The financial services marketing has changed drastically in recent years. The rise of things like “fintech,” and new technologies like blockchain has transformed the way that people manage their money.
However, one thing that remains consistent in the financial services sector is the need for a strong marketing and advertising plan to help companies strengthen their connections with their target market. In an environment where clients are extra cautious about who they trust, the right approach to marketing can make or break your company.
Here are just some of the challenges facing financial services marketing departments.
1. Issues with Customer Trust
According to PWC, around 32% of consumers don’t have any confidence in their banks. As brand loyalty continues to decline, and new organisations emerge in the marketplace, the only way to get ahead of the game is to make sure that your marketing strengthens your connections with customers. For instance, you can:
• Use printed promotional materials for transparency: Use commercial printing or direct mail leaflets to give customers more information about your business and what you can offer them. Remember to provide plenty of insight into how you plan to use their private data.
• Support existing customers: Rather than focusing too much attention on attracting new clients, remind your existing customers that you care too with promotional giveaways, vouchers, and free financial advice.
• Deliver a positive experience: Make sure that your marketing has an impact on your audience. Deliver a memorable experience with 3D advertisements that draw the eye or promotional games that excite and entertain your clients.
2. Lack of Information
One of the biggest reasons why modern customers have trouble trusting the banks they work with today is that they don’t know enough about these organisations. Research suggests that consumer education around financial services is often quite poor, so a good way to get the right people on your side is to provide them with as much useful information as possible.
For instance, print out leaflets with answers to frequently asked questions that you can give to your clients when they visit your brick-and-mortar location or send out regular updates through your direct mail advertising strategy.
3. Intangible Value
A common problem facing advertising and marketing teams for financial services companies is that it’s hard to explain the value of your products and services to your clients. After all, you’re not selling something physical like a new car, or a food product. In a sense, you’re selling peace of mind and future financial stability, but that’s much harder to quantify.
To help your customers understand what you can offer, use your printing strategy carefully to help them visualise what a future with your company could look like. For instance, pictures of customers you’ve helped in the past printed alongside reviews and testimonials can give you the social proof you need to stand out in a competitive marketplace. These reviews also give depth to the value of your services.
4. Unexciting Products/Services
Finally, the financial industry isn’t one of the most exciting sectors for today’s consumers. Few people count the days until they have an opportunity to sit down for a meeting with their bank or accountant. However, that doesn’t mean that you can’t add more excitement to your organisation with the right visual media.
Printed banners, signs, and even leaflets can help to generate deeper connections with your audience through emotional images and symbolism. Importantly, when choosing the right images for your marketing strategy, make sure that you stay away from unrealistic stock photos of families and faces. This is a common mistake that financial organisations make. If you want to build a real connection with your customers, you need powerful images, provided by experts like Immij.
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