5 Valuable Tips for Financial Product Marketing
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Effectively marketing your product or service to finance companies requires an approach carefully tailored to the pain points and goals these businesses commonly experience. More and more financial services are using digital marketing platforms to reach new users, and adapting to these trends is crucial to sustained success.
There’s no one size fits all approach to finance product marketing, but these tips are a great starting point as you attempt to update your strategies.
Leverage Emerging Technologies
Technology is changing more quickly than ever, and forward-thinking businesses in seemingly all sectors are already looking for ways to update their practices to include a range of emerging technologies. Whether that’s blockchain, big data, or automation, investing in cutting-edge technologies will separate your brand from the competition.
Chatbots, for example, can automatically field user questions and provide relevant responses with no need for traditional support staff. Being open to these and other changes is critical to keeping your practices updated based on the latest information.
Focus on Social Media
More than 80% of Americans have at least one social media account, and neglecting the power of social media marketing puts your business at a significant disadvantage. These platforms are no longer limited to younger users, and every target audience can be found on social media.
Financial service companies can benefit from a social media presence that promotes engagement with your brand across multiple channels. Effective market research will help you determine which platforms your audience is using and which you don’t need to prioritize.
Different websites are better suited to different forms of content, so don’t assume that the same strategies will work for every platform. Make sure to A/B test your ads against each other so that you’re always making improvements on your existing approach.
Target Pain Points
Marketing financial products can be a uniquely tough challenge, as many casual users aren’t aware of the terminology involved or even the results these services could help them achieve. Creating simple, digestible content that makes your value clear in plain language will go a long way toward bringing in new users.
For the same reason, you should try to implement more visually interesting information into your content approach. Videos, images, and relatively short sections of text will make your posts more approachable to users who aren’t as experienced with financial products and services.
Short narratives, especially communicated through video, can be a great way to demonstrate your value to uninformed users and relate your brand to situations they’re familiar with. Stories are incredibly effective ways of attracting attention, and users are more likely to watch a narrative video than to click on an ad on their Facebook or LinkedIn feed.
Provide Convenient Service
In contrast to older generations which expected a relatively thorough setup process and personalized assistance, most millennials don’t want to devote time or energy toward arranging a meeting or call with human salesmen or support agents.
Just as clear content will be more effective when targeting younger users, you can also draw them in by making your product easy to set up and use online. Giving them the option to sign up and start using it in just a few minutes can significantly increase your conversion rate and ensure that you don’t lose your audience’s interest.
Invest in Outreach
Traditional outreach practices like financial education don’t provide an immediate value to your brand, and many contemporary businesses have moved away from this model On the other hand, these relatively affordable investments build a connection with your community and increase awareness of your company.
You can also tie a number of outreach programs to the products and services you offer, giving users real value while getting your name out there and building an audience. Customer outreach is a win-win approach that is extremely effective for organic growth and brand recognition.
Financial product marketing is a complex process with no right answers, but that doesn’t mean there aren’t proven strategies for financial businesses. These are some of the most effective ways of improving your digital marketing practices and providing a higher return on your marketing budget.