Competition in the financial industry is rising day-by-day. And to retain the customers and attracting new ones is next to impossible with old marketing techniques. If you are working for some finance company as a marketer, then you might perform various types of marketing tactics but finally, you got nothing.
Though, you have to follow some unique and out of the box FINANCIAL SERVICE MARKETING to beat the competition. Many of you may put their leg for the first time in this industry. For them, let’s have a look at what actually is Financial Service Marketing?
Financial service marketing: It is basically a marketing technique perform by the marketing team in the financial service sector to attract a new customer or keep the old one. It may sound very simple but actually, it is not. You have to put the various unheard techniques to get triumph in it.
You do not have to worry because we have discussed some comprehensive marketing strategies that you should perform in 2020.
|Tactic #1: Contextualised communication|
In research, it was found that every seven in ten-person do not have an issue to share their personal information in the exchange of contextualised communication. You can see how important this communication is. It does not only attract customers but boosts brand building, lead generation as well.
Contextualised communication: It is a type of communication that includes both spoken and body language to a single relevant topic.
It is predicted that the company that is going to improve its contextualised communication is going to get success in the financial industry.
|Tactic #2: Use of technology|
If your marketing team is not focusing on how to use technology, then you are not going to survive in this cut-throat competition. It is bit harsh but nowadays people prefer online servicing rather than visiting the agencies. So, you can use AI (Artificial Intelligence) and IoT (Internet of Things) to better your communication process.
It considers so many applications such as Bot messenger, voice recognition software. And it is predicted that in the next few years, people are going to use these two things more than any other way of communication. The reason behind this is that people can easily text and get an instant reply to them.
|Tactic #3: Speak the language of millennial|
Most traditional lenders won’t able to create healthy communication with millennials. This is the reason these people find it risky to put their money in cash. So, it is very important to say what people want to hear. Let’s understand how you can attract these customers.
Digital servicing: 90% of the millennials choose the company based on their online services. This is because of the fact that most people send money online.
Provide offers: 82% of them ready to go with terms and conditions when the company offers rewards to them. You might be thinking that providing offers at the start can help you to retain your customers. But remember one thing that people will switch to some other company if they find some better offer.
|Tactic #4: Use social media for customer data collection|
Social media users are going up rigorously every year and now it just more than a communication platform. But most of the financial marketers fail to identify that. Though, it is not too late and for sure it is going to be one the best strategies in 2020.
Customers can happily share their information with the exchange of some attractive cash offers and rewards.
|Tactic #5: Improve service|
If someone buys your product, then it is your responsibility to provide service whenever they need it. But in most cases, selling the product is an ultimate goal. This makes the customer unsatisfied and they move to some other firms for better service.
You can sense how people are depending on services. Many big companies such as Amazon provide instant servicing to their customers despite having such a large user base. And this is the reason company like Amazon is ruling all over the world.
Though, you cannot get success with traditional methods such as email or instant chat. You have to invest more in your servicing sector rather than a product. It does not matter you are running a start-up or a big company, you have to consider it. It may happen that your budget is not allowing you to take one more step. In that scenario, you can approach online lenders in the UK. They provide various types of loans such as installment loans and the best part is that it is available for people with bad credit scores.
Serving for the financial industry as a marketing manager is not easy. It requires efforts and a lot of patience. We attempted to talk about unheard strategies that are going to rock in 2020. It is not necessary that you have to follow all of these. You can choose any of them according to your recent condition.