For any business looking to grow and stay viable, marketing is key. Financial services marketing — as opposed to marketing tangible products or goods — has its own nuances. In the United States, money talk is generally taboo. What something costs, how much you earn, and how and where you invest are not normally topics for social chitchat. When clients hesitate to discuss money matters, this taboo is often the reason. While it’s possible to keep financial services marketing neutral and impersonal, it is important to recognize and respect each potential client’s point of view as much as possible.
Segmentation
While it may be fair to say that everyone needs financial services, marketing to everyone is neither efficient nor cost-effective. Clearly identify potential customers to help ensure the best return on investment of your time and marketing dollars. Target audience demographics and pre-qualification are two factors to consider. Does the individual need or want the service (demographics), and can they afford it (pre-qualification)?
Features Versus Benefits
A firm’s access to 22 insurance carriers or 314 investment products may be impressive in and of itself, but potential clients are likely asking “What’s in it for me?” Instead of selling features, focus instead on benefits. Is individual customization available? Do your clients sleep better, knowing their assets are in safe hands? Do you go to your client’s home or place of business, and can the convenience you offer be a selling point? “We are open six days a week to make your life easier” is a more customer-focused benefit than “The office is open six days a week.”
Multiple Sales Channels
You can maximize the conversion of potential leads to paying customers by placing content where your target audience will see it. To proactively adapt your marketing strategy, be sure to review and define what your ideal client reads and responds to: What social media platforms do they use? Which publications do they read? What events do they attend? Your marketing is more likely to hit the mark when you home in on the channels your clients prefer.
No matter the avenue you choose (internet, print advertising, event sponsorship, etc.), financial services marketing requires coordinated and consistent effort. Completing an online MBA in Finance provides you with knowledge of contemporary marketing management and the skills you’ll need to effectively implement and analyze marketing programs.
Learn more about the Texas A&M-Corpus Christi online MBA in Finance program.
Sources:
Time: Is It Rude to Talk About Money? Millennials Don’t Think So
Z. Eren Kocyigit: Segmentation in Financial Services Marketing
Continuity Programs: What Marketing Solutions Work For Service Industries?
