When people discuss financial services, one of the main purposes that is discussed is the management of money. How can digital marketing have a positive impact on an industry that is filled with consumers who change their minds and behaviors as fast as lightning? The amount of money that is spent on digital marketing is expected to reach close to $170 billion by the end of 2017, which consists of a span of five years.
Even though that number is very large, many financial services companies have failed to move as quickly as their consumers. Let's take a look at some of the ways digital marketing can help the financial services industry improve their sales, revenue, and conversions.
We are all aware of how popular social media is. Social media cannot and should not be ignored. It does not matter what industry you are in, social media can have a major impact on your market. There are billions of people around the world with social media accounts, which means you have the opportunity to reach people in places you have never been.
If you want to have a social media presence, you will have to lead your customers to social media. The majority of customers are not aware that their financial institution has an active presence on social media. In order for you to attract people to your social media profile, you have to make sure you are visible. If you want people to notice you on social media, one of the best things you can do is to find ways to encourage customers to share your social media networks with their friends and followers. You can also choose to offer incentives to those who share your social media networks.
Do Not Forget About Email
Email is still one of the most important communication channels. Email can give you the ability to engage your current customers and potential customers. Email is one of the easiest ways to collect information from existing customers and potential customers. However, email is probably the most effective because of its significant return on investment. Unfortunately, many financial services fail to take advantage of everything email marketing has to offer.
It is not hard to see how big of an impact mobile devices have on the everyday lives of consumers. More consumers are beginning to use their mobile devices to manage their accounts and finances. Mobile devices allow your consumers to receive notifications and reach out to their financial services institutions on the go.
Many financial services give their customers the ability to manage their accounts through an application. When a company makes the decision to be mobile, this becomes a big investment, and it requires a financial services institution to have a full understanding of technology and the current trends that are impacting consumers. Financial services can reach their consumers in a way they have never reached consumers before. The customers have the opportunity to have a personal experience.
From Data To Demand
When consumers financial institutions, they expect the institutions to provide them with as much relevant information as possible. Consumers do not want information that they can get elsewhere, they want information that is about them. Consumers want their specific information to be personalized. What does this mean for the financial services industry? It means the financial services industry will need to consider investing more money into their marketing automation.
There is no doubt that digital marketing can have a major impact on multiple industries, and the financial services industry is not an exception. Do you think you can make improvements to your digital marketing strategies? Contact us today.