Digital Marketing Tips for Finance Companies
Competition is a fact of life. In every industry, as soon as someone has a winning product, service, or formula, another one pops up to take advantage of the market the first one pioneered. The same is true in the financial services industry. The brick-and-mortar banks, mortgage lenders, or retirement investors that were already plentiful now compete with the many virtual financial services providers that are popular with younger generations.
The stiff competition for business means financial services providers must advertise to stand out from the masses. Digital marketing helps build connections with the local community and clientele because so many people conduct financial affairs online. You have created a business based on excellent customer service and sound advice. Now you need to let your target customers know about your offerings and reputation in a way that resonates with them.
This post gives you insight into how you can accomplish your goals. You’ll learn where and how you can make impactful changes that grab your audience’s attention and attracts new customers. Once you know who you want to reach, you can take steps to encourage your prospective customers to choose your business for their financial services.
Determine Your Target Customer
The first and most critical step is accurately defining who your target customer is. If you have specific services desired by a particular demographic, you must identify the criteria that describe them. For instance, if you offer mortgages, your target customer would likely be over 21 with a dependable income and acceptable credit score. If you provide specific kinds of mortgages, such as those for luxury homes, your income, liquidity, or investment criteria would be much more stringent than if you offered only first-time buyer mortgages up to $150,000.
You will take the same approach by targeting working adults if you offer retirement accounts or marketing to parents with families if offering savings accounts. If you specialize in small business loans, you want to design your marketing to appeal to professionals or creatives. Understanding who you want to reach empowers you to frame your marketing message to be impactful. It allows you to attract people at different life phases where they will need specific services.
Connect with Local Audiences
Finances are deeply personal for people, as it impacts their entire lives. It takes a trusting relationship to be effective. Connecting with locals requires framing your marketing around their lifestyles, tailored to each location’s surrounding areas and demographics. For instance, if you want to position your business as having deep local roots to reach adults with young families, your ads in Dallas might highlight local attractions like the Perot Museum, the Dallas Zoo, or the Texas State Fair. However, that same ad in Chicago would instead mention the Lincoln Park Zoo, Brookfield Zoo, or the Shedd Aquarium.
Streamline Your Website
A well-designed website is crucial for any business. An easy-to-navigate and highly functional website allows you to increase traffic and convert prospects. It is the decision-maker that entices customers to follow through and convert. Digital ads will get visitors to your site, but your website converts them into customers.
If you have any doubts, consider the times you’ve seen an ad with a product or service that attracted your attention. The copy is compelling, so you click through to the website only to incur delays in searches, incorrect or broken links, or even pages that don’t render correctly on a mobile device. Even though you were interested in purchasing the item, you likely searched for the product on other sites that offered a more user-friendly shopping experience. A poorly designed, shoddily constructed, or badly maintained site can make or break your chances of converting new customers.
Establish Ongoing Communication
Open communication is at the heart of every good relationship. Developing positive dialogue with your customers is how you forge lasting connections. Email marketing, videos, or blogs on topics relevant to your target demographic will go a long way toward keeping in continuous touch with your customers, reinforcing your brand story, and educating customers. Video marketing is particularly effective as it puts a name and face to your company while showing customers rich information about your location and process. Engaging via social media or email h email is also an excellent investment to give customers different options to contact you beyond relying on display or SEM ads alone and, along with email and blogs, helps them feel valued and supported. You can also include links to your videos within your email or social media, by either directly sharing or giving them something to find once you pique their interest.
Connect With Your Audience Through Digital Marketing
Reaching your desired audience is a critical first step in building your customer base. However, building a relationship that will last over the years takes time and communication. You must continually make a connection with your audience to increase familiarity and reinforce the message that you are here for them. Digital marketing helps establish your financial institution as a trustworthy entity and enables you to stand out and get noticed as the right choice for your customers.
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