on interactive platforms is one of the easiest ways to attract new clients and establish a brand’s trustworthiness and expertise. If financial brands want to see revitalization in their stagnant growth rates, they need to embrace the evolution away from traditional outreach and invest in digital channels.
To learn how Rise can help your brand effectively build your digital marketing strategy, contact us.