August 2, 2017
Today’s business environment has transformed the way consumers interact with banks, credit unions, brokerage firms, and other finance companies. Because of the stiff competition, generating leads, converting clients, and encouraging loyalty have become more challenging than ever. With the rising customer acquisition and retention costs, finance companies should develop strategies to appeal to quality audiences.
1. Upgrade Your Website
Consumers often follow these criteria in buying financial products:
- Ease and convenience: 47%
- Trust: 45%
- Price: 43%
There’s no better digital marketing tool to address the top two criteria than a captivating website. On the off chance that you don’t have one, your potential clients will end up gathering information about you from another source or move on to another finance company.
However, a poorly designed website could hurt your company just as much as not having one. Here are some web design and development figures to consider:
- A website visitor only needs 0.05 seconds to decide whether to stay or leave.
- An astounding 94% of potential clients build their first impression of your company after seeing your web design.
- Similarly, poorly designed websites scare 94% of shoppers away.
Your website is the online equivalent of the first meeting with a client and can make or break a deal. If it performs well, it could close a sale on the spot or build enough interest for future transactions.
We recommend investing in redesign services to transform your site into a revenue-generating machine.
2. Develop an SEO Plan
Recent statistics reveal that about 93% of online experiences begin with a search engine like Google. For this reason, search engine optimization (SEO) takes the number two spot for financially savvy techniques. It remains one of the most practical ways to both understand and reach clients when it matters.
Search industry leader Google administers over 3.5 billion searches per day. No matter your business size, we recommend optimizing your site for this platform. It could be the difference between gaining a new lead and losing a loyal client to a competitor.
If you haven’t given any thought to your site’s Google ranking, it’s best to do so now because SEO success doesn’t happen overnight. In most cases, it takes anywhere between four to six months to start seeing results.
Many factors affect your SEO ranking, but below are some of the fundamental ones you can cover apart from upgrading your website.
- Use your unique selling proposition (USP). Whenever you create content — from keywords to blogs to meta tags — think of what sets you apart from the competition.
- Choose long-tail keywords to attract quality traffic. For instance, using the phrase Colorado bank won’t differentiate you from other similar establishments. Instead, use keywords like 24/7Arvada internet bank.
- Speed up your load time. A Google research recommends a load time of two seconds or less because 53% of visitors will leave your site if it doesn’t open in three seconds.
Top Google results receive the following share of the company’s traffic: 42% for the first page, 11% for the second, and 8% for the third. Additionally, 92% of audiences don’t make it past the first page.
If you want to capture quality audiences using a budget-friendly tactic, SEO is ideal for you.
Personalization is the process of creating individualized interactions to enhance a client’s brand experiences. It involves understanding consumers on a deeper level and knowing their preferences.
In the finance industry, it involves three valuable processes:
- Learning where a client is in the purchase journey
- Offering relevant solutions based on financial requirements
- Making custom recommendations to elevate consumer experiences
- A Forbes article shares the importance of personalization for businesses.
- According to 98% of marketers, personalization strengthens consumer relationships.
- An impressive 91% of consumers are more likely to purchase from brands that offer relevant recommendations.
- Impersonal brand interactions frustrate 71% of consumers.
Think of this scenario. You create an ad for your retirement savings services, and it reaches a 65-year-old veteran, a wealthy business owner worth $250 million, and a college student. Because of wrong targeting, you end up wasting your budget on three individuals who could use some of your other services.
It’s not enough to appear in front of audiences anymore. You have to provide them with valuable information for them to pay attention to.
4. Content Marketing
Content marketing — developing valuable material for targeted audiences — has become a digital marketing best practice.
American consumers see thousands of ads daily and have built subconscious filters against all the digital noise. Only products and services relevant to their needs can capture, engage, and move them into profitable action.
With the help of content marketing, financial services organizations can create awareness, address various pain points, and stand out in a sea of competition. Contrary to popular belief, businesses in this sector need this digital marketing tool as much as any industry.
Being in the portfolio management, audit consulting, or stock market sector shouldn’t mean bombarding your potential clients with excruciating numbers. Instead, you can develop these content types:
- Trend reports
- Interactive demos
Developing materials that inform, educate, and impress audiences can do more for your company than traditional aggressive selling tactics.
Remarketing or retargeting is a digital marketing strategy that serves ads to consumers who have previously interacted with your organization. The target audience includes people who have already tried your services, visited your website, and signed up for your mailing list. Think of it as another opportunity to retain or convert your clients through ads.
Invesp’s retargeting statistics explain in numbers why retargeted ads are a cut above other ad types:
- Three out of four consumers notice them.
- Remarketing achieves an average of 0.7% click-through rate — ten times higher than typical display campaigns.
- A retargeted customer is three times more likely to click your ad than a consumer who has never interacted with your brand.
The marketing rule of seven states that it takes seven brand interactions before consumers purchase from you, making remarketing one of the best strategies for established finance companies.
