In the last two decades, digital technologies have completely changed the way businesses marketing their products and services. The same can be said for B2B businesses, including financial services firms. Today, digital technologies are bridging the gap between customer and business, improving the way relationships are built and customer journeys are navigated. The same can be said for financial institutions, 53% of which CMO found to have increased marketing investment in 2017. Today, many clients still lack confidence in financial advisors. The reason, Forbes reports, is “financial jargon, misplaced guidance and an inconsistent customer experience.” So how can financial services marketing address these issues and create a better customer experience? Here are 5 tips that financial institutions should consider in 2020.
How to Improve Your Financial Services Marketing in 2020
1. Capture the right data to fuel your financial services marketing strategy.
When marketing a product or service, whether it be B2C or B2B, it’s important to capture data about your customers. This data, when processed into information, helps you develop detailed customer personas based on demographics such as age, gender, location, occupation, interests, needs, and more. Your financial services marketing strategy is dependent on this information because your business will develop such strategies depending on your customer persona. More on this in the next point.
2. Define detailed customer personas.
Every customer persona should have a corresponding financial services marketing strategy. Your messaging to women aged 12-35 who live in the city must be different than your messaging for men aged 40 to 60 who live in the suburbs. These segments or groups respond to different messages, which is why it’s important to personalise your messaging for every segment. Because these groups have different needs, pain points, and priorities, you will have to build your messaging around these points. Customers respond to messages they can relate to or find value in because it helps them solve a problem they are experiencing. Defining your customer personas can help your business better understand what issues these segments face and offer the right products or services that appropriately address these issues.
3. Have a deep understanding of what your customers and potential customers need.
Today’s market is teeming with businesses that are similar to yours. Sometimes, getting ahead comes down to how deeply you understand your potential customers. Salesforce reports that “long-term success requires an intimate understanding of the needs of the customer population.” This is where segmentation comes in. Not all customers are the same. Each have unique needs, which is why it’s important for businesses to understand their motivations. Analysing customers’ motivations, behavior, and needs can also help businesses understand why they repeat purchase or why they discontinue doing business with you.
4. Create value for your potential clients.
What is value to a customer? Usefulness, importance, worth. In order for businesses to capture the attention of potential customers and retain existing customers, businesses must create value at every step of the way. For existing customers, creating value may be in the form of newsletters announcing product or service updates or introducing other offerings that you believe will help address their other needs. For potential customers, creating value means providing them with tips and tools that can help them answer a question they may have in mind. Creating value for them builds your business’ credibility. When you consistently provide sound advice, useful information, and reliable industry insights, your business or your brand becomes a reliable resource, paving the way for building a customer relationship.
5. Be empathetic.
One of the reasons why your financial services marketing isn’t working for your target audiences is that you’re using too formal language or industry jargon that your audiences just don’t quite understand. Add a human aspect to your message by being empathetic. CMO reported that showing empathy provides an “opportunity to better connect with your customers and earn more of their business.” In fact, customers who feel that a business is not empathetic to their needs are more likely to do business with another company, which means less sales for you. Regardless if yours is a B2C or B2B business, it matters how customers feel. If they feel that businesses have a deep understanding of their needs and are able to address those needs properly, they’re kept satisfied. Empathy plays a big role in this process.
When developing financial services marketing strategies, it is best to consult with B2B marketing specialists with years of experience handling different aspects of marketing in your line of businesses. B2B marketing firms specialise in financial services marketing, law firm marketing, industrial and manufacturing marketing, IT and technology marketing, and more.