Increased regulation, more demanding customers and the rapid rise of fintech companies makes this a challenging time for finance marketers. So how can you stay ahead of the game?
We understand the key challenges finance marketers face. Whether you’re in corporate finance, banking, insurance or accountancy, we’ve come up with some useful ways to get your marketing operating successfully and help you stay ahead in a changing landscape.
Keep on top of regulations
No other industry is as highly regulated as the financial services industry. And this gives marketers unique challenges.
As a finance marketer, you will have strict processes to ensure all marketing content has been approved for publication. Your advertising/ digital agencies must also understand these regulations and the extra steps every campaign you create will need to go through.
However, there’s often a disconnect between marketing professionals and compliance officers or compliance departments. It is up to the marketers to keep on top of the ever-changing rules and regulations.
It simply comes down to what you say about your products and services, how you market them (via phone, email and the online) and what info you’re allowed to collect in the process.
· Stay up to date with legal and compliance
· Get close to the experts in-house
· Build extra time into your marketing campaigns to allow for the compliance checks
Trust is a key factor in every relationship, not least your relationship with your customers.
The 2018 Edelman Trust Barometer: Financial Services takes a deep look into this sector and records that, over the last five years, there has been a steady increase in trust.
Key insights include:
· Human interaction is the most highly coveted. 31% of respondents said it was most important to interact with a real person when getting investment advice.
· 26% said they needed a real person when settling disputed credit card charges.
· Technology builds trust. 36% of respondents selected reliable fraud protection as the most important factor in increasing trust in a financial services company.
You can also inspire trust in your company through your offline and online advertising, the blog content you produce as well as how you interact with your customers on your social media accounts.
Stand out in a crowded market
How do you stand out in a market where customer expectations are growing exponentially?
A recent research suggests that given the chance, over half of the financial consumers would opt to bank with Amazon.
Amazon is famous for its outstanding customer service, fast delivery and ease of use from the start to the end of all interactions or touchpoints. They have fundamentally disrupted the service industry, reinventing what it means to provide a best in class customer experience.
What can we learn from this?
Customer experience. Your customer experience is at the heart of everything and the key in standing out in such a crowded market.
How else can a financial service stand out from the crowd?
Make sure your website is optimised for the key search terms your prospective customers will use to find your services/ product. Really get inside their heads and think about the terminology they use to perform searches.
Blogs can help you connect with your current and future customers as well as provide new, helpful content to your site. For financial services, blog posts need to be over 1,000 words to generate 9x more leads than short-form posts.
Be an industry expert to help your company stand out in the crowded market, by writing posts that answer your customer's questions or by simplifying complex finance issues.
· Social Media
First, find out where your customers ‘live’ on social media; whether that is Facebook, Twitter, LinkedIn, Instagram or Pinterest? Then create consistent branded messages with text, visuals and video.
Aim for a mix of content that includes promotional, educational and news relevant to the finance industry. Then ramp it up with paid advertising once you have a solid follower base. Target your content to your target audience to ensure your campaigns hit the right people, at the right time, to increase the ROI of your marketing spend.
The finance world can be a tough place for a marketer.
With Hunterlodge, we can help make that place a lot easier for you by creating effective advertising that converts your prospects into customers.