On the surface, a financial services marketing strategy is not completely different than a marketing strategy for any other industry. The crucial difference, though, is the higher and more demanding standard that financial services have from their customers. A financial services marketing strategy must be more rigorous and well-thought-out in order to be successful.
There are large pay-offs for financial institutions who take their marketing seriously. Currently, only one out of three Millennials invest in the stock market and just 67% own credit cards. This means that there is a massive untapped market for financial institutions with incredible potential. By creating an effective marketing strategy, it is possible to create brand loyalty amongst the youngest working generation. The key is creating credibility that will reach this new market of customers.
Here are three strategies to consider for marketing to Millennials:
There is a reason most businesses have blogs: it works. From creating SEO articles that will make your services stand out on Google to establishing yourself as an authority on financial topics, blogging is essential for marketing in the modern era.
Having a blog that stands out from the competition means writing for substance, not entertainment. This is not a mommy blog and your purpose is to educate, not entertain. Focusing on establishing credibility and authority is essential for attracting customers.
One obstacle that keeps many young people from engaging in financial services is a lack of motivation. Having TED-style or YouTube videos give your institution the chance to inspire and engage a new generation of customers. The pressing immediate needs and wants of Millennials cause them to overlook ways that they could be growing their money for the future.
Millennials clearly care about their future: in fact, they are saving more for retirement than any previous generation. Creating videos that can get them excited about what financial services can do for them is an extremely effective marketing strategy.
A relative newcomer to marketing strategy, creating infographics is nevertheless extremely effective. In fact, infographics reach 54% more readers than blogs and, just as important, have a 73% completion rate. Infographics have the ability to engage and inform that make it such an effective strategy for marketing financial services.
There are a few reasons that infographics are incredibly effective: it takes less time to read and is easy to share across social media platforms. The use of facts in an easy to read format will again set up your institution as an authority on financial services and cause future customers to feel confident in your credibility. Because it can be shared so easily, you will reach even more people without having to pay for additional advertising.
Having an effective financial services marketing strategy has incredible opportunities in reaching young workers and creating brand loyalty for the rest of their lives. By setting yourself up as a credible authority has the potential to reach more people than ever.
Need help with digital marketing? Not sure what strategy is best for your financial institution? Learn how to take the first steps in creating a financial digital strategy for 2019 with The Ultimate Guide to Financial Digital Marketing.