Importance of Marketing in the Finance Industry

Importance of marketing in finance

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Regardless of the industry that your business is operating in, marketing should be considered as an important aspect of your overall strategy. The sheer mention of the term “marketing” is often associated with “fluffy” practices like nice photography, but in actuality it is such an imperative part of your operation. Afterall, marketing is essential if you want to reach your target consumer base. If you don’t invest in marketing, how is anyone going to find you? Therein lies the importance of marketing.

Who is Content Marketing Appropriate For?

Within the financial industry, content marketing is appropriate for a large variety of business types, including (but not limited to) the following:

  • Credit Companies
  • Alternative Lenders (Payday Loans, Car Title Loans, etc)
  • Startup Financial Companies
  • Banks
  • Brokers
  • Traders
  • Financial Planners
  • Financial Advisors

Phew! As above, marketing in the financial industry can be useful to virtually all types and sizes of businesses – just as it is useful in other fields of business too.

Who is Using it?

Despite the fact that over 90% of financial companies that have used digital marketing would heartily recommend it, it is estimated that approximately 45% of their marketing activities are done on an ad-hoc basis. An inconsistent approach such as this is not exactly best practice. Imagine how much more could potentially be achieved if a more strategic approach was taken?

How is Digital Marketing Successful?

The financial services industry is an extremely competitive sector. As such, it is both difficult and important to strive to stand out from other companies. When it comes to money matters, exchange rates, stocks, and other financial statistics are constantly fluctuating and as such, people want real time information. Companies that can provide that data to their customers are one above their competitors because they add an extra level of customer care.

Going the Extra Mile

Bankers and others in the finance industry are often portrayed in a bad light. They are seen as heartless, hard nosed corporate stooges that are only interested in making money. On the contrary, providing extra information and services to customers and potential customers free of charge demonstrates that you care.

Distinguish From Competitors

It can seem difficult to stand out in the financial services industry. Afterall, there may be several similar companies, offering similar products, interest rates and brand presences. How is a customer going to choose between them? With little differentiation it may just come down to a random decision or one based on a recommendation. Companies that stand out are more likely to grab attention. For example, Morgan Stanley offer podcasts that provide their customers with the latest information and financial news.

You Can Win New Customers Through Google

If your business site has its own blog section then it can easily draw in additional traffic and customers. Blogs do more than tell stories. If they are optimized for SEO, they can draw in people through Google search. For example, if you write an article labelled “tips for saving money”, maybe someone will conduct a search on Google for “tips for saving money” or “saving money advice”. If they find your blog, fall in love with your wit and your great advice, they may browse around your website some more, find your products and sign up for a service that you offer.

Email Marketing is Valuable

Email marketing is one of the most valuable things that you can include within your marketing strategy. If you have customers that are subscribed to your email list, then you have a direct avenue to potentially promote and sell your products and services. Some customers may get annoyed with direct advertising, however you can use this channel to send out newsletters to your subscribers and customers. Newsletters can provide useful financial news and information, and include details steering your customers towards your products. If you are not utilizing email marketing then chances are, you are losing money.

Branding is Everything

Branding is not an area to scrimp on. Afterall, your branding completely defines your business. Your branding lets customers know which end of the spectrum your company falls into within its niche – i.e. is it a budget offering or a premium, high end company? Ideally, customers should be able to glance at your business and just know what your business is about, without having to conduct further research or go prowling around your website. As such, branding aspects such as creating a logo and choosing an appropriate color palette are critical.

Social Media Shows that You are Present

Today, having a social media presence online is an essential part of operating a business. It is considered as being a sort of reference point with regards to whether a company is credible and respectable or not, and it makes complete sense when you think about it. Afterall, if you conduct a Google search to find a business and it brings up nothing, you will find it sketchy.

Social Media Management Has a Variety of Benefits

Social media can help your company in a number of ways. For one thing, it means that customers can easily contact you via a tweet or a message if necessary. Secondly, it enables you to interact with them in fun and incentive ways, such as through creating unique customized videos to post and share.

Marketing Covers All Bases

Marketing is key in any industry – unless you want tumbleweed rolling around your business and on your website. It enables you to reach customers that you may not have reached otherwise.

A blended approach – through using the methods outlined above – podcasts, email marketing, blog posts and direct marketing, will enable you to reach an array of customers from different backgrounds.

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