Financial institutions invest a lot of money in attracting people’s attention, but is your financial business putting the same effort into converting prospects into customers?
While your financial business may already be thriving, improving your marketing efforts helps you build your brand and create new customers.
In this article, we will discuss what financial service marketing is and six marketing ideas to convert potential customers into lifelong fans of your brand.
What Is Financial Service Marketing?
Financial service marketing promotes the products and services of a financial firm. As with other forms of marketing, this type aims to raise brand awareness, gain new customers, and sell products to generate revenue.
Businesses that utilize this type of marketing provide services that have to do with money. They include but are not limited to:
- Credit unions
- Financial firms
- Mutual fund institutions
- Commercial lenders
Now that we’ve defined exactly what marketing is for the financial service industry, let’s discuss strategies and tools that work specifically for it.
HubSpot's Marketing Hub makes marketing easy.
This software allows users to effortlessly sort, automate, and report on data to deliver a custom-made marketing experience. With this platform, you have access to all the tools you need in one place. HubSpot's marketing tools help you reach your audience at the right time and make strategic decisions to improve your marketing efforts.
The analytics feature enables you to make decisions better aligned with your budget and goals. You can also transfer data from your existing business apps into HubSpot to unite all your data and create customized reports.
Building Buyer Personas
A buyer persona is a fictional profile of your ideal customer. This imaginary person has the same demographic and psychological profile as your target audience.
Creating a buyer persona gives you insight into the needs, desires, and problems experienced by your target audience. This insight helps you create a product that satisfies your customers’ needs and gives them a solution to their problems.
By creating a buyer persona, you can better understand your target market before spending excessive time on product development, marketing strategies, or sales infrastructure. The data you collect helps you develop a high-quality product, draft better copy, give insights for lead follow-up, and improve customer acquisition and retention strategies.
Developing an Intranet to Support Employees
An employee intranet is also a powerful marketing tool.
This is a private company network that stores corporate information securely and allows employees to upload files, communicate privately, and display company announcements. Intranets generally have specific features such as a company directory, search bar, learning center and project management.
The secure site informs employees of new deals and offers. It can streamline the entire company and lessen the workload. Moreover, it encourages employees to contribute to marketing efforts by uploading useful pictures or video clips, promoting the company blog and more.
Offering Promotional Kits
Promotional kits, promo products, swag, or freebies, are company products branded with a logo. These kits are often distributed at company events, trade shows, or conferences.
These kits aim to advertise businesses and introduce the brand name and products through a customized plan for brand promotion. Additional uses for promotional kits include welcoming new hires and customers, milestone gifts, corporate thank-you gifts, and employee tenure gifts.
Possible items to be included in these kits are tech accessories, office supplies, pens, gift bags, keychains, coffee, notebooks, and more. The kits boost business, create new leads, and make employees feel appreciated.
Launching a Digital Outreach
A digital outreach encompasses all marketing strategies that involve you taking the first step to contact your target audience. It helps you build relationships and boost brand awareness. The goal is to secure new clients or customers.
Some digital outreach strategies include:
- Email marketing
- Social networking
- Content marketing
- Influencer marketing
- Pay-per-click advertising
Marketing on Social Media
While most financial institutions only interact with customers when their services are needed, social media marketing allows you to continuously interact with people.
Social media makes it easy to build relationships through branding and customer satisfaction. Adding a link to your social posts can encourage people to visit your website and explore your offerings and purchases.
Social media is a good way to get to know your customers, who they are, and why they interact with you before a need arises. Responding to customer questions and comments on social media also builds customer loyalty.
Seek Out GO2 Partners for Financial Service Marketing
As discussed, for your business to be successful, there are many strategies involved in financial service marketing: learning HubSpot’s marketing software, creating buyer personas, encouraging employee participation via an intranet, distributing promotional kits, organizing a digital outreach, and marketing on social media. While this may seem like a lot, developing a good marketing strategy is key to success and is sure to pay off.
GO2 Partners is here to help. Contact us today to learn about the latest business and marketing techniques to benefit your financial business.