Financial services companies such as banks, credit unions, investment banks, credit card companies, financial planners, insurance companies and so on have long been perceived as solid and staid businesses that follow time-tested, traditional ways of doing business.
With the advent of modern technology and digital marketing tools, more and more financial services firms are taking up the challenge to meet technology head on and adapt to the digital world.
Inbound or digital marketing is a strategy that pulls potential customers to a business, in contrast to traditional or ‘outbound’ marketing which focuses on ‘pushing’ the business to the customer in interruptive ways. It focuses on creating quality content about the service provider that attracts prospective customers to its products and services. By matching the content with the needs of the customers, website traffic can be naturally increased, which could translate to more business.
We bring you a snapshot of how digital marketing is changing the way investment and financial servicescompanies approach their customers. But first, let’s take a look at the way business was conducted typically in financial services firms. Historically, financial institutes have:
- Not encouraged intra-organization information sharing
- Overlooked digital tools
- Ignored KPIs and other metrics.
- Neglected website development funding
Financial services firms rely heavily on referrals and retention rates. Hence it is vital to utilize digital marketing concepts and tools for attracting, converting and retaining customers. Disruptive technologies, data-driven marketing, social media compliance etc. have a big role to play in the success of financial services firms.
Broadly, digital marketing can help in the following ways:
- Discover new opportunities for acquiring and retaining customers via content marketing, data analysis, and responsive websites.
- Combine content and personalization for targeted marketing efforts.
- Understand and fulfill privacy and compliance requirements.
What does this mean, practically?
- Use customer data to understand their buying/investing behavior and create multi-faceted personas to reach and gauge their requirements better.
- The use of marketing automation tools and techniques streamlines the marketing efforts and measures all tasks and workflows on a simple, integrated interface. Efficient use of automated tools enables automatic alerts and personalized messages to be generated and sent to customers.
- The advantage of automated systems is that the success rate of marketing campaigns can betracked and measured, filtering out ones that do not work.
- The digital marketing process automatically conforms to regulations; marketing automation thus takes the guesswork out of following law and regulations for important tasks.
- Using mobile in communications with customers is one of the best ways to leverage digital media and develop enduring relationships throughout consumer life cycles. Hence, having amobile-friendly website and services for the customer can greatly enhance the value addition to the business as it becomes more accessible to the customer.
Like most businesses today, the financial services business is also poised to leap into the digital market to make the most of the opportunities available. Financial marketers need to tap into the major tools of digital marketing – data, content, mobile tech – in order to gain important insights to help improve the business and reap rich dividends.
Digitant has helped many companies in the finance domain achieve significant business benefits with our expertise in inbound marketing.
Contact us today to know how we can make a difference to your business prospects too.