The financial services industry is highly competitive. With new services and products constantly being developed, the need for financial services marketers to remain ahead of the curve is crucial. In this article, we will discuss four tactics that financial services marketers can use to effectively penetrate the online banking market and drive sales.
The ROI Of Digital Marketing
Many businesses underestimate the power of digital marketing, frequently considering it to be a ‘waste of time’. However, this couldn’t be farther from the truth. Not only does digital marketing have the potential to be highly profitable, but it also provides certain unique benefits that other marketing methods don’t offer.
The first major benefit of digital marketing is its ability to measure the ROI – Return on Investment. This is particularly useful for financial services businesses who want to accurately determine the effectiveness of their advertising campaigns. The more accurately the ROI can be calculated, the more accurately the advertising campaign can be evaluated. For instance, if you run a PPC campaign and you find that conversions increase by 10% with each successive ad, you can confidently conclude that your next ad will drive another 10% increase in conversions.
Another major benefit of digital marketing is its flexibility. Unlike other advertising platforms, digital marketing allows for almost limitless variations and permutations. This makes it much easier to target the right audience and to implement customized marketing campaigns. It also means that a business can experiment with various approaches and continuously refine their strategy, without ever having to restart the campaign.
Personalized Customer Experiences
One of the major drivers of online banking adoption is convenience. As consumers increasingly depend on digital platforms and services for their everyday financial needs, financial services companies must ensure their websites are functional, easy to use, and packed with useful information. In order to provide the best possible experience for their customers, financial services websites must be carefully crafted to maximize conversion rates.
One way to increase conversion rates is by incorporating personalized customer experiences. When a consumer visits your website, you have the opportunity to capture their attention and make them feel special. You can do this through creative landing pages and on-site interactions such as pop-ups or video walls that display personalized content based on their previous activities, interests, and behaviors. For example, if I visit a financial services website and I’ve previously made money on stock market investments, I might see stock market graphs, investment ideas, or I might even be prompted to follow a particular portfolio – all of which are tailored to my specific interest.
Another way to provide a personalized experience is through email marketing. A customer who signs up for email communication with a company is already considering that company to be a part of their ecosystem. Companies can nurture these early relationships and gain valuable insights into customer behavior, without ever having to resort to costly and time-consuming market research projects.
Customer Segmentation And Marketing Mix
Marketing is a major undertaking for any business, and its success hinges on many factors, including the strategy implemented and the tools used to track its effectiveness. When developing a marketing plan, it’s important to consider the target audience – who exactly you’re trying to reach and what they want – as well as how you’ll reach them. The concept of customer segmentation can be a useful guide in this regard.
Segmenting your customer base is a great way to focus your efforts while increasing your chance of conversion. Instead of attempting to reach everyone with your message, you can target a small group of engaged individuals and learn from their behavior, leading you to refine and expand your efforts to other groups of people. For example, if your customer base is predominantly comprised of men between the ages of 35 and 55 who are interested in real estate investing, you can segment this group and run campaigns specifically tailored to meet their needs.
Customer segmentation is also a good starting point for your marketing mix, that is, the combination of methods you’ll use to reach your customers. As a rule of thumb, apply three methods to reach each group of people – Advertising, Email Marketing, and Social Media Marketing.
In the previous two points, we discussed how digital marketing can help drive sales through increased conversions and provide a better customer experience. However, generating leads and conversions is not the only role of a financial services marketer; they must also be concerned with garnering a good reputation online, preventing search engines from punishing their sites with penal notices, and ensuring that their website’s content doesn’t violate any local laws or policies.
In the context of SEO, or Search Engine Optimization, many different factors come into play. When you optimize your website for search engines, you’re essentially customizing your content to appear more appealing to search engines. This means that when a customer types in a relevant search term, your website may pop up on the results page.
In addition to appearing in search results, your content can also be found using various social media platforms, including Facebook, Twitter, and Google+. These platforms allow for the publication of content, blog posts, and videos, all of which can be optimized for maximum appeal to a potential audience.
When using social media to disseminate content, it’s of paramount importance to remember the objective – to generate as many leads as possible. This can be accomplished by using many different platforms, engaging with your audience, and measuring the results of your efforts.
SEO and digital marketing work hand in hand, so it’s important to establish a dedicated team to oversee all aspects of your online presence, from creation to monitoring and optimization. With the right team in place, you can be sure that your SEO and digital marketing activities are always aligned and integrated into one cohesive strategy.
The success of a financial services business relies heavily on their ability to effectively implement a digital marketing strategy. With the proper research and analysis, they can arm themselves with the ammunition to accurately target the right audience and to continually refine their strategy, resulting in more customers and higher conversions.