The term financial services is a broad umbrella for economic services that are provided by the finance industry. The term covers a wide range of businesses, including credit unions, banks, and credit-card companies. These services are essential for individuals and businesses to succeed, and they can be defined as any financial transaction that involves money. However, there is much more to financial services than just banking. Below are three tips for financial service marketers to make the most of data-driven marketing in their industry.
Embracing data-driven marketing in financial services
Embracing data-driven marketing in the financial services industry means analyzing consumer behavior across multiple channels and identifying the most valuable segments. Data-driven marketing is a new way of approaching consumer communications by personalizing content and targeting them on the basis of the individual’s needs. With the right data, personalization becomes easy, while maintaining relevance and efficiency. Embracing data-driven marketing in financial services will enable financial institutions to increase consumer engagement and grow their revenue.
Financial services companies collect huge amounts of customer data every day, allowing them to develop robust customer profiles that include their preferred banking methods, payment accounts linked to specific members, and more. This information is then used to refine marketing strategies and personalize communications to customers. The ability to identify these details will allow financial institutions to understand which marketing strategies work best for their specific segments. The goal is to provide personalized customer experiences that satisfy diverse client needs and boost their bottom lines.
While traditional search engine marketing is still a viable method for attracting new customers, some marketers in the financial services industry may find it difficult to attract new clients. Paid search is a good option because it can increase brand recognition, attract leads and increase conversions. Financial services marketers should use creative language to draw attention to their advertisements. They should also stick to character limits. The use of question marks, percentages and numbers can increase click-through rates.
The finance industry is highly competitive and brands must work harder to differentiate themselves and catch audience attention. One of the best ways to achieve this is through pay-per-click advertising. This method involves posting advertisements on search engines or websites in order to capture the attention of target audiences. Pay-per-click advertising is an effective marketing strategy for financial services companies because it allows them to target their ideal demographic. Here are a few benefits of financial services pay-per-click advertising:
Developing a digital-first marketing strategy
Creating a successful digital marketing strategy for financial services requires identifying the customer journey and tailoring messages to meet their needs. While most consumers interact with banks across multiple channels, some may choose to check out their mobile banking app before deciding to use one. Financial services companies must focus on their core competencies and create an experience for their clients that is genuinely helpful. If a financial brand isn’t sure what their customer journey is, consider partnering with a consumer platform with a proven track record.
While traditional marketing is still an important part of promoting a brand, digital marketing is often neglected. Most banks spend just 0.077% of their total revenue on marketing. By comparison, a median marketing budget for all businesses is 13%. Developing a digital-first marketing strategy for financial services isn’t expensive, and it can help your brand extend its brand awareness. Ultimately, it will make your business stand out from the rest.