Why the Finance Industry is Falling Behind the Eightball with their Marketing Initiatives.

Did you know that over half of the respondents from financial industries increased their marketing investment in 2019? From a recent CMO survey!

Marketing Managers working in the finance industry are quickly realising the importance of investing in new strategies across different marketing channels. The investment sector is becoming more and more competitive and for a company to remain relevant, it is key that leaders start educating as well as listening to their customers when producing new campaigns, whether in a boom or slowdown period.

Be Transparent – What are your Marketing Objectives and Long-Term Goals?

When setting up any marketing vision or strategy, ensure your goals are realistic. A marketing plan is only effective if you have a clear idea of how you will implement your strategies throughout the company. Think about the challenges you may face as well. It is not unusual for financial and investment companies to be highly regulated and very often under the spotlight by various governing bodies. It is, therefore, essential to undertake a risk assessment before you begin any new strategy.

Content is King – We’ve Heard it Before – Make it Personal

Since the financial crisis in 2008, banking, investment, and financial service brands have struggled to earn and keep the trust of one of the most important generations today —millennials!

According to a Contently study, 30% of millennials don’t trust financial service companies. Only 1 in 3 millennials have invested money in the stock market, and only 33% own a credit card.

The good news is that 47% of millennials indicated they’d be more likely to trust a financial company if it created useful content.

Based on these findings, we might all agree that there is some work to be done in the investment industry when it comes to building trust, credibility, and engagement with this critical group of consumers.

On all counts, content marketing can help. At Fresco Creative, we believe that Content marketing personalisation can lead to tangible ROI. Customer experience and insight professionals need to align their strategies with marketing teams to ensure specific targeting.

Investing in relevant social media and digital tools will help marketing professionals create a better connection with their customers, which will naturally increase loyalty, trust and best of all, business revenue.

Have a Strategy

If your marketing initiative is carried out correctly and you manage to get in front of the right people, your content then needs to be compelling, trustworthy, inspiring and encourage some kind of action.

Where possible demonstrate your company’s expertise and knowledge through exciting and informative content, such as case studies, social media posts or EDMs. The content you choose should vary, depending on your target audience. Print is not dead! There is still a place for it in your marketing plan and it serves a clear purpose. It would not be wise to rule it out.

Younger customers might be more responsive to a social post, where as older customers might prefer an advisory “how-to” article showcased on your website. A printed piece with thoughtfully written content can benefit a large range of demographics, as it can be filed away for future reference.

Make sure you create content that is of interest to industry experts as well. If you are targeting entrepreneurs, analysts and industry professionals in the financial sector, they will already be across the basics and will want some more complex articles to sink their teeth into, with hard facts and interesting findings and insights.

Having a specific call to action is crucial. Encourage your audience to visit your website or subscribe to your newsletter. These options will generate leads, potentially opening the doors to building a relationship and acquiring customers. 

Think beyond today – look to the Future

“According to Marketo, the FSI is still falling short in modernising marketing, as companies in the sector often have concerns around compliance in relation to digital and traditional marketing.”

Financial service companies are becoming more active with their social networking. Across the board, there was a 31% year-over-year growth, way above average.

59% of customers are unaware of their firm’s presence on social media which means there is a huge opportunity to lead the way and gain a competitive advantage.

Another issue, we’ve found in recent years, was that the Financial Services Industry has struggled to cope with the explosion of data. Everything from website behaviour, social media interactions and other digital channels. It is becoming increasingly difficult to consolidate all this information and then deliver content to the right person, at the right time. Finding this sweet spot is ideal. We can help you digest this data and then suggest ways to use the information to communicate better to your customers.

Leaders in marketing don’t just understand which customers to reach and what to say. They know the importance of connecting with customers at the right moments but many times lack the knowledge on how technology can assist with this.

Stand Out From the Crowd – What Makes Your Company Unique

45% of financial services report their marketing is conducted on an “ad hocbasis, so there’s room for improvement if businesses want to create active marketing strategies that outperform competitors.

If you want to find a gap in the market, conduct a competitor’s analysis to find out what your competitors are doing and how you can do better.

Differentiation can mean everything, and nearly 90% of marketers say interactive content distinguishes them from their competitors.

By understanding this principle, more marketers are creating offerings for customers which can increase engagement. Such things like interactive maps, animated charts and interactive digital reports are all brilliant ways to stand out and highlight what you offer. Marketers get the best results when their audience not only enjoys the content but interacts with it too.

After reading this article you might  feel your FSI or Investment company could do with an audit, suggestions on how to boost your marketing initiatives or some help in designing a range of marketing collateral please get in touch.  We’ve been in the game for a while and can certainly offer some valuable insights.

 

About the Author: Louise Formosa is the Co-Founder and Art Director of Fresco Creative, a boutique graphic design studio located in Surry Hills. Fresco  provides unique design solutions helping Australian business’ thrive with all aspects of communication. We specialise in creative branding and marketing across digital and print platforms.

 

Call Us Enquire