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2019 Digital Marketing for Financial Services

By April 22, 2019 March 25th, 2020 CCG Financial Services Marketing Blog

Get insights on opportunities, strategies & tips for success.

Today’s financial institutions know they need to leverage digital marketing channels to increase engagement, build trust, improve the customer experience and stay competitive — all of which can help drive revenue. With consumers increasingly managing more of their daily activities through online and mobile channels, the financial institutions that make digital marketing an organizational priority will be better positioned to win the battle for customer wallet-share. Yet putting a plan in place is often easier said than done. The insights and tips below can help.

Digital Marketing Opportunities for Financial Services

From your physical branch to digital channels, every customer interaction is an opportunity to grow and nurture relationships. With more consumers relying on the convenience of digital channels to research financial information — from checking current interest rates to reading retirement planning content — having a presence on those channels is an additional opportunity to engage.

To stay competitive, it’s also crucial for your financial institution to be accessible 24/7 to your customers, or you’re likely to lose them to other banks offering the access today’s customers crave. Your organization can leverage this new level of customer expectation by taking advantage of these digital marketing opportunities to engage consumers when — and where — they want to engage.

  • Build trust and increase conversion rates by distributing educational financial content and other relevant communication across multiple digital channels
  • Increase engagement opportunities by analyzing data in real time to predict customer needs and deliver more personalized communications
  • Enhance the overall customer experience through 24/7 access across digital platforms and channels
  • Make more effective and efficient use of your resources by analyzing data to see which digital channels your customer segments prefer
  • Enhance your brand voice through consistent messaging across digital channels and platforms

Financial Services Digital Marketing: Tips and Strategies

Digital marketing for banks is about more than having a mobile app or simply posting content across a range of digital channels. To provide an experience that creates long-term value for your customers, the key is to align your digital marketing campaigns around your customers’ behaviors and life stages in order to deliver the information they want, when and where they want it. By focusing on the three key digital marketing areas below, your financial institution will be well positioned for long-term success.

1: Digital Content Marketing

Financial content that engages readers and builds trust needs to be relevant and provide an experience that creates value for customers and prospects. You can achieve this by creating informative content that’s distributed across the digital channels that are already part of your customers’ daily lives.

To increase engagement with your digital content, let your customers tell you how, when and where they want to hear from you. Here are two simple and effective ways to gather that information.

1. Customer surveys provide a cost-effective way to gather information about customers’ specific interests. This can help ensure that you’re delivering the value-added content they want to read. For example, some customers might want to learn more about saving and budgeting, whereas others might be interested in articles about retirement planning strategies.

Case study: See how content survey insights increased content relevance — and clicks— for one Midwestern bank.

2. Preference centers offer a convenient way to increase engagement by letting your customers tell you how often and on what channels they prefer to receive your communications. Provide a list of channels to choose from, such as email, text and direct mail. Include frequency options, such as weekly or monthly. Include categories of content customers can select, such as “personal finance tips,” “special offers” or “company news.” Make your preference center accessible by including links in emails, your website and on your mobile app.

In a world where consumers have more choice than ever, building trust is a critical part of building and maintaining long-term customer relationships. In fact, according to a research study, nearly 50 percent of consumers subscribe to some kind of email newsletter and report that trust in the publisher encourages them to read it. By keeping your digital content more customer focused, versus product focused, you can create and distribute information that’s both educational and helpful, making it easier for customers to make the best decision for their needs.

Digital marketing tip: In addition to email, provide educational financial content consistently across digital channels and in multiple formats. For instance, create a digital library with personal finance topics that’s easy to access from your website and mobile app. Create content in formats like checklists, videos, slideshows or infographics and distribute them on customers’ preferred channels.

2: Data-Driven Digital Marketing

Financial services digital marketing that is data-driven lets you move away from the “one size fits all” approach to deliver more personalized and timely information. By segmenting your customer data by life stage, demographics or certain behaviors, you’re able to create more relevant communications that your customers are more likely to respond to. For example, a potential homebuyer could be presented with an educational article on mortgage options or a new homebuyer checklist.

Take your data-driven marketing skills a step further by leveraging data to predict customer needs and guide engagement opportunities at every step of the customer journey. Keep in mind that the more you’re able to tailor communication to individual customer needs, the more likely those customers will feel valued and respond to your messages. For example, young adults might be interested in information about budgeting and tips for paying down student loans, while older baby boomers may want to learn more about CD laddering or wealth transfer.

Digital marketing tip: Use your vast treasure trove of customer data to map content to customer personas. From research to onboarding to cross-sell to retention, segmenting audiences lets you create personalized customer experiences that build trust, loyalty and revenues.

3: Customer Experience Digital Marketing

Today’s consumers don’t compare products as much as they compare experiences. And creating a better customer experience in banking is about understanding and responding to your customers’ needs in real time.

An effective bank digital marketing strategy can optimize the customer experience by fitting your products and services into your customers’ lives — instead of the other way around. This may include offering simple and convenient digital tools that make life easier for your customers, such as mobile payments and deposits. Or, increase stickiness by using digital assistants, or chatbots, to respond to routine inquiries and provide personalized advice.

Digital marketing tip: Make it a company-wide priority to provide consistent information across channels and touchpoints. This not only helps customers quickly find the information they’re looking for, it also lets them engage with your brand when and where it’s convenient for them.

Financial Services Digital Marketing Boosts Engagement, Retention and ROI

Here’s the bottom line: Consumers want their banks to be accessible and helpful. By digitizing your financial content delivery channels, increasing focus on customer experience and acting on your customer data, your brand can increase engagement, create more value for your customers, and ultimately enjoy higher retention rates and more profitable long-term relationships.

Increasing your digital marketing ROI means meeting your customers where they are. CCG’s financial marketing experts have 40+ years of experience growing long-term customer relationships through strategy, content creation, data analytics, personalization and segmentation. Learn more about our financial digital marketing solutions or schedule a free consultation with one of our financial marketing experts by clicking here or calling Greg Sultan at 303-986-3000, ext. 122.

Greg Sultan

Author Greg Sultan

Greg has more than 30 years of experience working with many of the country’s top 100 financial institutions on activation, acquisition, cross-sell and onboarding campaigns. His expertise also includes developing database marketing programs.

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