A financial services company is a business or company which invests, manages, exchanges, or holds money on behalf of customers. Several types of companies can be considered to be in financial services, including insurance companies, banks, and asset management firms, among others. As money and finance become ever more complex, there are an enhancing number of activities and enterprises a financial services company can be engaged in.
Damian Maggio says that financial service providers seeking to market their products efficiently must navigate a complex marketing landscape filled with regulatory and compliance obstacles while relying on out-of-date traditional marketing methods. As a financial services provider, effectively marketing your products necessitates a reboot, one that begins with a deeper understanding of digital financial services marketing, what it is and how it works.
Financial service marketing uses a range of marketing strategies and techniques to create and drive awareness of financial products. The process goes further to capture leads and converts them into trustworthy customers through a series of ongoing marketing campaigns.
Marketing of financial services uses two primary methods:
• Digital marketing: including inbound channels like blogs and outbound channels like PPC ads
• Traditional marketing: including radio, TV, print, and signage
Maximum financial service providers will use a blend of digital and traditional marketing. However, due to legacy practices, most rely more on conventional marketing channels. This is changing as digital marketing campaigns in the financial sector are being shown to be efficient means of reaching customers. It is important to know what these new marketing efforts are achieving to implement them yourself successfully.
Effective marketing of financial services drives awareness, decreases customer acquisition costs, drives down churn, and bolsters revenues.
Damian Maggio says that the financial services industry is one of the oldest in the world. Moreover, everyone requires financial services at some point in their life. These two factors might make it seem that financial organizations have the distinctive luxury of sitting back and having customers come to them. While this used to be the case, a number of factors have rendered this stance unsuccessful and dangerous.
• Disruptive Financial Technologies: Aggressive Financial Technologies challenge the status quo and completely turn over the established order.
• Lack of trust: The financial industry has suffered a loss of confidence in the eyes of customers; trust it must meticulously win back.
• Commoditization: Standardization of financial products has made it difficult to differentiate from the competition.
• Digitization: Digital-first customers expect enhanced and custom-made digital experiences.
• Regulatory barriers: Tighter regulations are making it difficult to market aggressively.
• Digital transformation: Advances like marketing automation are rendering traditional marketing methods unproductive.
With these barriers to success, financial service providers must make and implement inventive financial service marketing strategies that result in to new business.Aug. 2, 2022, 5:55 a.m. 0 Report Embed 0
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