Why Digital Marketing Is An Inseparable Channel For Financial Companies
Consumer technology is moving at a rapid pace. On the contrary, financial services are revolutionizing in a slow rate and are unable to stand up to customers’ expectation. Whenever it comes to digital marketing, most financial institutes take a hasty decision at their own peril. Financial institutes are in the midst of the digital era and it’s a must for them to understand the power of digital marketing, and what it can provide to their company. Amongst all, there are some financial institutes who have already initiated their steps towards this strong marketing channel.
In many industries, the evolution of digital tech has altered the way business is done. With these technical advances, companies are able to reduce time and labor and accumulate a massive amount of traffics on the go. While every industry is striving to adopt this impeccable marketing option, financial companies will be left behind if things remain the same. Banks and financial institutes willing to incorporate proven digital marketing technologies will thrive and stand a notch above their competitors, while others will – well they will just be as they are now.
So, why should financial institute integrate digital marketing into their system?
Traffic Generation
Generating customers and prospects is the utmost priority of any financial institution. It doesn’t matter how big or small your company is, digital marketing will allow you to target exact customers and generate more traffic. There are millions of customers online and most of them don’t know about your awesome products and services. Incorporating digital marketing into your system will allow you to reach those audiences and portray a virtual image of your brand. Most financial institutions still consider investing in digital marketing as an inefficient exercise, on the contrary, the conversion from target audiences to customers is absolutely amazing.
Customer Service
With the current technical appraisals, your physical presence might not be able to provide adequate customer service to your clients. Remember, your consumers might be everywhere and it’s not possible for them to reach your company whenever required. Thus, the quintessential importance of digital marketing will be revealed to you in such circumstances. With an established digital presence, you’ll have a chance to tap into such customers queries and provide efficient solutions. This will enhance the goodwill of your company and help you to establish a preeminent online presence.
Digital Marketing Attracts Youngsters
Isn’t digital marketing is designed to target youngsters? – I hear this question in every digital marketing seminar.
Yes, youngsters are more into the internet but within a couple of years they will be your target customers and you will develop various marketing plans to sell them your products. So, it’s quintessential for every brand to start shaping a positive image of their brand in front of these youngsters. In future, this strategy will as a long-term sustainable plan.
Create a Decent Brand Image
Engaging with your audiences on a day-to-day basis helps your brand to establish a genuine image in front of your audiences. With an intact digital marketing plan, you can act more as problem solvers. You can communicate with your clients and prospects on a regular basis and provide them effective financial solutions. By doing so, you can enhance your relation with your clients and prospects, and stand out from your competitors.
So we have learned why financial institute should consider digital marketing. Now, let’s time to look how digital marketing is reshaping financial institutions. So without further delay let’s look into few digital marketing trends used by proficient financial marketers.
Trend#1
Social media
Trend: Undoubtedly, social media is becoming an integral part of our daily life. However, there are many financial institutes that are holding back from adopting this powerful marketing platform.
But to survive in this cut-throat market ignoring social media is no longer an option. Without a social media presence, you won’t know what’s happening into these effective marketing channels. An angry customer might spread your flaws in this channel and it can go viral in less than 24 hours and without a robust presence you won’t be able to do anything about it.
Before we speak about the opportunities here are few facts about social media.
- More than 30% financial institutes have a robust social media presence.
- The number will not be coming down anytime soon, in fact, Nepalese financial sector is predicted to see 33% growth per year.
Opportunity
- Social media platforms provide a bundle of marketing options to every kind of company. You will be able to advertise your schemes, products, and new policies to wide-range of customers in a budget.
- Besides that, you can also be abreast with latest market culture and design effective targeting plans.
Trend#2
Marketing Analytics
Financial institutes are one of the first industries to use customer data. However, they have struggled in the recent days to collect data from different social media platforms, websites, and other digital channels.
Today, customers want financial institutes to be proactive and provide personal attention. Most firms have already started it, and if you are not adopting this system you might be leaving big things behind.
Opportunity
- Financial firms can use the data accumulated from CRM, combine it with marketing analysis and use it for cross-selling, up-sales and expand their marketing data.
- The gathered data can also be used for marketing and refine online advertisement to derive maximum ROI.
Trend#3
Online Video
According to research, YouTube is the second largest search engine and holds more than 50% of the total internet audiences. Online video ads are effective and reports state that more than 40% audiences investigate a product after watching an online video.
Though YouTube advertisement offers tons of benefit, most financial service companies have using it in the wrong way. They showcase YouTube ads like TV advertising and interrupt their customers in the middle of the video. This is a factor that’s holding financial service companies to get best out of their YouTube channel.
Opportunity
- Low production cost.
- YouTube videos can significantly boost a company’s social media success and inbound marketing.
- With right video, firms can leverage their marketing analytics and CRM data and provide right customers right video message.
Summing-Up
In some cases, even the most preeminent services are disrupting. But, to stand out in this competitive market we must implement and test new ideas. Remember, technology will work best in a truly open eco-system, this will allow financial service providers to mix and create uninterrupted services through – content management, social media, analytics, and personalization. So be smart, and incorporate these ideas into your business and tailor a custom solution that matches your needs.
