Every brand has to find ways to connect with their consumer and build meaningful relationships based on true needs. And financial services institutions are the same. The big difference in financial services is that, traditionally, relationships have been very passive compared to industries like retail. That’s not a good thing, especially considering that more than one-fourth (28%) of consumers are concerned or nervous at the start of the journey for a financial services product.
Financial services organizations must grow top-of-mind awareness, build trust, and personalize messaging if they want to gain new prospects and inspire confidence in their consumers. And that’s where digital marketing for financial services is invaluable. With the right digital marketing strategy, financial services companies have the opportunity to expand their market and reach new customers online.
And the good news is that financial services consumers are increasingly gravitating to new companies—especially those that put connection first. Since the COVID-19 pandemic, 35% of consumers say they began using a financial product from a brand they have not used before. But, only 24% were unfamiliar with the brand they chose completely.
So, the question is, how can you create a digital marketing strategy for your financial services company that meets your needs, meets your customers’ needs, and brings in new business?
3 Strategic Approaches to Digital Marketing for Financial Services
Successful digital marketing for financial services is not a one-size-fits-all solution. No approach, customer journey, buyer funnel, or inbound marketing tactic will work for every institution. Instead, you must customize the strategy to your brand, goals, consumers, and needs.
The key is to put a comprehensive digital marketing plan in place—no matter your budget or situation. According to a long-term Nielsen report, annual revenues decline 2% for every quarter that a brand cuts its media spend, and it can take three to five years to recover both brand equity and revenue after a brand decides to resume marketing activities.
That’s why Mindtap offers three possible approaches to your digital marketing strategy—something for everyone. In each case, we’ll be your partner and meet your firm where you are at with our complement of strategists, creatives, and technology experts. The end goal: to turn your financial services institution into a well-oiled inbound marketing machine.
Strategic Digital Marketing for Financial Services
Since the start of the COVID-19 pandemic, 80% of senior executives said the role of marketing in setting strategy has expanded (Adobe). So, it should be no surprise that most companies planned to add new hires to their creative marketing teams in the first half of 2020. But what if your financial services firm currently has no in-house marketing, a one-person (try to do it all) team, or a limited budget for hiring more marketing employees?
You require a range of digital marketing expertise and resources at your fingertips. Your firm needs a partner who understands your business, ecosystem, and goals to create and execute an entire digital marketing plan to find new avenues of growth. That’s what it means to engage in strategic digital marketing.
Benefits—What You’ll Get with a Strategic Approach:
- A fully designed, created, and executed digital marketing plan based on your revenue goals and objectives.
- Measurable ROI that can be directly attributed to your strategic marketing initiatives.
- User experience (UX) design for your website, app, and other digital platforms that emphasizes both form and function.
- A full marketing tech stack that will be engineered, deployed, and maintained to support your continued growth.
Tactical Digital Marketing Engagement
But what if you have an existing digital marketing team that already has a range of expertise, creative skills, and disciplines? You could still use help to increase your capacity and backfill gaps in your in-house team. After all, over 50% of marketing leaders said they were busier than ever since the COVID-19 crisis—often with bigger volume projects and requests than their team can handle.
With tactical digital marketing for your financial services organization, you gain a partner who can extend your resources to get the job done. This hands-on approach is all about acquiring ongoing support for your fluctuating needs, so you can ramp up quickly as necessary.
Benefits—What You’ll Get with a Tactical Approach:
- An extension of your current digital marketing team filled with specific expertise, resources, and technology to carry out your digital marketing plan.
- A quick and convenient tactical team, available to complete specific deliverables or carry out tactical plans—e.g., website design, SEO, blog writing, social media, etc.
- A range of digital marketing experts to fill in knowledge and resource gaps in your in-house team.
Project-Based Digital Marketing
Now, let’s say your financial services firm has the team, resources, and knowledge needed to carry out even the most complicated digital marketing strategy. Or maybe, you don’t have the digital marketing team you need, but you also have a highly limited budget. That’s the idea behind a project-based digital marketing approach.
On average, 52% of marketing teams go through 3-5 versions of an asset before it is considered final. Few companies have the time or resources to handle every project to completion. When you have a single marketing project you want to get done with well-defined deliverables and outcomes, project-based digital marketing provides you with the team you need to carry it off.
Benefits—What You’ll Get with a Project-Based Approach:
- A flat-fee (fixed price) approach to digital marketing that can work for any budget—no matter how limited.
- The completion of a fixed-scope deliverable: website redesign, video production, mobile app development, eBook creation, portfolio design, etc.
- Development of brand identity guidelines to kick off your in-house digital marketing strategy.
There’s a Digital Marketing Strategy for Every Financial Services Firm
There is a digital marketing strategy that can work well for your financial services business—no matter if your needs are big or small. The Mindtap team can meet you where you are in your digital marketing journey, helping you raise awareness, generate qualified leads, support sales, and close more deals.
Whether you need a partner to design and execute your entire digital marketing strategy, take over a particular tactic, or just carry out a single project, Mindtap has the necessary expertise and resources to accomplish your goals. All you have to do is tell us what inbound marketing you need, and we’ll design a plan to make it happen.