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Financial Services Advertising

By 1 August 2023April 15th, 2024No Comments
Financial Services Advertising

Financial Services Advertising

Financial services advertising has never been easy, and it is unique from the typical marketing that everyone is familiar with. Any and all marketing tactics employed in the financial sector by marketers can be considered a part of financial services marketing. Like every other form of marketing, the best financial services marketing can successfully attract new customers and also retain the existing ones. However, succeeding in the financial services marketing sector is easier said than done.

Financial Services Advertising

Despite it being tough in terms of implementation, financial services marketing is still a crowded space, and the competition is tough. Under such circumstances, it becomes increasingly difficult to stand out from the crowd. Furthermore, the financial services sector often employs a wide range of marketing strategies that can go from innovative to bizarre in the hopes of grabbing users' attention and making a successful conversion.

10 Best Financial Services Advertising Strategies to Grow Your Business

This article takes you through some of the finer details of financial services advertising and how you can use them effectively to grow your financial services business. The article also presents you with some of the best financial services marketing strategies that are available at your disposal today. The strategies mentioned in this article are employed by some of the leading financial marketing companies across the world.

However, it is up to you to pick the right advertising strategies for your unique requirements. It is also worth noting that you may employ one or multiple marketing strategies together for getting the best result for your financial business.

1. Focus on Gaining The Trust of The Prospects

Trust should be the cornerstone of your financial services business because it is essentially the deciding factor that determines the fate of your financial business. But, how do you go about gaining this trust from the target audience? Well, this requires a lot of work but basically, making your company a trustworthy one to the prospects includes establishing an impeccable work culture and also providing a memorable experience that connects to the individual prospects.

Now, make no mistake. Earning your prospect's trust is no easy task and what will ultimately help you is how convincing your marketing efforts are. Did you know that a mind-blowing 92% of millennials do not trust banks at all? This means that earning the trust of your prospective clients is the number one priority for financial service providers. Your marketing campaign must convey to the prospect why they should trust your bank with their hard-earned money. Furthermore, it would be best if you also made it a point to showcase why they must choose you over your competitors who provide the same or similar services.

One good thing about the trust factor of financial institutions is that it remains consistent for companies of all sizes and types. It does not matter if you are a financial advisor, or loan provider, or even a savings product, for that matter, because by the end of the day, what will count is the prospect's trust in your financial institution. So, the question here is, “how can you earn public trust?” and the answer can not be congested into a few paragraphs. However, in the article, we try to make an earnest effort to cover all the basic points you need to know.

Branding

Branding is one of the three most compelling aspects that can establish trust in the prospects of a financial institution or any other business, for that matter. For creating effective branding strategies that stick to the minds of your prospects, your marketing team needs to work with your executive team so that you can clearly define your core values. This collaboration becomes crucial in building an ecommerce team, where the understanding and embodiment of these values are fundamental to achieving cohesive branding and customer engagement.

This is not merely about defining the core values of your financial business but a step towards conveying to your prospects that you mean exactly what you say. You need to show that the company's core values are not just confined to pretty words and show them how it lives up to what it preaches.

Engaging Digital Presence

A vast majority of your target audience now belongs to the millennial generation or Gen Z's. Therefore it'd be ignorant of you to not pay heed to marketing efforts made through numerous digital channels. This means building yourself a noticeable online presence and optimizing it to be accessible through multiple devices.

It is especially important to make it mobile compatible so that your business and its marketing campaigns can be accessible to your prospects anywhere, anytime. According to a study conducted in the UK, more than 70% of youngsters will manage their finances through digital channels by 2023. So, if you don't already have a digital presence, then you are literally wasting time even as we speak.

Build Social Proof

Social proof is a psychological phenomenon that makes people conform to popular actions in the assumption that they are the correct behavior warranted in the situation because everyone else is doing it. Building social proof involves creating a psychological effect on your prospects to follow a trend by strategically using social media influencers.

