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Digital Marketing in the Financial Services Industry

Posted by on 22 March 2017

It's no secret that the financial services industry can be fiercely competitive. From banks and credit unions to insurance and every sector in between, the industry as a whole represents nearly 10% of the nation's GDP each year. If you find yourself competing within this enormous sector, then of course you want your marketing strategies to set your company's offerings apart from the rest. Not sure where to begin? We've got a few tips for effective digital marketing in the ever-growing financial services industry.

Create Video Testimonials of Satisfied Customers

Start with social media, which is where you'll most likely find the majority of your target audience. In fact, 81% of Americans are active on at least one social media platform, with that number only expected to rise in the future. Take advantage of this. Specifically, consider asking current clients and customers to provide testimonials for your business that can be shared far and wide on social media. A good way to do this is to create video testimonials of satisfied customers and sharing them to a company Facebook page. After all, today's social media users enjoy visuals (including video) more than ever, making this a great way to show potential clients how your services have "wowed" customers like them.

Craft a Pay-Per-Click Advertising Campaign

Outside of social media, a pay-per-click advertising campaign is another marketing must if you want to be competitive in the financial services industry. Specifically, this type of campaign will allow you to target exact customer groups based on demographics of your choosing. This could include anything from location, age, or gender to specific keyword inquiries. Today, pay-per-click campaigns are easily among the most effective marketing strategies in any industry, so you don't want to be left in the dark by overlooking this aspect of your marketing.

Build a Custom Client Portal

Today's financial services clients not only appreciate custom-tailored account services—they've actually come to expect them. If you haven't done so already, now would be a good time to look into creating a custom client portal for account holders to use on a regular basis. Features should include the ability to review their account information and make basic changes to their account. This portal, if designed and implemented correctly, can be a great way to solidify brand engagement. It can also provide a unique opportunity for you to offer relevant, custom-tailored loan offerings and statistics to your clients—features they'll surely appreciate and utilize on a regular basis.

Send Promotional Offers to Potential & Inactive Customers

Finally, never underestimate the power of a strategic email campaign. Take the time to regularly piece together and send out email blasts to both current and inactive customers regarding special promotions and other offers. Be sure that your email blast is focused around an enticing subject line that'll encourage recipients to actually open, read, and click-through the email rather than send it straight to the trash folder. This may take a little brainstorming and careful planning on your part, but a well-written email blast can lead to amazing things for businesses of all sizes in the financial services industry. Consider, for example, sending out a new email blast about a special loan offer or new account feature.

These are a few ways in which your financial services company can utilize digital marketing strategies to gain a competitive edge in this huge industry. By taking advantage of social media, pay-per-click campaigns, e-mail blasts, and other marketing options, you can stake a larger claim in this multi-billion dollar industry and gain potential new clients in the process.

Sources:

https://tcf.org/content/commentary/graph-how-the-financial-sector-consumed-americas-economic-growth/

https://www.statista.com/statistics/273476/percentage-of-us-population-with-a-social-network-profile/

https://www.forbes.com/sites/neilpatel/2016/06/30/4-tips-for-mastering-pay-per-click-marketing-right-now/#555d0e707e76

https://blog.kissmetrics.com/undermining-your-email-campaigns/