The financial services industry is rife with challenges, making marketing in this field particularly delicate. Trust is a key component of any marketing relationship, but in financial services, clients are entrusting companies with their retirement savings, investments, and the like, and a person’s financial stability and future is not something to be taken lightly.
At Omega Marketing Project, we do deeply understand today’s market and customer requirements and expectations, based on our wide experience of cooperations with a variety of financial institutions and companies. If you interested in Digital Marketing services for your company, feel free to Request a Quote.
Beyond establishing trust, the financial services consumer of today is changing. Financial services companies are now beginning to market to the millennial audience, helping the up-and-coming generation plan for a stable financial future, make wise investments, purchase homes, fund business ventures, and much more, and the millennial audience has vastly different attitudes and perceptions surrounding the world as a whole. Your company may also be marketing to retirees who want to stretch their savings further, families seeking ways to save for college for their children, and other audiences, making a one-size-fits-all approach to financial services marketing impractical at best and impossible at worst.
So what’s the best way to reach today’s financial services consumers? What strategies are the most effective at building trust? And how are today’s financial consumers, who are largely taking on a greater role in self-education about financial products and services, consuming information before making financial decisions?
Financial services companies produce more direct mail and direct marketing each year than any other sector. However the creative quality across the financial services sector is generally poor. If you work in financial services marketing, please read the following to improve:
1. Your creative work should be serious and business-like enough to ensure people would trust you with their money. But do not be too technical: remember some investors will not know what ‘discretionary advice portfolio management’ or ‘managed funds’ are.
2. When making an assertion such as ‘the smart investor’s choice’ have something to back this up. People are not going to hand over their money to you just because you say they ought to. You need proof: results of the previous years investments, reviews from independent sources (such as the FT, the Economist or Wall Street Journal), awards or even personal testimonials.
3. Remember to stay relevant. This may sound obvious but you would be surprised how many adverts use eye-catching but completely irrelevant illustrations, photos and captions. While these may catch the reader’s attention the danger is they will remember the pretty picture rather than your company and its message.
4. Offer some kind of benefit. What makes you different and better than your competition?
5. Try giving away some free advice. A lot of adverts are ultimately just saying ‘trust us with your money, we are the best’ but why should people believe you? You may be an established brand, but why not show your expertise through a news-style advert on the state of the economy or free advice.
This shows you believe in your experts; that you do know what you are talking about, rather than just asserting you do. Also since you have been generous enough to give away this information, the reader may be more likely to give you a call than the other firms who just say ‘pick me, I am the best.’
6. Offer a unique selling proposition. When it comes to almost any type of financial product your customer is faced with a huge variety of different firms to choose from.
Most financial products are pretty similar, so why should you choose one over another? Perhaps it is better advertised and more well-known, or better still, that it offers something the others do not offer, or do not advertise they offer. This could be a better price, more experience, an ethical and environmental policy, better service, more awards or a better reputation.
Once your message has awakened interest in possible customers they will need to contact you. They will either phone the number on the advert or visit your nearest branch/office. How you then deal with their enquiries is vital.
7. Test an incentive. We have had a lot of positive results with different and appropriate incentives – especially for insurance companies.
8. Find a niche. A lot of financial services advertisers want to sell to anyone and everyone. Sometimes you will improve your appeal by focusing on one market and creating products for that market.
9. Don’t make it look like advertising. Our best performing financial services advertising does not look like direct mail or ads.
How to improve your response handling
1. Respond to any enquiries within one day. By sending a reply pack first class in the post. This may be expensive but it shows that you think the customer is important.
2. Send a brochure explaining in clear, layman’s terms what services you offer and why you are better. Never send the brochure without a letter. A compliments slip is not enough. It cannot sell, and makes you look lazy.
3. Personalise your letter, explain what your services are and summarise the rest of your pack. This letter ought to be signed from a senior member of your company. This will again give the impression that you value the customer and make them feel important.
4. Enclose a business card from whichever senior professional the letter was from. This will encourage them to make further contact.
5. Send a schedule of charges. While you do not want to put people off too early, it is good to be open and honest as this generates trust.
6. Send more free information but nothing too long.
7. Remember to stress your experience, discretion and the fact that you are there to help the customer. Offer tailor-made services designed to guide the customer through their finances.
8. If you have an ethical or environmental policy, highlight this fact. Financial services sometimes have to combat the perception of being unethical.
The Omega Marketing Project works with insurance companies, investment trusts/funds, building societies, money managers and discretionary portfolio managers and we have made them all a lot of money. Why not to contact us now?