Digital financial service marketing can be a significant growth center for a financial services provider, but only when well understood and effectively implemented. Without an effective strategy, more money will be wasted on acquiring leads instead of nurturing them and turning them into lifelong customers and advocates. The path to success lies in evaluating internal financial services marketing resources and strategies and determining what gaps to bridge to generate the expected ROI.
CHAPTERS Introduction Financial services marketing accounts for 14% of total digital advertising spend globally, yet for $92 spent acquiring a lead, only $1 goes to converting them into a customer. While this gap may appear like an oversight, the reality is more nuanced. Financial service providers seeking to market their products effectively must navigate a complex marketing landscape filled with regulatory and compliance obstacles while relying on outdated traditional marketing methods.
As a financial services provider, effectively marketing your products requires a reboot, one that starts with a deeper understanding of digital financial services marketing, what it is and how it works.
What is Financial Services Marketing?
Financial service marketing uses various marketing strategies and techniques to create and drive awareness of financial products. The process goes further to capture leads and convert them into loyal customers through a series of ongoing marketing campaigns. Marketing of financial services utilizes two primary methods: Digital marketing: including inbound channels like blogs and outbound channels like PPC ads Traditional marketing: including TV, radio, print, and signage Most financial service providers will use a mix of digital and traditional marketing.
However, due to legacy practices, most rely more on traditional marketing channels. This is changing as digital marketing campaigns in the financial sector are being shown to be effective means of reaching customers. It's important to know what these new marketing efforts are achieving to implement them yourself successfully. Effective marketing of financial services drives awareness, reduces customer acquisition costs, drives down churn, and bolsters revenues.
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