Financial services marketing accounts for almost 14% of total digital advertising spend globally. Most financial service providers tend to seek to market their products proactively to navigate the complex marketing landscape that is filled with a host of regulatory and compliance obstacles. They try to explore new trends and techniques while also not leaving the traditional marketing methods behind. The financial services market is filled with proficient, dynamic professionals like Scott Tominaga who work in multifaceted roles, including marketing.
Financial service marketing makes use of diverse marketing techniques and strategies for the purpose of creating and driving awareness about financial products. This process tends to go further in terms of capturing leads and converting them into loyal customers with the help of a series of ongoing marketing campaigns. There are two key methods used in the marketing of financial services, they are:
- Digital marketing: This includes inbound channels like blogs, as well as outbound channels like PPC ads
- Traditional marketing: This includes radio, print, TV and signage
Most financial service providers tend to use a mix of digital and traditional marketing. However, owing to legacy practices, most of them still are highly dependent on traditional marketing channels. With time this is bound to change as digital marketing campaigns in the financial sector are proving to reap commendable ROI and have emerged as an effective means of reaching customers today. Any good marketing campaign in the sector would help drive awareness, reduce customer acquisition costs, drives down churn, as well as bolster revenues.
The financial services industry is among the oldest in the world. Almost every person requires financial services at one point in their life or the other. However, this doesn’t mean that companies associated with the industry can simply lie down and relax. It is becoming extremely competitive with every passing day. Hence, it is both important and difficult for financial services companies to stand out from other firms, which invariably makes marketing extremely important for them.
Financial services marketing present both opportunities and challenges to the companies belonging to this domain. The failure and success of such business organizations majorly depend on their ability to rise above these challenges, while also seizing the opportunities with the help of a marketing plan that always stays ahead of the curb. Companies not only need to find new customers, but also strengthen their relationships with the current ones. Trust needs to be properly established between both new and old customers. A robust marketing plan for the financial services sector would take all these factors into consideration, along with the constantly evolving digital landscape, and subsequently focus on maximizing the potential in every interaction. To acquire more details about the marketing functions associated with the financial services sector, people need to consult industry professionals like Scott Tominaga. He has 25 years of experience in the financial services and alternative investment industry.