The financial services industry has had more than its fair share of bad publicity in recent times, with responsible and professional companies often finding themselves unfairly grouped together with those who have acted less scrupulously.
Business marketing has therefore never been more important for the industry but the tight regulation means that it can be difficult to get your message heard.
We take a closer look at the importance of business marketing in the financial services sector and what you can do to get positive publicity.
The impact on customers
Creating a loyal customer base is just as important in financial services as in any other industry but it can be harder to achieve.
Successful business marketing can help you to connect with your customer on both an emotional and rational level. And seducing customers to become your advocate is an extremely powerful marketing tool.
Human beings believe recommendations that come from their family members, friends and work colleagues, so by connecting with your customers to create a feel-good relationship, and then by delivering exceptional service, you’ll be talked about in glowing terms.
Show your differences
The financial services sector is bound by regulatory requirements which mean that there’s a lot of information which needs to be presented to customers as part of every transaction. These rules apply universally so it can be difficult to get your message clearly heard, and your differences can go unnoticed.
Business marketing is a great opportunity to shine out and show your target audience just what’s so special about your company.
Creating a clear, consistent and remarkable story is how your business will get noticed, and marketing is the ideal chance to stand out amongst the crowd.
The digital era
Outside the financial sector, around three quarters of companies have gained customers from social media platforms such as Facebook, but in the financial sector this figure drops to just a third.
Customers turn to digital methods such as Facebook, Twitter and websites to decide whether a company is right for them, and according to experts, the first 10 seconds will determine whether they stay and browse or hit the back button and search elsewhere.
And it’s not just the average layperson that using social media marketing strategies can attract. One particular survey revealed that 28% of investment professionals had gone on to consider and investigate further something they saw mentioned on Twitter. 12% said they had made an investment decision based on something they had read on the social media site.
The ability to interact with financial firms directly on social media can enhance the feeling of being valued, and can significantly increase loyalty to a business.
This highlights the influence that this relatively new area of marketing can have on a broad spectrum of customers.
Having a presence
One of the keys to successful business marketing is making sure you have a presence no matter what medium the customer opts to use.
This means having accounts on all of the main social media platforms, and actively using them, as well as having blogs, advertising hoardings and online adverts too.
You want to make sure your customer sees your name, not that of your competitors, and that when the need arises for your services, it’s your business that springs to mind, not someone else.
Marketing is absolutely integral to the success of every business, in the financial industry just as much as anywhere else. Showing your customers that you’re open, transparent and honest has never been more important so being accessible and easy to contact as well as having a presence are critical factors if you want to convert customers and secure new business.
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