6. Email Marketing
Some business owners think email marketing is dead, but it’s not. If you observe best practices, it’s one of the most practical techniques you can incorporate with your digital marketing and finance strategies.
With a global email market of 4.1 billion users, it’s hard for marketers to ignore the potential of this platform.
Like with any marketing strategy, it only works if you provide your customers with valuable information. Keep this golden rule in mind every time you think about sending an email blast.
Using poor email etiquette not only gets your messages flagged but also quickly harms your relationship with your customers. However, if you develop an effective strategy, you can enjoy countless email marketing benefits:
- On average, this marketing tool generates $38 for every dollar spent — a $3,800% return on investment (ROI).
- Two out of three recipients have purchased products or services after receiving a brand email.
- Using emails for customer acquisition purposes is 40 times more effective than Facebook and Twitter combined.
It’s easy and affordable to start an email campaign. Incorporate it with your existing strategies to boost your efforts.
Pay-per-click (PPC) is a search engine marketing (SEM) model where advertisers place ads on search engines and pay the platforms for every site visitor that clicks their ads. While your SEO efforts gain organic visits, PPC strategies pay for leads.
PPC techniques involve bidding for sponsored links in search engines. For instance, you can bid on the term Jefferson wealth management services. Your ads will then appear in front of the audience you choose, and your preferred search engine will charge you for every click you get.
We recommend allotting some of your digital marketing budget for PPC strategies. Their effects only last as long as you run your campaigns, but they have distinct advantages, including:
- Quick results: Once you run a PPC campaign, you will immediately notice a boost in your sales, conversions, and site visitors.
- Budget control: With PPC, you can set a budget for every campaign and determine how many leads you get.
- Independent strategy: Your SEO ranking will not affect your PPC ads. You can run PPC campaigns while strengthening your SEO efforts.
There’s a steep learning curve in running PPC ads. Once you master this tool, you can use it to promote time-sensitive offers, seasonal promos, or events.
Like companies in other industries, many financial organizations struggle with developing strategies that appeal to baby boomers and millennials alike. However, there’s one revolutionary tool that bridges the gap in sharing valuable information: videos.
Many individuals are naturally attracted to video content. Recent video statistics reveal that 66% of consumers would rather watch a short video presentation to learn about a product or service instead of reading a website, article, or post.
Despite figures proving the effectiveness of videos for financial services, over 90% of financial service organizations still don’t use this tool to propel their growth.
Videos take time and monetary investments to produce, but they are worth the effort. Below are some ways you can integrate them with your existing digital marketing strategy:
- Develop webinars for potential clients.
- Create videos for the customer onboarding process.
- Instead of using fine prints, produce videos to help your clients navigate through terms and conditions.
It’s time to elevate your content game with videos that capture, excite, and inspire audiences.
9. Social Media Marketing
Global social media population has ballooned to 4.5 billion users. From Facebook to Instagram to other brands, consumers spend an average of 2 hours, 24 minutes on social platforms daily. For this reason, financial companies should make it an intrinsic part of every digital marketing plan.
Today, social media marketing is a non-negotiable for maintaining relationships with clients. As social media captures more audiences of diverse backgrounds, financial brands should use such platforms to engage potential and existing customers.
Apart from strengthening bonds, you can use these platforms to:
- Enhance community trust.
- Humanize your brand.
- Know your customers better.
Don’t worry; you don’t have to handle Facebook, Instagram, Twitter, Youtube, TikTok, LinkedIn, and other platforms simultaneously. Instead, learn where your potential clients are and focus on the pages they frequent. Remember to use content marketing and personalization strategies for best results.
10. Mobile Marketing
Global mobile phone usage has reached an astounding 7.1 billion — 89.9% of the world’s population. While laptops still have their fair share of users, more individuals now prefer consuming content on smaller screens.
To address this shift, financial organizations should strengthen their mobile marketing efforts. These are some of the projects you should consider:
- Optimize content: When you develop videos, graphics, and copy, make sure a smaller screen won’t affect your material’s quality. Use layouts, colors, and fonts that work well on mobile phones.
- Develop apps: Mobile apps make it easier for consumers to transact with brands. Additionally, constant interactions can help strengthen loyalty.
- Create an SMS campaign: This strategy is quick, affordable, and flexible. With the SMS marketing open rate hitting 98%, it’s an ideal way to reach your target market.
Before you create any content type, make sure to optimize it for mobile use.
Supercharge Your Digital Footprint
If you don’t have an expert on your side, we recommend working with experienced professionals who know the ins and outs of digital marketing. It’s the best way to make the most out of your investments.
At The Digital Nova, we’re SEO, PPC, and social media specialists who work hand-in-hand with finance companies to drive performance. We have over 27 years of combined experience, and we use it to achieve results for our clients. Call us at 720-201-0306 to schedule a free digital marketing consultation.
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