Australia’s financial sector is indeed a force to be reckoned with, as it is the largest contributor to the national economy, as per the Australian Government Treasury. One of the reasons why the financial sector has been thriving is because of the country’s sophisticated and competitive regulatory system. Financial services firms are also keeping themselves ahead of the game by adapting fintech strategies to keep up with the way clients want to communicate and interact with their banks. Such innovations aid these financial services firms to deliver products and services in a way that is relevant and convenient to their customers. As 2020 approaches, more and more disruptors are set to change the way financial services marketing strategies are developed. Technology continues to play a role in how businesses market and deliver their products and services and in 2020, the financial services industry in Australia is set to further develop its FinTech capabilities. Here are some financial marketing strategies to apply next year.
What is financial services marketing and how does it impact a B2B business?
Financial services marketing refers to the range of marketing strategies and activities developed and executed by marketers to attract new customers, retain existing clients, and meet overall business objectives. Because not all customers are the same, marketers are challenged to develop strategies that work across all demographics. This is why it’s important to get to know your customers and what they need, so your financial services firm can address them in a precise and timely manner. Here are some of the ways your financial services business can better connect with your customers and more efficiently propel them through the marketing funnel.
Use content as a financial services marketing strategy to help educate customers.
Whether in a B2C or B2B setting, customers go online to search for answers to a question or a solution to a problem. This is where your content comes in. Your financial services marketing strategy needs a content aspect to it, providing customers with valuable information in the form of downloadable content such as e-books, guides, or instructional videos. And it’s not just content that customers want. They also want a more customized form of communication from businesses. Today, customers are more willing to share information about themselves to businesses in exchange for content that is valuable to them. This content often educates, answers a question, or solves a real-life problem. According to Inc., 61% of consumers in America are willing to share more data with a business for so that consumers can receive customised communication. In the UK, 48% of consumers agreed. Customised communication enables businesses to create more relevant messages that customers will respond to more positively. When you create messages that educate and solve problems, you create a relationship which is set to be nurtured by more financial services marketing strategies, discussed below.
Apply segmentation to know more about your customers and personalise messaging.
Personalisation is important to make customers feel like your business is truly listening to their needs. But personalisation begins by analysing your customers and categorising them by demographic. Whether it’s by age, location, interests, and needs, the data provided to you by customers in exchange for your content is vital in profiling them and getting to know them. Once you know who they are, you can segment them into groups and develop specific campaigns for each group. This will help keep them engaged with your business.
Create a seamless customer experience throughout all marketing channels.
One of the goals of your financial marketing strategy should be to create a seamless customer experience no matter where your customer interacts with your business. Hubspot reports that a positive customer experience is key in building brand loyalty and affinity, while helping your business retain your revenue and bring in new customers. Creating a seamless customer experience no matter how or where your customer interacts with your business helps build a positive image for your company. Digital Authority suggests taking it a notch further by optimizing the customer journey for each of your financial services marketing campaigns. Understand the process through the eyes of the customer and find out what the challenges are and address them.
Utilize social media to market your products and services effectively and efficiently.
Social media and instant messaging has become a powerful tool for businesses to reach their customers. It works because it provides a more personalised approach to communicating with customers and that’s exactly where customers are at their moment of need. Forbes reports that social media and messaging apps “offer ways of engaging the customer at key moments of truth.” This is crucial because customers nowadays want answers and they want answers fast. Social media and instant messaging can help businesses meet their customers’ urgent needs.
The foundation of any relationship is trust, so make sure that as a financial services firm, your business or brand is recognized as one that is reliable and remarkable. You can do this in a number of ways, such as publishing truthful and useful content such as articles and guides, thought leadership, and providing a unique voice that talks about fresh issues in your industry and where your business stands when it comes to these issues. You can also build trust by creating great digital and offline experiences for your customers.
A B2B marketing agency can help your business develop financial services marketing strategies that meet the demands of the 2020 marketplace. From content development to email marketing and SEO, a B2B marketing agency can provide comprehensive support for B2B businesses in various sectors. B2B marketing agencies are equipped to develop financial services marketing, insurance marketing, law firm marketing, manufacturing marketing and industrial marketing, IT marketing and technology marketing, and education marketing strategies and activities that are aligned with business objectives.