Consumers—particularly in the well-studied Millennial demographic—desire connectivity and conversation. Traditional TV ads are one-sided and lack depth, limiting their fit with an audience that increasingly demands personalization. In 2019, financial services brands can breathe easy. The current digital era has created an open environment where ads build relationships and provide value, particularly educational value, which deepens consumer engagement with their financial institutions. Also, considering that this industry relies on consumers being hyper-aware of new services as well as regulations that govern them, digital ads today are the norm rather than the exception.
With digital channels and tactics evolving rapidly, as well as consumers’ desire for personalization, the financial services brands have had to dive headfirst into digital waters to stay relevant, cut through the clutter and competition, and grab attention (as well as wallets).
Choosing a financial partner, product, or service is nothing like shopping at a supermarket. The stakes are higher, so the decision-making process is more complex. Consumers need carefully crafted messages served through the right channels at the right time.
The key to selling financial services is identifying where in the purchase journey the consumer is and keeping your message consistent and coherent, as different channels work collectively. Tracking investment and performance across advertising touchpoints is important because moving your consumers toward conversion is a cumulative experience.
Consumers aren’t always actively looking for solutions to their financial problems and needs. Display advertising is an excellent way to gain visibility with specific audiences that might not be actively searching for your products or services. The larger and more visible formats yield higher conversion rates—think floating ads, homepage takeovers, skins, and overlays. Financial brands can now choose from a variety of options. Some video and display advertising examples include:
Social media gives brands a platform to share content and connect with individuals and organizations that support the brand. By leveraging multiple platforms across organic and paid modes, a strategic effort in social media marketing for financial services can help brands gain visibility, drive leads, and reinforce their brand identities.
63% of affluent customers reported that they were motivated to take action after learning about financial products and services on social media.
21% of consumers reported using social media to look for product information when seeking a new credit card.
Nearly three-fourths of affluent Millennials use social media for personal finance and investing purposes.
Investing in social media advertising increases the chances that your boosted posts will be seen by your target audience. Because social media feeds are subject to constant motion and algorithm changes, only a small percentage of your audience will see any given post. Paid social takes the guesswork out of posting by letting you strategically choose your audience. Paid social’s targeted and timely nature results in a 25% higher conversion rate than organic social—making it an investment with significant returns.
Many individuals are quite lost when it comes to choosing the right financial product, let alone the right banking partner. This is where content marketing comes into the picture.
Content marketing goes one step ahead of generating awareness. It informs consumers and empowers them with the knowledge that they need to make the right decision.
The most successful financial brands touch their consumers 12-18 times per year. This keeps the brand alive in consumers’ minds, so they’re more likely to mention the brand when a referral opportunity arrives. It also helps improve customer satisfaction and increases consumer awareness of financial products and services offered, resulting in increased business.
This is where email marketing can play a large role in digital advertising. An email newsletter touches and educates clients and is easily shareable to referrals.
83% of the top financial service companies are using email marketing.
Customers want relevant, informative emails and they value quality over quantity. Personalized, high-quality emails featuring engaging video snippets, motivating content, and related articles encourage recipients to open your branded emails, consume content, and take relevant actions.
Your customers love to be kept in the loop, whether it’s about a new investment option or a new service, like offering paperless statements. When your company offers something new, tell customers about it via email. This nurtures your relationship with them.
There is no magic formula to connect with, inspire and convert your target audience groups; just strategy. Talk to our media experts today to know how to best reach your consumers online across the financial services purchase funnel.
U.S. Financial Services Industry Statpack 2018 | eMarketer
Power of Display Advertising | Neustar Marketing
Six social marketing tactics for financial institutions | VISA
The Financial Advisor’s Digital Marketing Playbook | eMoney
Social Trends for Financial Services and Insurance 2019 | Hootsuite
The Power Of Email Marketing For Financial Advisors | FMG Suite