The economy is made of three different segments, known as sectors. The sectors are comprised of businesses that provide goods and services to consumers. Financial service is the economy’s most essential and crucial sector. Financial services include a broad range of specific activities such as banking, investing, and insurance. Financial services are limited to financial services firms and their professionals’ activity while financial products are the actual goods, accounts, or investments they provide.
The financial services sector is the primary driver of a nation’s economy. It provides the free-flow of capital in the marketplace. The strength of the financial services sector is vital to the prosperity of a country’s population. When the sector and economy are strong, consumers generally earn more. So, it’s very important if the financial sector of the country is stable.
If the financial services sector fails, it can drag a country’s economy down. This leads to the recession of the country, which in turn results in the unemployment of millions. Central banks lower interest rates to boost economic growth.
Role of digital marketing in financial services:
Financial services marketing is very competitive and highly influential. You need to be noticed by the customers and stand out among the others. When all of this involves finances, it makes things more complicated than marketing other industries.
This is why it is vital that companies in the financial services industry have a detailed marketing plan beforehand. Without one, you could be missing out on effective communications techniques – both traditional and digital (digital being more prevalent now).
It would put you at a significant disadvantage because the customers carry out detailed research before committing to insurance plans, loans, create a bank account, credit cards, etc. Ultimately, this means that heavy promotion is not the only way out, and your company needs to look at how it can provide impartial advice that will lead a customer through their journey while building trust in your brand.
Apart from this, the lack of a plan could put you at risk of falling foul of financial advertising regulations. As financial marketing and promotions can form a large part of a customer’s knowledge and influence their decision majorly, they are regulated to ensure they are fair, accurate, and precise.
Not having a plan in place for your company can mean the relevant department doesn’t check messages; campaigns are rushed, and, ultimately, your marketing isn’t compliant.
According to research, almost 45% of organizations don’t have a proper digital marketing strategy despite the fact they are doing it. This kind of approach means you aren’t delivering the best results, and you can’t satisfy the customer’s query. It also means that your activity isn’t integrated, with each channel working in your company, which ultimately results in mixed messaging, different tones of voice, and a failure to reach your customers at the right time and on the right channel.
Creating a digital marketing strategy for financial services isn’t very different from other sectors. You should have the messaging checked by your legal department –which will help you fulfill all obligations and adhere to regulations. You can make the most of highly engaging content types, such as video, making blogs, high engagement offered by social media channels.