Marketing any product or service has its opportunities and challenges, however, near the top for complexity is financial services marketing.
Marketing for the finance sector walks the line between high compliance standards and the need to engage audiences around heavyweight subject matter.
In a complex and crowded industry, the challenge to stand out has never been greater.
What is financial services marketing?
With the marketing of financial services, as with any regulatory field such as pharmaceutical or construction, anything shared externally is scrutinised and reviewed to ensure that it complies with the correct standards of promoting financial products and services.
Financial promotions can influence and form a significant part of a consumer’s knowledge about a product, so it’s very important that these promotions are fair, clear and not misleading, enabling consumers to make accurate, informed decisions.
In addition, financial services marketing requires a deep understanding of the financial industry and consumer behaviour from research and insights. It’s a dynamic and highly regulated field, needing regular adaptation to market changes, technological advancements and regulation.
Financial services marketing objectives
Whether mortgages, investment banking, insurance, banking, building societies or lenders, the overarching goals of marketing financial services remain largely the same:
- Customer acquisition: attracting and signing up new customers by highlighting the unique value proposition of the business, and its competitive products and services;
- Customer retention: keeping existing customers satisfied through excellent service and tailored offerings, thereby reducing churn and reducing the cost;
- Cross-selling and upselling: encouraging existing customers to purchase additional products or services that meet their evolving needs; and
- Brand loyalty: building strong, long-term relationships with customers to foster loyalty and encourage positive word-of-mouth referrals.
There are other elements, including ESG and community engagement for instance, but these can be contained under ‘brand loyalty’.
Digital marketing for financial services
In terms of speaking directly to potential customers, digital marketing is one strong route to get in front of as many potential consumers as possible: utilising online channels such as social media, email marketing and search engine optimisation (SEO) to reach and engage with customers.
Providing valuable and educational content helps people make informed financial decisions, thereby positioning the institution as a thought leader.
Public relations may also form a part of a marketing strategy, using publications and the media to share your news and updates – if newsworthy, of course.
Financial services and marketing, together
Financial services and marketing need to work hand-in-hand, to get the best results. The sharing of understanding of marketing strategies and ideas, with financial services expertise and resources, can result in strong partnerships.
We’re proud to have many long-term, multiple-year retained clients as our partners in the financial services industry, including Saffron Building Society, Marmalade Car Insurance and PEM Corporate Finance.
The true strength of these relationships is honesty and transparency from the beginning, ensuring that feedback is always constructive, and having a clear shared focus, working towards a shared goal.
How we can help
If you’re in financial services and would like to talk more, we’re here.
Whether a brand refresh, a new website, a digital marketing campaign or an employee value proposition, get in touch to see how we can help.
