Marketing financial services in 2019 will continue to be tough business. No other industry has found it to be so tricky to relate to their consumer base, build trust or foster long term relationships with their consumers.
Managing money is tough, on both sides of the aisle.
On the consumer side, there’s an inherent distrust of any financial institution responsible for personal wealth. On the enterprise side, big banks have failed to create the right message and marketing mix that would make them personable. And after the 2008 financial crisis, the image of financial institutions has all but shattered.
Still, some financial companies are performing very well. Companies such as Credit Karma, Mint, Digit or Sofi did not even exist ten years ago. Now, millions of people all over the world use them and they show no sign of stopping. What all these companies have in common is their ability to market to the 21st century buyer. They’re all Millennial businesses marketing to other millennials.
So how do they do it? How do they stay relevant in the 21st century? What tactics did they use that were successful?
In this article we will cover each of them in detail. The following are the best financial services marketing strategies every executive should be aware of – and implement – in 2019.
Blogging has been been around for almost 20 years. Everyone does it. Small and big companies alike have consistently discovered the power of creating educational content that can wow and engage readers and turn prospects into customers.
That said, the financial world has been slow to adopt blogging as a marketing strategy. This is unfortunate because blogging remains one of the most popular ways to attract new customers. When it comes to financial businesses, most of us have a very limited understanding of complex financial terms. 401k or IRA, CDOs or ETFs – all these acronyms refer to very popular financial products. But does everyone know and understand what these concepts mean? The financial industry as a whole needs to take the lead and use content strategy to educate their consumers.
Without bridging the gap between financial services and customers’ understanding of these services, finance marketers will never meet their objectives and demonstrate the return of investment for their efforts.
In the marketing space, ever more companies have begun to understand the power of video to engage with their consumers. More than 80% of world smartphone users watch at least one video on social media, online or on YouTube, every day.
Video is popular and all indicators show it to be gaining steam. If you’re a financial marketing expert, you would be wise to consider creating short and engaging videos. You could test the water by creating 1-2 minute videos on any topic relevant to the financial well-being of your customers.
From topics such as: “why you should save for retirement” to “why you should invest in securities”, and everything in between, short informational videos will help you get in front of your potential customers at the right time – when they’re searching online for the products that your company is offering.
Social influencers are a new 21st century breed.
From Pinterest, to Instagram or YouTube, a series of regular people, like you and me, have become popular overnight because they knew how to do one thing very well, and they kept sharing that thing with the world.
From mom bloggers, to gaming bloggers, and everything other topic you can think of, there are now thousands of influencers out there who have half a million or more followers.
Financial marketers should consider reaching out to these influencers and tapping into their markets in order to get new customers and increase loyalty among current customers.
The reason many financial companies are starting to engage with influencers is very simple. Influencers can humanize your brand. Influencers can speak about your services in plain terms, so that everyone can understand what you offer.
Last but not least, influencers are trusted by their followers and, as such, are more likely to have their followers pay attention to your products than if you simply run TV ads or online ads. Not sure how to start interacting with influencers? Check out this free influencer marketing guide to get a crash course in influencer marketing.
Social media marketing
A staggering 77% of all Americans have at least one social media profile in 2018 which is accessed at least once a week.
If you’re not advertising on social media, you’re really missing out on a great opportunity to engage with the people who could benefit from your services. After all, there is a reason why Facebook is the second biggest advertising platform in the world, second to only Google.
So make sure to leverage the power of social media in 2019.
However, make sure you understand user expectations for each platform. For example, Facebook users are more likely to interact with lifestyle posts. Twitter users are more likely to click on news and trendy articles, while Linkedin users are more likely to engage with business content.
Whatever the social media channel, make sure you create the right marketing strategy so you can see a positive ROI in 2019.
These are the 4 most powerful financial services marketing techniques for 2019. Which one do you plan on using next year?