The direction that financial institutions are taking in terms of their digital marketing still remains unclear, but for the brands that hope to get ready for a new generation of consumers, they take their online presence seriously. A detrimental mistake, but nonetheless often committed, is financial services opting to use traditional media methods for advertising. In 2017, according to the Digital Banking Report, leaders in the industry allocated 50 percent of their marketing budgets to offline media versus digital marketing.
The statistics may show a jarring truth, but there are plenty of industry leaders that understand the importance of digital marketing. Using advanced analytics and targeting methods, they are able to ascertain the needs of their projected consumers. For example, Mintel research has released their findings which points to Chase using banner ads to market to Millennials successfully.
Digital marketing within any industry can change lives, but for financial services, investing with a financial services marketing agency can yield at least three benefits:
1. Enhance Experience And Engagement
Consumers that shop online for financial services will view their first experience as a standard by which all other brands are measured. For this reason, financial institutions understand just how important it is to enhance the experience consumers have online. They allocate significant amounts of their budgets to employing the use of digital platforms that not only enhance the experience, but result in engagement.
A well thought out digital branding campaign will yield positive results for the industry. Consumers are more likely to interact with the brand and share their findings on social media.
2. Appeal To Female Consumers
Mintel findings reveal that younger men tend to make financial decisions on their own while older females often share the responsibility of making financial decisions with their families. In fact, this is true for three quarters of all older females. This age group is a reliable source of income within the financial services industry, but reaching out to them isn’t easy. Women in general are less interested in learning about financial topics, but they also don’t believe that all financial institutions yield the same benefits.
Financial services can differentiate themselves from their competitors by employing all-inclusive digital marketing tactics. By creating appealing campaigns that target older women, they can experience a surge of consumers.
3. Enter Untapped Marketing Potential And Spread Corporate Culture
Employing the use of digital marketing channels allows the financial industry to create brand awareness and educate younger financial consumers. Hard-to-reach consumers can become lifelong faithful clients when trust is built through a comprehensive campaign. This allows the industry to spread out and enter a market with greatly untapped potential while generating corporate culture awareness as a whole.
Marketing efforts often peak during the holiday season, and Capital One as well as Bank of America provide clear insight into their own campaigns. For example, these two financial institutions used news sites to leverage their marketing campaigns, while Geico, an insurance company, has fully embraced digital channels in order to brand themselves. The key lies in awareness, but the only way that consumers, young and old alike, will recognize the financial services industry is through digital marketing.