Ronn Torossian, CEO, 5WPR
In the United States, the finance and service industry represented 7.5 percent, or $1.45 trillion of the US GDP in 2017. The industry employs around 6 million people and the every sector of the industry is extremely competitive and fast-paced. As with most industry these days, technology and advancements in the financial services sector is rapidly evolving, with constant new product introductions and service enhancements. With this in mind, strong marketing and sales teams are integral to the financial services industry. Here are four tips to stay ahead of the game in this highly-competitive industry:
1) Understand your potential customer
This is the no. 1 rule of marketing, no matter what industry. We live in a world of high competition, where customers usually have a number of similar options to choose from. The goal is not to stand out, even when it’s hard to do so. Find out what your potential customers are looking for and market your product accordingly. If price is usually the concern and customers are interested in the low cost option, then show your audience how your price is competitive and provide discounts and deals.
The most effective approach for long-term business success requires a company to intimately understand what their customer base needs. On top of that, different customer bases are likely to have different needs, and this needs to be taken into account as well. A 65 year old retiree is most likely to have very different needs from a financial services company than a 30-year-old professional.
2) Know your compliance issues
The financial services industry is full of regulations and rules that require strict adherence. Therefore, a lot of people in the industry hold back from digital marketing due to concerns about compliance. While it is absolutely necessary to stay within the bounds of the law, it is still very possible to have a strong marketing campaign without upsetting your compliance department. The key is having people who understand how to be compliant-friendly while engaging potential customers and converting them into clients. If you’re hiring a digital marketing firm, makes sure they understand the industry and the compliance requirements.
3) Use Social media
Some financial services industry shy away from social media because they don’t believe that their target audience, i.e. baby boomers that are retired or close to retirement,, are social media savvy. However, this is a falsehood. Baby boomers are known to interact and view content online using social media, primarily Facebook. Therefore, if you want a wider reach, the social media marketing via Facebook can be a beneficial way to engage with your target audience.
4) Use education in your marketing
People are more likely to respond positively to your marketing approach if you provide them with useful information they want to know. The financial industry can be confusing and scary, due to which some people stay away from financial products and services. However, if you can provide information, advice and tips to people about the industry and new developments in the industry, you’ll be able to position yourself as an educator with expertise and credentials.