Digital Marketing for Financial Services
Digital Marketing for Financial Services

Digital Marketing for Financial Services

Digital Marketing

Dawn Paul

May 22 2023

Financial services use digital channels to promote their products and services. An effective digital marketing agency allows the financial industry to target its ideal client through methods such as online advertising and social media marketing. However, the financial services industry is heavily regulated and a digital marketing strategy will need to ensure that the campaigns meet regulatory requirements for the best results. 

How Digital Marketing Is Used in Financial Services 

There are many avenues digital marketers use to promote financial services clients. These include: 

Pay-per-click advertising (PPC): Digital marketing agencies create online marketing campaigns that include targeted ads on certain websites. When a prospective client clicks on the ad, the financial service pays the publisher a fee for renting the space on their site. Digital marketers can fine-tune these ads to run on specific sites that correspond with the target market of the financial service. 

E-mail campaigns: There are several opportunities to engage with customers via email, especially in the financial services industry. For instance, customers who have agreed to receive marketing emails can be targeted for specific campaigns, such as increased rates on savings products. Digital marketing can also occur through educational emails or as an ad when the monthly product statements are sent out.  

Online responsive design: Whether it’s including contact forms on the website or creating a mobile-friendly version of the site, responsive design can help a great deal with lead generation. 

A call to action (CTA): Whether you’re providing an education piece on personal financial management or a product page with a selection of your financial products, you want to prompt site visitors to take action. Examples of calls to action include radio buttons that say “click here” or the option to follow a link to open an account. A clever call to action will be placed in a strategic location where it makes sense for the user to click on it, such as the header of a page or at the end of an article. 

Social media marketing: Social media platforms are great for engagement and advertising. The opportunities on social media include targeted ads to predetermined demographics, responsive engagement on the financial institution’s social media page, and collaborations with other social media creators for strategic product placement. These include promotions and recommendations from social media influencers and brand partners. 

Content marketing: Ebooks, tutorials, infographics, videos, and blogs are all used to promote either the products and services of the financial service or the brand itself. 

Customer reviews: Reviews are a great way to help your financial services business grow. To make it easy for customers to write reviews and help promote your business, leave a reviews section open on sites such as Facebook or send links through email. Completing your Google Business Profile is another way to ensure that customers know how to leave reviews.

How Digital Marketing Can Help Financial Services 

Financial services can benefit significantly from digital marketing. 

Greater online presence: The financial services industry is highly competitive and it takes effort to stand out from the rest. An effective digital marketing campaign helps create online awareness of the financial institution by promoting certain aspects that satisfy search engine results. For instance, a digital marketer will highlight the products and services that will match an online search. A consumer might type “how to open a bank account” and with the right combination of content marketing and search engine optimization through the right keyword usage, the user might be directed to the financial services website. 

Build your brand: The financial services industry relies heavily on trust to attract and retain its customer base. Personalizing the customer experience and a  well-managed and professional digital marketing campaign can help build that trust, especially through responsiveness and transparency. 

Lead generation: One of the major goals of a digital marketing campaign for financial services companies should be a reliable and steady source of lead generation. It’s important to calculate the return on investment of the marketing campaign to discover how profitable the campaign is. More targeted campaigns are more likely to generate better leads that are worth the effort. This means that it’s important for the financial services provider to understand their target market or work with an experienced digital marketing agency partner

Track your audience: When you’re actively engaged in a digital marketing campaign, the right data analytics will show you exactly what happens during the campaign. Quality analytics provide all the relevant data, such as customer progress through the sales funnel and what part of the campaign may need to be adjusted. They also reveal which campaigns were the most successful in terms of engagement and conversions. 

Increase conversions: Financial services companies allocate a large percentage of their budget to marketing, with the average now at 10.4%. In order for this spending to pay off, it’s crucial that digital marketing campaigns not only generate leads but also have healthy conversion rates. A good conversion rate means that you’re able to turn your leads into sales. 

Why Digital Marketing Is Important in Financial Services

Digital marketing is becoming increasingly important as consumers are increasing their digital usage to do research and find suitable products and services online. Other important reasons include: 

•To stand out from competitors 
•To reduce spending on marketing as digital marketing solutions are more effective
•To improve customer loyalty through engagement campaigns 
•To understand the progression and reach of campaigns through digital analytics 

How Adtaxi Can Help 

The financial services industry involves complex marketing challenges. At Adtaxi, we walk alongside our clients as an agency partner and not just a vendor to navigate these challenges. We provide effective marketing solutions that are sensitive to the regulatory requirements of financial services marketing.  Our comprehensive and creative digital marketing packages can help your business scale while building trust, improving brand awareness, and increasing lead generation. Our approach combines an in-depth analysis of existing strategies with innovative ideas and technologies to maximize efficiency and ROI. 

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