By Kalin Kassabov, a founder and CEO of ProTexting.com, a fast-growing enterprise-level text message suite of services.
The financial sector is one of the most dynamic and fast-changing sectors in the world. As new financial products and services emerge, companies must be aware that traditional marketing strategies may need updating. As a provider of SMS marketing services, I’ve worked with many types of businesses, including those offering financial services. I’ve found that it’s especially important in this sector to establish credibility and develop a customized approach to dealing with customers.
How The Financial Sector Is Changing
• Cryptocurrency seems to be appealing to more mainstream investors. The industry is preparing for ETF (exchange-traded fund) approvals, which could spur faster growth in 2024 and beyond.
• AI is rapidly changing the industry, including charting, customer service and trading platforms.
• Customers are getting more self-sufficient. With so many automated tools available, more traders can research, invest and trade on their own.
• Customers demand a better experience. As noted, many of today’s financial customers are more self-sufficient. As tech-savvy Millennials and Generation-Z investors accumulate more wealth, they should have access to the most current and efficient digital tools.
Marketing Strategies For Financial Service Companies
If you offer financial services, what are some of the best marketing strategies to meet today’s challenges?
Update Your Website
For most service-based businesses, a website is the central hub for branding and marketing. When you’re in an industry that deals with rapid changes, it’s especially important to have an optimized website. This includes:
• Having fast-loading pages: Many visitors will abandon a website if it fails to load in a few seconds. Too many high-resolution graphics, ads, plugins (for WordPress) and other items can slow down a site.
• Being mobile-friendly: Many users will visit your site using smartphones and tablets. Test your site to make sure it functions well no matter what device someone is on.
• Making security a priority: Security is paramount for financial sites and is also an SEO ranking factor. It’s essential that your site is HTTPS rather than HTTP, as HTTPS is encrypted and secured.
• Optimizing your site with the search engines: Research keywords that your target customers are searching for and use them in your content. Blogging on trending topics is a good way to attract visitors and help your pages rank on Google.
Provide A Balance Between Self-Service And Guidance
As a financial service company today, your challenge is to convince customers that they need the information and resources you can provide while also letting them take the reins and perform tasks on their own.
For example, suppose you offer state-of-the-art software that lets clients research charts and trade. You need to provide customer service and education for these products while keeping in mind that many customers prefer to perform tasks on their own. Other customers, meanwhile, such as older investors who grew up in the pre-internet age, may need more guidance.
Your marketing should convey this balance, pointing out how much users can do on their own while making it clear they can get help when they need it.
Leverage Your Social Media Presence
Many people now use social media daily. They use sites such as Facebook, LinkedIn and X not only for socializing but also to keep up with the latest news and trends. Use these sites to stay connected with customers and prospects. Maintain a balance between promoting your products and sharing helpful information.
Reach Customers Quickly With SMS Marketing
Financial customers are often especially motivated to get information as quickly as possible. In financial markets, getting a message an hour late can render it useless. Text message marketing allows for faster communication than email, and text messages tend to have a higher open rate. This isn’t to say you shouldn’t use email as well, of course. Texts, however, provide another, often more efficient method to send customers the latest financial news and trading patterns.
Use An Omnichannel Marketing Strategy
Using multiple platforms and channels can help you attract more leads and customers. An omnichannel strategy means creating seamless connections between your channels. Different customers will be more active on different channels. The more ways you have to reach them, the easier it will be to engage. The following are some examples of how you can leverage multiple marketing channels.
• Promote your blog posts on social media.
• Create videos that send traffic to your website.
• Publish an online newsletter that promotes your various channels (as well as sharing valuable information).
• Use your email list to send traffic to your videos, social media pages and blog.
• Use SMS marketing to promote your landing pages and blog.
Developing An Agile Approach To Financial Services Marketing
In a quickly evolving and highly competitive sector such as financial services, you need an agile and flexible marketing strategy.
• Understand your target market. Are your customers all types of investors or those in a particular type of market, income bracket or age group?
• You must clearly communicate the value you offer, whether it’s a trading platform, course software or other products. How do your products or services stand apart from the competition?
• Stay current with the very latest news and trends. As many fields, such as politics and even weather, have an impact on financial markets, you need to be aware of occurrences in many fields and locations.
It’s an exciting time to be in the financial services sector. With emerging markets and innovative technologies on the horizon, your challenge is to communicate your value to prospects and customers. Develop your own unique marketing strategy, test your results constantly and find the approach that’s right for you.