Effective digital marketing for financial services capture the attention of potential customers and translate to higher conversions and better customer outreach.
Financial services are something that everyone will need at some point in their lives. Brands must reach consumers that need their services at the right time in their discovery to increase chances of success.
You might be worried about the cost of launching a major marketing campaign. Luckily, even without a big budget, you can reach your target audience. These tips can help you guide people through the buyer journey and towards a sale.
Automate your digital marketing for financial services
Automated marketing provides many benefits to financial service companies, including:
- Improving the productivity of an internal marketing team.
- Expediting tasks that your team used to do manually and can now be done with algorithms and AI.
- Cutting costs for your overall marketing.
- Increasing access to talent with the costs of hiring internally.
Automated marketing solutions through a managed services provider (MSP) offers access to a team of talented professionals. This reduces the need for more internal marketing team members, thus eliminating the added costs of hiring, salaries, and benefits. These costs can easily top $4,000 for recruiting and onboarding per person.
If you already have an internal team, you can still take advantage of MSP cost savings and expertise. Outsourcing some or all of your marketing allows you to focus on things you do well. It also gives you access to people with a deep knowledge of digital marketing, SEO, and social media.
Create incentives to share
Word-of-mouth marketing (WOMM) is one of the most valuable tools in digital marketing for financial services, as the industry is built on trust and reliability. Today, WOMM includes digital strategies that encourage people to share information with close friends and family through social media or by leaving positive reviews online.
Trusted associates, family members, and friends are the primary sources of referrals for financial decisions, thus making WOMM crucial to marketing success. Two simple things you can do to improve WOMM include:
- Offering incentives for referrals. For example, send a unique discount code to someone who refers a friend when their friend signs up or makes a purchase.
- Encouraging online reviews. More than 9 out of 10 (93%) consumers use the internet to find local businesses, products, and services. Only 48% would consider using a business that had a rating lower than 4 stars. Trust is one of the most important factors in a financial services relationship. Online reviews can build trust with consumers.
Use social media to your advantage
A Putnam study found that 74% of financial advisors who used social media were able to build relationships and onboard new clients. That was during a global pandemic when traditional face-to-face connections were not possible, but the method was still effective. Those that saw the most success used social media as a tool to educate and build trust, and financial services companies in a post-pandemic era can continue using these tactics to create stronger relationships with more people.
To get the most out of social media marketing solutions, you need:
- A clear strategy for your social media channels.
- A content calendar for what and when you will post.
- Content creators who can generate blogs, social posts, and other strategic content.
- Consistency in how, when, and what you post.
- A detailed review (reporting and analytics) to improve your strategy.
The most effective platforms for financial services are LinkedIn, Facebook, and Twitter. Some companies don’t have team members internally who can handle this, or they don’t have the right skills. A managed services content marketing provider can help.
Remain relevant with SEO
Search engine optimization (SEO) is another critical piece of the puzzle. Instant access to unlimited financial information online is changing the customer journey. Online search has changed the way consumers find financial service providers.
A Yext survey found that 82% of customers use search engines to ask detailed questions about financial advisors. They look for everything from expertise and years of experience to reviews. Most searches today are grouped around specific intent on the part of the consumer who wants to:
- Know something.
- Go somewhere.
- Do something.
- Buy something.
The right SEO marketing solutions can help you stand out in a crowded industry. Being at the top of search results can translate to new customers. It can also bring in qualified leads and more revenue.
Leverage influencer marketing
Nowadays every business niche has prominent voices on the internet. In the world of financial services, this could be anyone from a CEO of a Fortune 500 fintech company to a small-time blogger who writes about credits and insurance benefits. These people gathered online followings and created a whole new wave of advertising partnerships – influencer marketing. It’s already on track to be a $15 billion industry by 2022, almost doubling the number from 2019.
Influencer marketing starts with connecting with the right person in your specific financial niche so they can present your product to their audience. Because the influencer rose in popularity due to their expertise, trustworthiness, and personality, this marketing tactic is a great way for you to make those crucial connections with leads that paint you as a reliable partner they can trust with their finance needs.
Here’s what goes into effective influencer marketing strategies:
- Match with the right audience/influencer combination. You might find the perfect person to represent your lending platform, but if their audience consists of people in the wrong geography or age group, access to their attention wouldn’t translate into a successful campaign.
- Keep it simple. After finding that perfect match, make their job easy. Offer access to ready marketing materials, affiliate links, and a unique offer for their referrals. At the same time though, allow the influencer some creative freedom to ensure their personality dominates the post. You want to rely on the influencer’s relationship with their followers and not turn the post into a typical sales-heavy advertisement.
- Develop relationships. Great influencers can turn into brand ambassadors – people who can promote your financial company to fellow entrepreneurs. Unlike traditional sales teams, they work on long-term partnerships and create word-of-mouth marketing, widely increasing your credibility.
Over time, you can create a robust network of influencers who bring paying customers directly to your website.