Marketing of Financial Services

15 High-Converting Marketing Strategies of Financial Services

By: Frank DePino | May 9, 2024

Marketing of financial services is critical for differentiating companies in the industry. IBISWorld reports that there are nearly 100,000 insurance and financial services businesses in the United States in 2023. What is marketing of financial services?

Marketing of financial services are promotional tactics used in the finance and insurance sector to drive goals like increasing credibility and trust, brand awareness, lead gen, and customers. Financial services companies can use many marketing strategies to achieve their goals, including PPC ads, content marketing, case studies, and referral programs.

This financial services marketing guide will expound more on the definition above, reveal the benefits of marketing in this industry, and share premium marketing strategies.

What is Marketing of Financial Services?

The financial services sector is a rapidly growing industry, as the IBISWorld stat from the intro proves. Marketing for financial services allows companies to produce tailored, targeted messages to audience segments to achieve growth goals.

Banks and financial institutions can review metrics as their marketing campaigns go live to ensure they reach the right audience and achieve their desired benchmarks. 

Understanding the Financial Services Market

Before we delve further into digital marketing for financial services, we wanted to provide a brief overview of the financial services market.

According to GlobeNewswire, financial services are globally valued at $28,115.02 billion in 2023. The prior year, the industry had a market worth $25,848.74 billion. The finance industry grew at a CAGR rate of 8.8 percent between the two years.

The biggest names in financial services are Centene, China Construction Bank, China Life Insurance, Agricultural Bank of China, Anthem, Inc., Axa Group, Ping An Insurance, JPMorgan Chase & Co., Industrial and Commercial Bank of China, and Allianz Group.

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The Benefits of Marketing for Financial Service Providers

Financial services marketing is advantageous for banks and financial institutions in many ways. Here’s an overview.

Attract New Customers

Marketing of financial services such as advertising, email marketing, and social media marketing introduces your company to new audience on a broader scale. Your marketing efforts should eventually generate a consistent flow of leads.

Retain Existing Customers

Customer retention is critical for financial services companies. Marketing campaigns focusing on improving the customer experience will build more customer loyalty, keeping your longest-term clients engaged in your services.

Increase Brand Awareness

You’ve striven to build a brand that appeals to your target audience. Digital marketing for financial services can act as the vehicle that spreads brand awareness and later helps you strengthen your brand.

Differentiate Your Products and Services

You must give customers a reason to choose your financial products and services when they can select thousands of other financial services companies. Your unique marketing strategies can set you apart.

Build Trust and Credibility

The last reason marketing for financial services is integral is for customer commitment. Customers entrust financial services companies with one of life’s most sensitive assets: their money. They must believe wholeheartedly they’re making a smart decision, and targeted campaigns can foster that trust.

The head of the financial services firm landed new clients after applying 15 marketing strategies

15 Strategies to Market Financial Services

You’ve seen the value of marketing for financial services, but how do you implement successful campaigns? The following marketing strategies will help you begin.

1. Define Your Target Audience

You must understand your target audience before you can get underway. Your financial services company needs clearly defined groups based on psychographics (motivations and behaviors) and demographics.

This data helps you identify your audience’s pain points, which will differ by segment. For example, younger customers right out of high school or college might search for a bank independent of their parents, or perhaps they want to invest for the first time.

Buyers in their 20s or 30s will look for financial services to assist them with big life changes, such as buying a house and starting a family. Older customers will rely on your business as they near retirement age.

Your marketing campaigns must address these issues and present your services as the solution.

2. Personalization

According to Forbes, 80 percent of customers will purchase from a company that personalizes its experiences. Understanding an audience segment’s pain points is a good starting place, but you have other personalization options, including:

  • Incorporating their first name into correspondence (especially email headlines)
  • Recommended services or products based on their needs, preferences, and past shopping behavior
  • Personalizing by geographic location

You may have many customers, but personalizing your marketing approach makes your audience feel less like one in a long assembly line of clients.

Runway Growth Capital constantly publishes new articles on its blog to improve its content marketing strategy

3. Content Marketing

Marketing of financial services requires content marketing. NYT Licensing from The New York Times reports that 47 percent of customers will look at three or more pieces of content before they talk to a sales rep.

Customers will not bother if your content doesn’t provide value. The definition of valuable content varies by industry, but for financial services, it entails content that educates.

For example, what age should a person begin saving up for retirement? How much money should one save before putting a down payment on a house? How can someone find good investment opportunities?

Producing content that answers these and other pertinent audience questions can get your customers to the stage where they book a call with a sales rep. 

4. Search Engine Optimization (SEO)

SEO is a pillar of financial services marketing. Your company won’t get found online without good SEO strategies in place. You need a well-ranking website to generate more leads and traffic.

Digital marketing specialists Mediaboom partnered with Runway Growth Capital to redesign the firm’s website and improve its SEO. Mediaboom also implemented paid ads, print design, and branding services.

The SEO tactics Mediaboom used include conversion point optimization, on-site and off-site SEO, inbound link analysis, website ranking analysis, and keyword research. The site generated 74.4 percent more unique page views, 85.8 percent more website traffic, and 136.2 percent more leads.

Mediaboom can work with your financial services company to grow your SEO like we did for Runway Growth Capital. Complete our contact form to get started.

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5. Email Marketing

Your bank website has gone live, and with SEO measures in place, you’ve begun generating more leads. Communicate with them and engage with your long-term customers through email marketing.

Use email to keep your audience abreast of new products and services and major changes occurring within your company. Email automation helps you communicate with leads at opportune times to move them through the funnel.

