Financial services companies are making a comeback in 2021, thanks in part to the increased desire for people to make investments. The coronavirus pandemic affected the industry, as it did other industries across the world. Now that there seems to be a resurgence, these financial services companies are looking into different ways to market themselves and get into the public consciousness once again.
As it is with every other industry, financial services marketing efforts have been focused on several important metrics and trends. Below, we’ll examine these trends to see how financial services companies have been able to grow their reach this year:
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Today, financial services companies still don’t have the proper type of visibility into their organizations’ data as data silos and more remain prominent. This problem comes in many forms, and it is caused by several factors – including a rising number of mergers, which increased more data and doesn’t necessarily translate to more people willing to analyze them.
With copm[panies getting bigger, data authority levels are varying, and data collection methods aren’t also sufficient. In order to create a seamless and data-driven marketing campaign, a company will need to have a centralized data analysis structure
This is why financial services marketing executives need to build cross-departmental bridges that run across the organization. A centralized data analytics platform makes it easy for each department or team to store critical marketing data in one location. The company as a whole can link these data together, breaking down data solos and making it easier to make quick, advanced decisions that will grow the company.
There is an undisputed growth in the prominence of mobile marketing today. However, financial services marketing executives will also need to understand how best to use it.
It is worth noting that mobile marketing here refers to mobile applications and mobile-optimized websites. But, there are also concepts like rewards, notifications, geo-location, and more that should be considered.
Today, big financial institutions are creating tools for voice search, integrating Siri and Alexa to allow customers to ask questions about their finances. When a customer asks a financial question, the voice search tool immediately recommends these institutions and their services.
Using geo-location, banks can collect data on their customers, as well as their branches. They know where customers spend money the most, and they can use automation to make forecasts for the future as well. While the technology primarily helps with fraud detection, it can also help in pushing personalized offers. Of course, this type of information can only be used with the express consent of the customers. Some people might find location tracking to be a tad invasive.
Optimizing for micro-moments
They might not be so popular, but micro-moments happen every time. Essentially, a micro-moment occurs when a consumer thinks of something and looks it up online. Thanks to advancements in modern technology, people can research whatever they want and find it much faster than ever before.
Financial services companies can benefit from this trend as well. Thanks to artificial intelligence and automation, they can generate quick answers, provide research content, and more. By using predictive analysis to determine why and when customers spend, financial services companies can predict and prepare for their needs even better.
Take chatbots, for example. These bots help to fill gaps by offering immediate and swift responses. There is also pre-approval for loans, which lets customers get the money they need for emergencies much quicker. A company that can predict when a customer will want to get something will be able to offer these answers and present itself as the best institution to work with.
If you can provide answers to customers, they won’t ever need to go to competitors.
Campaign and ROI measurement
When you run a financial services marketing campaign, you create a lot of performance-related data. Executives have grown to get more accountability from their teams. So, marketers need to link all the data from their different campaigns and see which of these campaigns work.
This essentially takes place by correlating campaign data with sales data. Marketers can look for different capabilities in marketing platforms to ensure that they are effectively measuring performance:
- ROI Reporting & Analysis: This is done by integrating your analysis platforms with your current financial reporting systems. It allows you to determine the ROI of your marketing campaign, and you can also demonstrate the real value of your investments over time.
- Online & Offline Optimization: Marketers will also need to optimize the entirety of their messages and media placements. Regardless of the medium, marketing analytics platforms can track the performance of marketing campaigns. Just remember to ensure that your chosen platform can optimize for offline media too.
- Brand Performance Tracking: You will also need to effectively track metrics like brand awareness and customer engagement. This way, you get to know how your brand is performing in the eyes of your customers. A proper analytics platform will come with built-in brand tracking through surveys, so you know the long-term ROI of your campaigns.
- Brand & Behavior Linkage: A marketing analytics platform worth its salt will also be able to link sales data and brand investments. Thus, it tells you which branding strategies are working and which needs to be better.
Space for human experience
There is no doubt that machine learning and automation are on the rise. But, it is also important to remember the place of human experience. Today, customers still expect that companies are human – you need to offer personal solutions in a friendly and welcoming way. You need to add that touch that drives everything home.
Whatever you can do to add that human touch to your marketing campaign, know that it is worth it and you should give it a try.