It is important to note that priority must be given to finding the right influencer or personality for starting a trend that can effectively market your financial product or service. You can try various methods to get the trend started, such as a social media challenge endorsed by popular influencers or personalities, and include attractive prizes to increase the campaign's reach.

2. Advanced Direct Mail Marketing

Direct mail may sound a bit odd or at least outdated to be used as a marketing strategy in the digitally prominent world we live in today. But the truth is that direct mail for the financial industry has always been one of the most effective marketing tools loved by market leaders, and incidentally, it still happens to hold the same relevance even today. One reason direct mail is still relevant even today is that many customers still prefer to keep track of their bank transactions on paper as they consider it to be the safest.

But, as far as marketers are concerned, the prominent reason why they still love it is that they are highly reliable. Unlike a digital effort like emails that often get ignored by the target audience, direct mails have an incredibly high chance of getting read by the recipients. Furthermore, over the years, direct mail has accommodated modern solutions that help you automate and track the entire process to ensure maximum productivity.

Combine Online & Offline Marketing Efforts

There are advanced direct mail tools in the market, such as PostGrid, which can automate the entire direct mail process and even verify the addresses to ensure a whopping 99% deliverability rate. What's even more interesting is that you can now combine your online and offline marketing efforts and use direct mail to bridge the gap between the two. You can utilize direct mail for their high reliability to deliver a message and then use a QR code to guide them to your website/landing page. This is perhaps the best financial services marketing method that is in use today.

3. Campaigns That The Prospects Can Relate to

It is not enough that you make use of the latest and best tools or most popular celebrities for your marketing campaigns. The key to delivering effective financial services advertising is to make it relatable to the target audience. Furthermore, your target audience, which mostly consists of the younger generation, wants a rewarding digital experience that is both exceptional and convenient. And your marketing efforts make it very clear that the target audience gets everything they are looking for.

Everything from your branding to messaging and tone should be relatable to your target audience. Additionally, you must also ensure that the relatable nature of your marketing efforts is not lost regardless of the size of the target audience. This means that you have to either find common ground for your target audience or cover different situations separately to include every type of person included inside the target audience.

If you still have doubt about making every marketing campaign relatable to your target audience, just consider this, what good would it do to market a superbike financing option to your elder audience? It would just seem bizarre and serve no purpose for your financial services business. In fact, not properly targeting your prospects with relevant information could very well end up with you losing their business and eventually becoming obsolete in the market.

Another important aspect of giving attention to making your marketing efforts more relatable is the language you use, and I don't mean the literal language but the language in which you communicate to them. You need to gain the trust of an audience whose default setting is not to trust and to do that, you need to view from their perspective, find their pain points, and then offer a solution to the problem.

4. Make Use of Social Media Influencers

We have already briefly talked about the significance of social media influencers in building social proof for your financial services business. But, building social proof is only part of the things accomplished by effective influencer marketing for your financial services business. Using the right influencers for your financial service advertising can easily help you reach out to new audiences and even associate with the right personalities to create an image for your business.

Choose The Right Influencers

If you are trying to pitch financial aids for youngsters who want to buy an expensive superbike, you could make use of professional racers or even Instagram famous bikers. An incredible advantage of doing this is that you instantly reach the target audience because of the followers the influencer already has. Not only do you get a much extensive reach for your marketing campaign, but you are also able to establish credibility because the influencer is trusted by his/her followers more than any ad you can have them watch.

Raise Brand Awareness

Additionally, influencers can communicate your value proposition to your target audience without confusing them with complex finance options using vernacularly understandable communication. This is crucial to keep in mind because only a mere 24% of millennials even claim to have command over the basic financial concepts. Half the time, people avoid investments in the financial sector because of a lack of understanding, and the right influencers can solve this for you.

