As the finance industry continues to innovate, this complex sector must adopt new strategies in order to stay ahead of the competition that is growing from digital transformation.
According to “The CMO Survey“, the finance industry is making strides to put marketing efforts the forefront of their strategies.
This report is released in order to reveal marketing trends as well as predict the future of this industry. Top marketers are asked to give insights and opinions surrounding what will emerge in the future, to understand what different industry players should look out for.
The August 2017 report revealed that the finance industry is leading the way when it comes to hiring marketing positions.
“Other data from The CMO Survey confirm that the two industries leading in anticipated marketer hiring—Banking/Finance/Insurance (14.5%) and Tech/Software/Biotech (10.3%)—also expect the largest increases in marketing spending in the next year.” Forbes reported.
So, how exactly can the finance industry benefit from marketing strategies?
Move Over, Baby Boomers
Just like any other industry, the finance sector is targeting a unique, desired audience in order to drive sales and beat the growing competition. Lately, that competition involves fintech companies that target millennials appropriately using digital incentives.
In order to beat this competition, banks are beginning to market to millennials. This audience is prominently on social media, the internet, and relies heavily on gaining knowledge from what is seen online.
“Millennials grew up in the age of always-on, connected technology. The use of technology in all aspects of their daily lives is one of the defining characteristics of their generation. Not only do a higher percentage of Millennials own smartphones than any other generation, but 18% are mobile-only Internet users, versus 5% of Generation X and 3% of Baby Boomers.” V12 Data reports.
Millennials are also known to do the majority of their banking online. Most millennials report through V12 Data that online banking is an “essential part of managing their finances.”
Because of this, the finance industry is presented with a major opportunity to release relevant content on all platforms in order to get a message across and to and engage with millennials.
Content marketing can be the answer for financial services when it comes to integrating new services into business operations.
For starters, using content marketing can be used to educate your market, by conveying a particular message that can answer questions your audience has and shift the conversation toward your services.
“The financial services industry has a strong opportunity to build relationships, brand loyalty, and brand advocacy with this generation through targeted advice and educational content. A major trend in financial education is the use of interactive multimedia, videos, and social groups and content” v12 Data reports.
Know Your Customer
Financial services must remain innovative with marketing efforts in order to stay ahead of the curve. This can be done through gaining valuable customer insights in order to understand exactly what content to release.
For example, if you are targeting millennials, it may be useful to understand just when they will need your services. Santander Bank’s content marketing strategy aimed at connecting to millennials through a high level of engagement after talking to customers about lifestyle choices and when exactly they will be looking for loans.
By figuring this out, Santander was able to make the right decisions about when to release content, and most importantly, if targeting millennials would be a smart move.
If financial services can get on board with marketing strategies, they will be able to fully grasp where their customers are, what is important to them, and what content will fully reach them in order to drive customer loyalty.
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