Wealth management has always been a matter of interest for people excited about investing their hard-earned money for better returns, and it is amongst a popular financial service choice.
It plays an essential role in providing authentic pieces of advice to investors by carefully looking at their capital and asset values so that he/she can earn better returns.
Wealth management has relied on direct email marketing for the past several years to generate new opportunities. But with recent advancements and people being tired of receiving several emails, the spam rate is higher than the conversions. Thus, creating the scope of digital marketing for wealth managers.
Digital marketing can find and engage audiences that are just appropriate for business and affirmed by several industries. Since it provides the pre-purchase experience, the customers are happily taking advantage of online searches, relevant content, social media pages, looking for reviews, and recommendations for better investment strategies.
Several financial and wealth management firms are now available on the digital platform. With investors sharing their issues, it becomes easier for wealth managers to identify the weak points that can help them readdress and redesign target personas to create new opportunities with suitable content and advertisements.
That is why we have systematized a list of the top 6 Digital Marketing trends to include in your marketing strategy for better outcomes.
AI: Chatbots and Voice search
Artificial intelligence is a simulation of human intelligence in machines to perform and act just like humans. Slowly they are catching up with every industry and assisting with great facility and certainty.
One study reveals that by the end of 2020, Chatbots will take care of 85% of customer service, and 50% of all searches will be carried via voice.
Bank of America launched an AI-powered software called Erica. It helps banks send some critical notifications to their customers, like balance information, suggesting saving tips, credit card updates, and bills payment. And as progressing, Erica’s capacities are developing as an advanced virtual assistant to help clients make smarter decisions.
Wealth management giant Wells Fargo uses the chatbot, with the help of AI and Facebook messenger, to respond to user’s queries such as account balances, nearest ATM, and daily expenditure records on digital platforms via desktop, smartphone, and other mobile devices.
Digital Marketing Institute states that “A voice search strategy is more than just being relevant – now it is about creating a unique and optimized customer experience that will cherish relationships and build brand loyalty.”
Let’s look at the example of Erica again.
Bank of America launched Erica in 2019, and since then, the voice assistant has reached six million users within six months; it also doubled the bank’s daily client engagement rate. Erica enables its users to interact with it through voice, text, or gesture commands, granting users an easier way to interact with the application and multitask.
Voice search SEO in your digital marketing strategy can provide you an edge over your competitors and help you get more organic traffic and a better engagement rate.
Personalization is the process of providing the marketing experience of the right product to the right person by keeping their likings in mind. Thus the best way to stand out in the competition is to add personalization to your digital marketing strategy for wealth management.
According to Epsilon’s report,
- 63% of consumers are already annoyed with generic advertising,
- 80% of consumers wanting to business with a company providing personalized experiences,
- 90% of consumers claim that they find personalization appealing.
If we consider the above stats, it becomes necessary for the firms to customize their offerings according to the user’s preferences, including investment guidance, strategy tips, and social media pages.
Let’s consider the example of Robo-advisor, a software system that provides financial advice or investment solutions by allocating client’s assets such as bonds, stocks, real estate, and cash, with zero or minimal human interaction using its sets of algorithms.
Robo Advisor’s personalized software services are used by several wealth management giants like Nutmeg, The Vanguard Group, Betterment, and Wealthfront.
Video marketing has appeared as one of the top digital marketing trends in 2020 and will remain in 2021.
Have a look at the following facts to recognize the influence of including video marketing into your digital marketing strategy.
- 70% of internet users have shared a brand’s video.
- 72% of businesses claim that video has increased their conversion rate.
- 52% of consumers claim that watching product videos increases their confidence in online purchase decisions.
- After viewing a video, 65% of executives visit the marketer’s website, and 39% call a vendor.
Videos can help you engage with your audience in a better way than any other means. It can enhance your brand awareness and produces more leads for your business.
Videos let you simplify things and convey your messages with ease. It allows your viewers to follow the idea behind making the video, making it more compelling and understanding than reading long texts.
Several digital platforms are available for watching videos with millions of daily active users surfing and watching where you can post your companies videos, such as Youtube, Live broadcast on Facebook, and Instagram. You can also stream your videos on popular platforms like Youtube.
For example, you can post-event videos, personalized sales videos, client videos, service videos, process videos, and bio videos in your campaign.
One of the top digital marketing trends that you must include in your strategy is inbound marketing. A marketing method that does not force advertisement to internet users; instead, it appears when a user tries to find something relevant and provides a tailored experience.
If you are trying to attract new users and convey your message to strangers, it is an appropriate method, and it will also help you in engaging and delight customers.
The marketing technique promotes creating valuable content to engage and support customers to build trust and healthy relationships with methods like Blogging, Social Media pages, and Email marketing.
Deloitte and Accenture are heavily invested in producing good informative content for their viewers, enabling them to retain most of their website visitors due to their content’s authenticity and information.
Disruptive marketing is an entirely new and latest approach in marketing. As experts put it, disruptive marketing is all about challenging everything you have known and followed so far in marketing.
According to Deloitte, the current disruptive trends in wealth management are targeting re-wired investors, the democratization of asset classes and strategies, catching up with retirement waves, analytics, and big data.
Disruptive marketing is a unique way to demonstrate and engage with advertisement ideas to represent the brand and product to provide fresh experiences to customers driving traffic, generate valuable leads for the company, and build brand awareness.
Digital marketing can help wealth management firms with the disruptive marketing strategy build a disruptive advertising model by making a change in existing campaigns for creating new business markets.
The key here is to stay updated with the latest technology and digital marketing trends to remain competitive. Digital marketing gives you several benefits over any other marketing techniques, such as the low cost of acquiring new customers; digitalization enables you to attract young investors and increase brand awareness with ease.
In the coming future, you will see automation play a crucial role as a tool in providing customer service and various firms posting their content online for branding and catering to their clients.
TL;DR – Summary
The key here is to remain updated with the most recent innovation and advanced promoting patterns to stay in the competition. Digital marketing gives you advantages over some other marketing strategies, for example, the minimal effort of procuring new clients; digitalization empowers you to draw active investors and enhance brand awareness quickly.