Social media is the ideal choice for marketing your financial services to the youngsters who are not particularly impressed by your credentials or even numbers, for that matter. That is not to say that the credentials and numbers do not matter to the youngsters, but before that, you need to establish yourself as a trustable brand through brand awareness through social media. Social media influencers play a pivotal role in raising brand awareness and garnering the trust of the younger audience.

5. Educate Customers Via Relatable Content

Content still remains the king when it comes to marketing, and financial services advertising is no different. The best financial services marketing makes use of relevant and engaging content in its heart. Furthermore, now the channels through which you can deliver the content have also greatly diversified to include ultra-modern approaches such as Alexa skills. Even the age-old blog posts now have a modern spin that enables actionable and game-like elements in them.

Although the financial sector is yet to make use of these advanced capabilities to their full extent, we have already begun the transition to implementing some of these ultra-modern approaches. The point here, like always, is to attract and retain customers. The users are always on the lookout for reliable content to educate themselves, which is true across all age groups. Delivering content related to the finance sector that the users want to consume is hard since the topic is not very enjoyable in most cases.

Use Relevant Content

Although this might sound like a no-brainer, you would be surprised at how many financial companies still get it wrong. When selecting and creating the content for the target audience of financial institutions, you must look at it from the perspective of a typical user who probably does not know what a fiscal period is or some other common banking term. This means everything from your headlines to the way you present your content must be created after analyzing how the user would search for it. Also, make use of the relevant keywords and try to get your content ranked in the top SERPs.

Generate Traffic And Boost Brand Awareness

One of the primary uses of educational content for financial institutions is to generate traffic to their website. By bringing the users to their website through educational content does not only help you raise brand awareness but also can be crucial in creating conversions. Furthermore, after learning more about a specific subject, the user is able to make a well-informed decision, and this alone is enough for building a relationship with your brand.

Think about it, don't you have a website that you trust more than others when it comes to getting the right information for you. To achieve such a level of trust with your potential customers, you need to be able to provide them with reliable information in the most engaging way possible. This can be rather challenging considering the nature of content that the financial sector deals with. Focus on delivering the content through multiple channels and makes your content accessible through whichever medium is most convenient for the users.

6. Optimize Workflow & Brand Copy Across All Channels

We have already discussed the importance of having a multi-channel presence for your financial service business. But, being present is not really worth all the effort if it can not drive the desired results, and to do that, you need to optimize the workflow and brand copy across all the channels. It is quintessential that you always keep in mind that your target audience probably has no idea how exactly the financial services you provide works for them.

Regardless of whether your business provides financial services or products, all your financial marketing strategies, digital workflows, and content must operate under the assumption that the customer does not know what you are selling, and the onus is upon you to convince them that they need your services/products. The key to doing this is to develop a consistent brand message and convey the same to your target audience.

Avoid Jargons And Enhance Comprehensibility

When it comes to the financial industry, it is essential that you say exactly what you mean and, more importantly, make sure that the user can understand what you mean. It is no secret that the financial industry is filled with jargon that rarely anyone outside the industry will understand or even recognize. You need to make it a point to ensure that whatever copy or content you create is compelling and easily comprehensible to the general public.

7. Optimize The User Experience

Another important yet well-known aspect of the financial services advertising sector is the user experience. It is imperative that financial institutions have an online presence in today's digitally dominated world. It is also necessary that you provide a friction-free experience on your website. This means you have to pull all the stops from optimizing your messaging to using a better UX and employing better and smarter solutions.

Go Omnichannel

The best way to enhance the user experience of your target audience is to facilitate an omnichannel capability for your financial services and products. An omnichannel experience would mean that your customers can access your services or products from anywhere at any time via multiple devices. This means that you would have to build a superior mobile app and website design with a mobile-first approach. Why? Because this would ensure that your omnichannel experience remains consistent for your customers.

