The financial services sector is highly capitalized and includes credit unions, insurance companies, credit-card providers, investment funds and stock brokerages. According to Salesforce, in 2012 the sector comprising investments, insurance, and banking contributed over $1.25 trillion to the US GDP and employed more than 6 million people. The firms vying for space in the sector and its sub-sectors must do a lot to stay afloat or dominate the market in the face of competition. Aggressive marketing is crucial in formulating a winning strategy.
To get a head start, every financial service entities must strive to reach the right audience. Digital marketing strategies are preferred because they are both effective and cost-efficient. For instance, when dealing with money matters and financial statistics like stocks and exchange rates, real-time information should be provided. On the whole, an efficient marketing strategy should cover all the bases, including social media, branding, and email. According to Money INC, the following marketing strategies are highly effective in the financial services sector:
Get to know your client
The key to any successful marketing campaign is taking time to know your clients. According to financial expert, Rusty Tweed, this strategy can help a financial services entity increase brand awareness, and sales lead at both the local level and statewide. The growth of brand awareness along with customer loyalty can go a long way to drive online traffic. The entire strategy should be supported by well-defined marketing goals and customer support.
Identify your areas of strength and weakness
Due to stiff competition in the financial services sector, it is important to identify the issues that make your company stand out. Rusty Tweed suggests that when piecing a strategy to win over new prospects, you need to focus on the following key aspects of your business; track record, earned credentials, level of customer service and the expertise available. These capabilities should be analyzed objectively to provide an accurate assessment. Always avoid going overboard as this could cost the business and make you vulnerable in the eyes of competition.
Use grassroots outreach
The grassroots marketing strategy is targeted at small groups of people, who can then be sent to spread the word to a much wider target audience. The strategy gives brand executives and marketers a perfect opportunity to meet clients and prospects face-to-face. Grassroots outreach is also much cheaper compared to the conventional marketing methods.
Utilize Social media
Social media projects a larger than life stature that cannot be wished away by players looking to make inroads in the financial services sector. Some of the most effective and widely used social media channels include Facebook, Instagram, Google Hangout and LinkedIn. While using these platforms, you need to have a consistent message with special emphasize on taglines and choice of language. You also need to be aware of the profile of your audience regarding age, occupation and even gender to speak to them directly.
Link Building
Link building is easy but also takes time. The more people share your links, articles, handles, etc., the more traffic you will begin to receive. Don’t be afraid to reach out to blogs, journalists, and other social influencers to help get the word out.
Networking
Networking may be an old strategy, but it is still very effective in generating sales through referrals. Rusty Tweed says that marketing yourself and your brand more actively, you can get people to know you and what your brand does via media appearance, meetings, and events. The social media also offers a perfect platform to communicate and build lasting relationships with clients and prospects.
Understanding simple marketing techniques like these can get you a head start in the financial sector. Showcasing your expertise, strong points, and your social savviness can garner you clients that would typically go to an older more established expert. Don’t be afraid to test out new platforms, go to different conferences and other networking events. Attend extra courses, or get certified in a different area of finances. Once you’re established and ready to kick off your marketing campaign, you will not regret it.