Financial products marketing
In this article, Ashima MALIK (ESSEC Business School, Master in Strategy & Management of International Business (SMIB), 2020-2021) explores the marketing of financial products.
Financial product marketing refers to a set of marketing solutions that address the needs of financial companies. The marketing of a highly efficient financial product uses digital methods to promote new financial products and increase brand awareness. Fortunately, financial services companies are increasingly recognizing the limitless power of digital channels in marketing their new financial products. The recent Digital Trends in Financial Services and Insurance survey of 700 top industry leaders confirms this.
Why Digital? Because technology and gadgets are on the sidelines, digital mobilization is about building a more compelling customer experience and building trust. There are many platforms available for us to go digital including social media, mobile app, ad campaigns, etc.
Marketing channels
There are many reasons to get involved with social media. When it comes to social media, we have to think about how to do it better than to try to do everything but not do it right. Setting up accounts with top social networking sites and / or engaging with the ones that make the most sense in your industry. For starters, it is a good idea to post on Facebook, YouTube, Instagram, Twitter, and LinkedIn. Social media is an ideal platform for marketing a financial product because it cuts across to everyone. Once the target audience has been identified, we can post the right content to the right audience engagement channels. As a financial services company it is important for the marketing team to understand where customers prefer to participate in social media.
Also, it is almost impossible for financial services companies to reach their target audience without mobile marketing. In a financial services company, a website should be optimized for mobile use, because a large percentage of customers, and potential customers, do business on the go.
Challenges
One of the biggest challenges for financial companies using digital marketing is that the words used in relation to financial services can be confusing and difficult for customers and the prospects for understanding them. And that is a major challenge when it comes to creating digital content that can engage people and make them feel invested in new financial products and services. It is very important for you to create valuable content that can appeal not only to Millennials, but also to your customers’ general interests and aspirations for information such as their lifestyles, wants, and needs.
In the financial services sector, one cannot underestimate the digital revolution if what we want is to use effective financial product advertising. Any financial product marketing plan should start by understanding that simple, clear, and relevant content is a way to engage your customers. Armed with this knowledge and a well-developed digital strategy for financial services, we can bring your customers closer and enable them to invest more in the company.
Useful resources
Econsultancy And Adobe: 2021 Digital trends – Financial Services & Insurance in Focus
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About the author
Article written in May 2021 by Ashima MALIK (ESSEC Business School, Master in Strategy & Management of International Business (SMIB), 2020-2021).