Marketing practices employed by the financial companies in 2021

In recent years, after the technological advancements, those companies that are involved in the financial industry, banking, or other business, have realized that the traditional ways of attracting clients are not efficient anymore. When the customers are focusing on securing their accounts as much as possible, due to the fact that we live in a digital era, the companies started focusing more on the customer’s experience. 

This was the moment when the shift from the product-focused approach happened and the majority of the companies switched to the customer-centric strategy. The most powerful tool that the company might obtain from this approach is the customer’s trust. 

The industry that helps financial companies to increase their brand awareness, use various strategies and tools, is called financial services marketing. In this competitive environment, there are already well-tried marketing strategies or technologies that help the company to stand out in the market. 

Increasing demand for Cross-departmental integration 

Due to the prevalence of data silos, organizations in the financial service industries frequently lack comprehensive visibility of their data. A growing number of acquisitions and mergers, different levels of data authority, and a fundamentally decentralized approach to data collection are all contributing to this. However, building seamless, data-driven marketing strategies that produce a good consumer experience necessitates centralized data analysis. 

To integrate information, CMOs must establish bridges across the business and connect every discipline of their marketing team. Each team may keep essential marketing data in a single spot with a consolidated data analytics platform.  This will connect data from all lines of business, breaking down data silos and allowing enhanced decision-making that will influence the overall performance of the company. 

Promotions

The financial industry, due to technological advancements, requires the proper implementation of predictive analytics and machine learning. There are some of them that are already widely used in the industry, such as automated processes and algorithmic trading, as well as machine learning and artificial intelligence, however, ML is less common. They are a great help in terms of clients with the proper information at the right time. 

One of the most advanced strategies in this regard is considered to be the Wise affiliate program initiative, which gives not only the clients proper information but allows the third-party involvers to gain some benefits. The system is that when a person spreads the word about the company and its mission, with the link, emails, or blog posts if someone signs up, that person will get the reward. It works on the client’s mindset utterly effectively. 

The above-mentioned type of content is considered to be one of the most well-tried strategies for receiving attention from clients. Many financial industry member companies were using promotions, as their main strategy for making the company engagement increased.  One of the examples of that is the XM bonus practice that was offered by the trading company to its clients and they were attracted by the good deal which made the company an active topic of discussion. This practice we call raising awareness about the company nowadays. 

The well-tried Revolut referral program should also be mentioned in this regard as it was the best opportunity to receive some rewards in case of inviting a friend or someone, after spreading some words about the company. The official statistics have shown that the companies that had implemented that kind of strategy helped the companies to raise their sales. 

It might sound surreal, but the advancement in the analytics platforms has made it possible to create a tool that helps to properly predict the success rate of the message the company is sending to the client. Frameworks such as Bayesian learning and forgetting are a good solution for the company to make the decision that will be dependent on the datas, which will also help to manage funds more efficiently in terms of ads. 

Marketing ROI 

CMOS and CFOs have come to expect responsibility from marketing teams as digital marketing initiatives generate massive amounts of performance-related data. As a result, marketers must connect data from different initiatives to determine which marketing messages are effective and which are not. This is frequently accomplished by combining sales data with campaign data using techniques such as unified marketing measurement. There are several important marketing analytics. 

• ROI Analysis and reporting - it is feasible to correctly calculate the marketing ROI by connecting the analytics platforms with current financial reporting tools. This will assist you in convincing the finance team of the true worth of marketing efforts. 

• Offline and online optimization - it is important to make media placements and messaging optimized. Many marketing analytics tools can measure the success of digital initiatives, but the platform should also have the option to improve offline media. 

• Brand tracking is also an important aspect. It is possible to analyze the evolution of the company’s image by measuring important categories like brand awareness, purchase intent, and consumer interaction. Brand tracking is built-in into the proper marketing analytics platform via always-on surveys allowing to maximize ROI over time. 

Consumer micro-moments 

Micro-moments occur when a customer uses their gadget to address a pressing problem. A consumer, for example, is participating in a micro-moment up their phone by taking their phones and searching for something that they are looking for, want to buy, etc. the companies need to be ready to have the information prepared so that to provide those clients with immediate help. 

Stakeholders should look for a platform that can anticipate the messaging people will search for these macro-moments and allow them to adjust ads while they are running. This will enable the company to precisely monitor changes in client inquiries, allowing them to inform them exactly what they need to know on any given day while staying below a fair budget. 

The personalization 

Personalization is a means for businesses to differentiate themselves and move the attention from the product to the client in the financial business which is becoming increasingly competitive. Marketers may build customized customer experiences to the desires and requirements of each user with a more sophisticated understanding of their target demographic. 

Teams should explore using tools that examine both rational and emotional elements when determining which massages are successful and why. 

Summing It Up

Finally, to sum up, the greatest achievement in the financial companies has been that they managed to change their product-based mindset to a customer-centric approach, however it requires the proper knowledge of the newest trends on the market. In order to keep up with the newest trending, the marketing team should always be acquiring the information about the right marketing techniques that will be proper for crafting their initiatives. 

Not only will those tools help to create a messaging system that will more likely work efficiently, but it will also increase the clients’ trust. This will help those companies to gain an advantage over the other traditional banking system and financial institutions.