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Marketing is changing. This is especially true for the financial industry. Modern customers want to engage with brands on their own terms and by their chosen channels.
According to Microsoft’s 2015 Global State of Multichannel Customer Service Report quoted in CMS Wire, “60 percent of consumers have a more favorable view of a brand if their self-service offering is mobile-responsive.” While those other 40% are broken up between other digital and live interaction, the trend of personal empowerment remains: customers want financial solutions that they can leverage in their own way, on their own time.
No matter the avenue, reaching your customers is always a priority. Now, advances in digital marketing can help pave the way for customer acquisition and retention. We have put together these 4 tips to help maximize your digital marketing in fintech.
If you aren’t already leveraging mobile marketing and advertising tactics in your campaigns, you should start immediately. According to a recent ICBA survey, “74 percent of all millennials said, ‘Mobile banking is very important to me.’” While that speaks to a large demographic of mobile users, if you take into account the statistics from a recent Federal Reserve survey that “fifty-three percent of smartphone owners with a bank account had used mobile banking in the [past year].” It shows that young adults are not the only ones engaging in mobile-first banking
To further validate that mobile needs to be a part of all campaigns for digital marketing in fintech, the same Federal Reserve survey says that “as of November 2015, 87 percent of the U.S. population ages 18 and above owned or had regular access to a mobile phone.”
These statistics speak to the increase trend of mobile technology tied into the financial sector. With more and more customers and potential customers utilizing mobile platforms for financial information gathers and financial management, direct digital marketing in paramount.
According to NG Data, “The Financial service industry needs to catch up with others already using content marketing.” This of course is not true for every financial services company out there, but if you aren’t leveraging branded content in smart and effective ways, you are not going to be able to reach your target audience.
Focus content on information, data and statistics. Answer questions your clients and prospects have. In other words, be available and provide quality content. Cultivate your content and your brand to reflect your customer base. Make your brand and marketing strategy relatable and more human. Build deep lasting relationships with your clients. Assemble libraries of blogs, webinars, newsletters, eBooks, videos, podcasts, and infographics. Develop your brand’s voice and then be consistent.
Once you have your incoming data and feedback channels set up to , utilize all your content and watch the response. Tailor future content strategy to match what shows the highest engagement and positive reaction.
According to The Financial Brand, “In 2015, digital marketing channels drove 74% of all consumer phone calls for financial services. Not only are calls pouring in from digital channels, but they convert at 10 times the rate of pure clickers.” As marketers, we always want to transform clicks into prospects, prospects to customers, and customers to brand ambassadors. To do all this requires timely and effective communication.
Respond to your clients’ needs and questions. Make content that is scalable, customizable and reactive. Use targeted content development and advertising campaigns to start the conversation, then keep the communication channels open and flowing to land new customers. Don’t stop there though – continue to dazzle customers with attentive customer service and continued useful information, and you’ll see them become advocates for your brand across their social circles, both digital and in person.
Email automation is your friend, especially when calculating ROI for your budget meetings. According to Business 2 Community, email automation has a high success rate for financial services in that it helps acquire new card members, deliver real-time account information, create a one-on-one experience for asset management, and can automatically send investment information.
According to data from Movable Ink, the most crucial time for asset creation and retention comes from both mobile and desktop use. The initial development stages of customer acquisition rely heavily on mobile interactions. Since communications with customers begin to wane post-acquisition, these early times are foundational. And according to the Direct Marketing Association, email drives an ROI of around 4,300% in the US. With numbers like that, it’s no wonder big companies are leveraging email with automation.
Should you have any questions or would like help leveraging your content and marketing campaigns to impact and connect with your fintech audiences globally, please reach out.
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