How Digitization Has Changed Marketing Tactics for Financial Companies

Digitization is fast catching up with the financial services industry. And the marketing aspects are geared towards personalization. 

There has been an emphasis on implementing sales tactics that are based on personalization. 

Financial services institutions must implement the latest digital marketing tactics to win over competitors in an intensely competitive space. And such trends are:

Increasing Competition

Digitization has taken everyone in its grip. Meaning, almost everyone is using digital devices. Therefore, financial companies should build their online presence, from social media to Google ads. 

The companies are now left with no other option but to increase their digital marketing spend and increase efforts across digital platforms to increase the efficiency of their advertising. 

With the steady growth of digital marketing, many companies are committing more than 50 per cent of their marketing budget to online advertising compared to 14 per cent in 2017. 

Despite digital marketing being a growth engine for financial service companies, the intense competition has made it difficult for them to stand out. And that means the companies must adopt prudent approaches to stand out. 

Such approaches could be highlighting customers and success stories, driving values through marketing offerings, and using non-traditional awareness campaigns instead of regular ads to drive the most engagement in a highly competitive digital landscape.

Multi-Channel Services Marketing

Today, client touchpoints have changed from high-value touchpoints to a more frequent series of smaller touchpoints. As such, consumers interact with your brand regularly and across different channels. Financial companies are quickly capitalizing on this trend. They should understand how omnichannel allows brands to better engage with consumers to build trust and loyalty. Financial services companies are actively building their presence across social media, apps, and SMS to increase touchpoints and visibility to strengthen client trust.

Goodwill Missions

In today’s competitive business landscape, the most innovative brands need to understand precisely where they fit into customers’ lives on social media. As a result, they can find creative ways of working into the conversation.

To achieve this, companies need to be transparent. They should be aware that consumers do not connect with brands that they find insincere. Consumers find no good reason to invest in a brand they do not trust. And, that is why trust is essential for financial companies to remain connected with consumers. 

Today, financial companies need to find out effective ways to survive in the stiff competition. They should understand why they exist and whom to serve.

Building Micro-Moments

It will help if we first understand what micro-moments are all about. When something comes into a user’s mind and immediately looks it up on their smartphone or computer, it is called a micro-moment. It is needless to say that modern technology has enabled users to access what they look for effortlessly and quickly.

Today, automation and AI can give you immediate answers, provide the right content, and forecast future scenarios using predictive analytics. As such, you can better prepare yourself for meeting client needs. For example, a chatbot can help consumers to get answers to their queries round the clock. Likewise, pre-approval for loans can help consumers decide things such as buying a car.

Similarly, predictions, such as when prospects are likely to buy a home, allow banks to figure out the mortgage amounts. As such, banks can get relevant information without even considering what their competitors are doing. 

SEO

Today, no bank can run successful digital marketing campaigns without integrating SEO into its strategy.

Despite the trend of organic searches remaining the same during the last few years, newer searches are becoming popular. 

Financial companies must optimize their marketing content to appear in mobile search, voice searches, local search, and any combination. 

Therefore, you should implement SEO to boost your digital presence. In addition, you should incorporate the right keywords to enable your web pages to rank higher in search results. 

But, when you use keywords, be careful to use them to do not interfere with the customer experience. 

Financial companies should plan out their content strategies to offer short and precise answers to consumers through different search methods. Besides, it will help if consumers find the relevant web pages on top search engine results. 

Social Media Ads

Today, most people spend time in front of digital devices. So, financial companies should leverage that trend. People nowadays use digital devices for stuff, such as news, shopping, entertainment, and banking. Social media is the best place for financial companies to advertise their products and services. Increasing social media ad spending can help companies to reach more and more people.  

Conclusion

The COVID19 pandemic taught businesses how uncertain the business environment could be at times. So, businesses, including financial companies, should implement the latest digital marketing tactics to stay ahead of the competitive race. This article will act as a valuable guide for financial companies to run successful digital marketing campaigns.