Financial service is an important and impactful industry that provides guidance for individuals, a start for new businesses, and a boost to the economy. For consumers, having an institution or planner they can trust and one that provides them with continued navigation to improve their financial standing is vital. However, the financial services industry requires a personal and unique strategy to reach consumers and earn their loyalty. Apps, websites, and mobile sites have become increasingly influential in showing potential clients how important it is to invest in professional services.
Here are some trends and tips that can be used to reach consumers looking for financial services:
Understand Your Customer
This might seem like a no-brainer, but many financial service professionals still do not understand one of the largest consumer groups in today’s market: millennials. This technology-forward generation uses mobile devices more than any other generation, including Gen X. Currently, they account for 43% of all mobile banking and finance usage, including mobile check deposits, money transfers, investments, bill pay, and direct deposits. While baby boomers are more likely to schedule an appointment or visit their credit union location, younger generations are looking for access to information online, either through a mobile website or app. And although millennials are not the only individuals with financial needs, it’s important to employ tactics that will reach them effectively while maintaining traditional marketing strategies for older generations.
Expand Your Content
One trend that’s spanning across generations is the desire for content that relates to personal and business finances. Consumers want to understand the financial market as it relates to them, from how to budget their monthly bills to home loan rates and early investing. And they are doing most of this research online before consulting a financial professional. In order to place your financial business ahead of competitors and earn those coveted long-term clients, you’ll need to expand your content. Simply posting to social media or updating your website is no longer enough to fill the needs of the consumer. Position yourself as a knowledgeable, trustworthy leader in the industry with interactive content, podcasts, blog articles, calculators, case studies, and customer testimonials. Explain the many important but confusing topics consumers want to understand, even if they don’t have time to manage it themselves. Creating and sharing content in these different ways also allows you to show the value of your services and what sets you apart from your competitors.
Test, Track, and Analyze
As you implement new marketing strategies and build custom target audiences, you will be able to see what tactics work, what needs to be adjusted, and where you may want to spend more time and resources. Tracking the metrics for your social media channels, website traffic, app downloads, and engagement will provide you with the data you need to analyze the performance of your marketing strategy. Tracking consumer behavior will help you to drive better predictions, see the types of websites that send you traffic, and identify customer needs.
The financial services industry may be competitive, with a demanding consumer base, but with a mobile-first strategy that provides directed and educational content, financial institutions can reach a larger audience and gain loyal, long-term clients.
Contact excelerate Digital for help creating an effective marketing strategy for your financial services business.