Email marketing can increase your conversions as you nurture leads. Your new customers will be more engaged and loyal, making them likelier to retain. You’ll also hold onto more long-term customers.

6. Video Marketing

More marketers than ever use video, even in the financial services industry. Failing to do so the same gives your competitors a clear advantage. Video marketing can be used like other forms of content marketing, to educate and inform your audience.

For example, you can showcase how your services and products work, providing demonstrations to inspire customer trust.

You can also use video to humanize your brand. You might offer behind-the-scenes glimpses into the day in the life of an investment banker, or perhaps you have video interviews with members of your company or key industry players.

7. Pay-Per-Click (PPC) Advertising

You’ve identified your target audience. Next, marketing of financial services entails advertising to those segments to draw them to your website. PPC ads are one of the most common ad avenues companies choose.

This advertising model requires the advertiser to pay for each click, but the traffic, leads, and sales these campaigns generate make them more than worthwhile. You can tailor PPC ads to your goals, selecting the type of ad and the demographics, geographics, and psychographics of the users who see it.

Budgeting keeps PPC ads affordable, which is something experts in your sector shouldn’t struggle with.

Mediaboom shows how it has integrated its chatbot into the website to increase the conversion rate

8. Chatbots and AI

AI is a growing trend in the workforce, and it’s assisting financial services companies in innovative ways. You can train AI chatbots to respond to customer queries that come in after business hours. The AI can even personalize its responses so it’s like chatting with a human representative.

Chatbots ensure customers get quick resolutions to their issues, which improves customer loyalty and satisfaction.

You can even rely on chatbots when in the office. They can take care of basic customer concerns while the human representatives handle more complex tasks.

9. Data Analytics

Data can tell you a wealth of information about your audience, including their needs, preferences, and behaviors. You can then tailor your marketing strategies accordingly to build stronger campaigns.

For example, Mediaboom worked with Guilford Savings Bank on marketing strategy, website design, and website development. In speaking with GSB and understanding its customers’ goals, Mediaboom helped the company design a website with a Product Selector Tool to recommend products.

Further, Mediaboom implemented a self-service center with resources and tools customers could use before contacting a representative. Mediaboom can help your financial services company produce tailored products and services for your audience. Get started today.

10. Community Outreach

Financial services marketing should also include community outreach. You serve a local area as a financial institution, so connecting with that community is valuable. You can establish a reputation for giving back and participating with your community. That will especially help as you begin your branding efforts.

You should keep up the outreach even as your brand becomes more established. Volunteering, supporting sponsorships, and donating to local charities generates positive press and reinforces why your company is such a dependable choice.

11. Networking

Marketing strategies for financial services should utilize networking. Participate in online forums, join professional financial organizations, and attend industry events. Being an active part of your industry like this pays back dividends.

You’ll get to rub elbows with many parties, including potential new partners and leads. You might connect with customers and former customers, possibly leading to renewed interest in your services or referrals.

Besides expanding your network, you can also build your reputation. A sterling reputation among your customers, leads, and peers should Drive more business your way.

Financial advisors attending a meeting and expanding their network as a marketing strategy.

12. Referral Programs

Customers have no problem referring services they feel passionate about. Your efforts to improve the customer experience can benefit from a robust referral program. Start such a program if your financial services company doesn’t already have one, and un-pause it if you have temporarily stopped.

People generally trust the word of their friends, family, and colleagues more than business messaging. The referral program should produce more qualified leads for your bank or financial institution.

Give your customers a reason to join your referral program by offering rewards or incentives. You might issue tiered prizes that get better as the customer refers more people.

Your financial services company can build a booming referral program through our digital marketing services. Connect with Mediaboom to get underway.

13. Whitepapers and Case Studies

We touched on content marketing for financial services, but let’s look at what kinds of content to focus on more specifically. Case studies and whitepapers are excellent forms of content for generating trust and showcasing your expertise.

Create case studies based on your past partnerships, using engaging copy and data to illustrate your effect on that business. Produce whitepapers about in-depth financial topics that require more words than what you can fit into a blog post.

For example, you might compile the year’s industry trends or write a market report. Whitepapers make excellent lead magnets.

14. CRM Integration

Customer relationship management or CRM software can assist financial services companies. You will begin to generate more leads and customers, so you must have a database for storing customer communication records, buying history, and other data.

CRM software can assist in future marketing campaigns. You can automate emails and social media posts, use email templates for personalization, review open and closed deals, segment leads, and track analytics.

Most CRM software has many integrations to incorporate the new service into your workflow without switching software solutions.

15. Retargeting Campaigns

Marketing of financial services should use retargeting. Leads sometimes make it far through the funnel but can change their minds for many reasons. Retargeting allows you to reach out to these potential customers later when their situation may have changed.

Test your messages beforehand for maximum efficiency. Keep the messaging simple and accommodating. Make it convenient for a lead to convert and incentivize them to change their mind by offering discounts or even a free service.

Elevate Your Luxury Brand Today

Schedule Your Free Consultation

Seeking to elevate your luxury business? Let Mediaboom guide you. Secure your exclusive, free consultation with our luxury marketing experts today.

Hire a Financial Services Marketing Agency

Financial services marketing furthers business objectives in the industry. Mediaboom is a financial services marketing agency that will work closely with you to identify your goals, find your bottlenecks, and implement changes that will impact your marketing.

Learn more or get started today.

By: Frank DePino

Frank DePino is Principal and Founder of Mediaboom. Since 2002, Frank has led Mediaboom’s award-winning staff of creative and technical professionals, building the most effective marketing and advertising solutions for its clients.


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