Marketing financial services to the public presents some unique challenges. One is that average consumers are not always familiar with the details of the finance industry. Another is that financial services often involve long-term relationships with clients – the kind that can only be built over time. As a result, your marketing efforts need to address these issues. These four tips will help when marketing financial services.
Keep Messaging Simple
Many people who are looking for financial services do not have a full understanding of the industry. All marketing messages and content should be simple to understand. This means avoiding confusing acronyms, financial jargon and references to complex concepts. The marketing should clearly define the problems that consumers are facing and the financial solutions your business can provide. This will make all marketing efforts more successful.
Provide Free Advice and Information
Part of your marketing for financial services should include some useful advice or free information. It can help to include content on websites or in brochures that offers advice about budgeting, mortgages, taxes or other financial topics. Providing this type of information at no cost builds trust while also showing potential customers the value of your financial services.
Distribute Promotional Products
Financial services businesses should distribute branded promotional products whenever possible. Promotional items such as pens, calendars or letter openers from companies like halo.com are good marketing tools because they are usually nearby in the areas where people make decisions – such as their home or office. These promotional products reinforce brand awareness and offer a clear option when someone is making a decision about finances. Promotional products like these act as walking billboards, ensuring that you gain repeated marketing exposure every time they are used by recipients. Few other marketing strategies have this type of direct impact on consumers.
Incorporate Apps and Web-Based Tools
A marketing tip that many businesses find useful is to offer apps or web-based tools to consumers. Tools that perform financial calculations, help with budgeting or provide valuable information will be used regularly by potential customers. This makes your business a resource. Consumers are more likely to trust and use the financial services of a business that is seen as a resource. Additionally, apps for mobile devices can reach younger market segments in need of financial help and advice.
Business owners should always attempt to segment their target markets of previous and existing customers. Knowing what groups are seeking out financial services makes it easier to refine marketing efforts to better reach relevant prospects. Targeting marketing toward specific groups or niches can increase your return on investments over time.