Use of Conversational Tone Over Authoritative

The finance industry has long used an authoritative tone in all their communications, and it may have created a sense of professionalism, but ultimately, the customer was left confused by this. Over the years, many financial institutions have switched their approach and adopted a more conversational approach in their communications via every channel. Furthermore, most companies have found that using a design that is more aligned to a storytelling style along with the use of warm colors and rich iconography works best for financial services advertising and marketing.

8. Personalize Marketing Efforts

In the digitally dominated landscape of marketing, personalization is at the crux, and it is no different in the case of financial service advertising and marketing. Personalization in finance implies that you use data to make the most relevant recommendations to your customers. This means that you need to pitch the right idea at the right time and price. Personalization goes beyond targeting the right people with the right offers or service; it also gives the customer the impression that your business really cares about them and what they want.

User-Specific Recommendations

Personalization in finance always falls under one of the two categories, where the first one is user-specific recommendations and the second being customer-relevant services. While the first one focuses on providing relevant services, the other focuses on the services that are based on the customer's financial requirements. Personalization is no longer about generalizing offers and recommendations based on the demographic data available.

Personalization today goes deeper than ever before to analyze user behavior in relation to your platform to come up with user-specific recommendations. Albeit you may need to crunch a ridiculous amount of data in order to find the right time and service/product that the user is likely to opt for, it is still worth all the trouble because the results speak for themselves.

9. Optimize Customer Journey

One of the challenges faced by marketers is to optimize the customer journey as it requires the marketer to study how the user's experience changes from one touchpoint to another. The marketers then have to create a user experience for the customers where they are presented with everything they need at every step. To do this, you first need to learn how your users navigate through your online as well as offline channels. You can study the user behavior on your website using advanced AI-assisted tools and even utilize eye-tracking technology.

However, it does present a number of challenges, such as a huge number of variables and situations, especially in the finance industry. You need to keep in mind that regardless of the channel the customer uses, let it be email, your website, or even your mobile app, you still need to speak in one voice that is consistent everywhere. It is hard to create a smooth user experience for financial institutions, and many banks still ask you to go to their local branch for specific tasks, but the user expectation has changed over the years.

For a banking business to survive in today's world, they need to keep up with customer expectations, and in this case, they expect a streamlined user experience across different channels. So, it is necessary for marketers to analyze the problems that the user might be facing across multiple channels and then come up with a solution that accommodates each of the problems the user faces. Furthermore, getting rid of any friction elements in your channels will further lead to more conversions, and that is always desirable for your financial institution.

10. Utilize Artificial Intelligence or AI

It is only natural as we modernize the working of the financial industry that we incorporate AI into our marketing efforts. AI can help you get rid of adoption barriers and friction elements, which in turn helps you optimize the overall user experience on your website. AI gives you feasible data to optimize your marketing processes instead of having to guess the behavioral pattern of your users. They can even gather the required data and make judgments based on the provided matrices.

Some of the aspects in finance service advertising that AI can help you in include predicting what services/products are best suited for your customers based on their past engagements. AI can also help you avoid those embarrassing scenarios where your credit card declines due to false-positive and streamline the overall user experience. AI can create the perfect chatbot for your customer interactions, and it will also be equipped with all the knowledge to handle a variety of complicated scenarios the customer may be going through.

Conclusion

Financial services advertising is not easy, and it pays to have the right marketing strategy equipped for your financial institution. You can use several marketing strategies to ensure the maximum reach of your message and create brand awareness. We live in a digitally dominated world, and it is necessary to use the latest technology available to ensure the best results. This includes using advanced AI, making use of social media, and personalizing your efforts.

However, the best financial services advertising for lead generation still uses traditional approaches like direct mail coupled with advanced digital capabilities. When used in tandem with features like a QR code, direct mail campaigns can ensure the maximum reach of your marketing campaign. Provided that you also have the right content and pitch it at the right time to the right audience, you are guaranteed to see significant results. Using advanced direct mail tools like PostGrid with its fully automated capabilities can be a game-changer for financial services direct marketing.

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