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Digital Marketing

The Role of Digital Marketing in Evolving Financial Service Industry

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The financial service industry no longer follows traditional methods. Whether you have a loan, investment or an insurance company, you need to embrace digital marketing trends. Nowadays, major tasks are performed online from marketing to collecting funds. Yet, financial service companies are ignoring various trends at their own risk. 

Digital marketing is not a new concept. It has come a long way and various businesses from small to large-sized business have adopted it. Online presence of people is on the rise. People are so familiar with social media that they offer their condolences. Online presence for companies is important to grab their target audience. Likewise, financial service companies need to promote their business by leveraging digital meeting. This blog discusses trends that you should not ignore at any cost if you are running a financial service company.

Social media marketing

Social media has come a long way. It has become an integral part of day life, but financial service companies are slow to adopt it, not that they do not have potential to invest in it, because they do not find it worth investing. Social media marketing is still struggling to gain attention of financial service companies. 

As the goal of every business is to attract as many customers as possible and many people use social media, it is important that you do not ignore the importance of showing your presence on it. Social media cannot be taken lightly where a single comment goes viral within a couple of minutes. To date, around 40% of financial service companies are leveraging social media trends, but more than 50% of their customers are not aware of their online presence. 

Financial service companies should run campaigns and promote themselves as much as possible. It is the best way to attract customers and engage them with your company. 

Marketing analytics

Marketing analytics is very important to measure the output of your efforts. It gathers data from various sources to combine them into a single view so that the team can identify opportunities and areas where they need to improve. You cannot estimate return of investment of your marketing campaign without analytics. Unless you do not have a big picture of marketing trends, you will not be able to forecast results. 

Many financial firms have adopted the technology to bring customer data together, but they struggle to harness it to evaluate the trend. Many other big companies use analytics to follow a proactive approach to streak ahead. Financial firms can combine CRM data with marketing analytics and use automation to have a deep insight into it. 

Use online videos

More than 50% of online traffic watches videos. It has tremendously increased in recent years. In fact, videos have outperformed knowledgably plain content. No one wants to read long and tedious content. Brief videos are the best way to tell about your business. Given the nature of your financial service, you should create videos. If you have a loan company, you can videotape real case studies of your customers. They can share their experience with your financial product or service. Uploading such videos will help you impress other people too. It will underpin claims you make about your service to attract people. You can share those videos on your social media platforms. 

However, not all of your videos should aim at promoting your product or service. They should be educative too. Make videos that teach your users, for instance, “How should you improve your credit score?”, “When should you take out debt consolidation loans?”, and “How loans for bad credit in the UK work?” 

Stop neglecting email marketing

Several financial companies neglect email marketing because they feel that their product or service does not need promotion through emails, but it is misconception. Suppose you are running a loan company offering various types of credit card deals and short term and long-term loans. Of course, you do not need to badger your existing customers with your emails. You will send them an alert as you amend your policy or you introduce a scheme such as “5% reduction in interest rates for bad credit borrowers for Christmas week”. 

The bottom line

Financial service firms should leverage digital marketing trends to attract a large number of audience and generate revenues. The use of marketing analytics, videos and online presence can drastically contribute to the growth of your business.
Description: Financial service forms are using digital marketing trends to make their presence online, but they still need to adopt various trends.

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