The financial industry is no stranger to risk. So why are you playing it safe with the same fragmented, outdated marketing strategy from five, ten, or fifteen years ago?
Tackling the financial sector’s unique challenges requires some creativity. With consumer expectations, regulatory pressure, and competition from tech startups all on the rise, your marketing strategy needs to align with your business goals to stay relevant.
Here’s how integrating your marketing strategy can solve three pressing challenges your financial company is up against.
Millennials, Mobile Devices, And Your Marketing Strategy — Are You Prepared?
I almost never go to a bank. Instead — like most millennials — I use banking apps to do things like check my account balance, stash five bucks into savings, and transfer cash to my roommates when we split pizza on Friday nights.
To some, I’m just an average 20-something navigating the nuances of personal finance. However, my online and on-the-go banking habits demonstrate a larger trend that financial marketers need to be aware of to remain competitive.
Get Integrated Across Every Platform.
More people are using personal finance apps and websites than ever before, with the Fed reporting that 67% of millennials use mobile banking. Your customers are actively turning to their smartphones for everything from budgeting to investing, which means a marketing strategy that’s only optimized for desktop won’t cut it anymore.
But aside from banking, mobile use is on the rise, representing 52.7% of global internet traffic in 2016. We’re in the golden age of the smartphone, which means financial marketers need to be mindful about how their content is presented on mobile.
Getting integrated ensures continuity in branding and voice, but also creates awesome user experiences on iOS, Android, and beyond. This helps bring value to your customers, allowing your financial company to stay one step ahead of the competition.
Integrate Your Strategy, Tap Into Millennials.
According to a report issued by the George Washington University School of Business, only 27% of millennials seek professional financial advice on saving and investment. It was also reported that only 12% sought professional debt management advice, even though 31% of all millennials carry more than one source of outstanding long-term debt.
Millennials are traditionally underserved in the financial sector, yet face greater economic challenges than Baby Boomers and Gen Xers (Shout out to student loans!). That means there’s a huge opportunity for financial institutions to serve millennials, and you can tap into this audience with a marketing campaign integrated across devices and platforms.
I think I can speak for all millennials when I say we’re a generation literally glued to our smartphones. Getting integrated with customer-focused messaging that resonates across devices can help attract and retain customers in our demographic — regardless of whether we’re on our phones, tablets, or desktops.
Crafting Consistent Marketing Messages
Today’s consumers are constantly plugged into technology, which means your customers don’t just want a seamless brand experience. They expect it.
With that in mind, your institution needs to consider a variety of marketing channels—like inbound content marketing, search engine optimization, and social media advertising — to attract new customers.
Integrating your marketing strategy ensures your messaging and branding are consistent with your institution’s goals across channels and platforms. With a single cohesive message, you’ll be able to reach more people in the financial world’s crazy competitive landscape.
Partnering with a fully-integrated ad agency like Stream Companies ensures you’re sending prospects one clear message. Plus, since everything from PPC to creative is taken care of in-house, you don’t have to worry about juggling multiple vendors, which can lead to fragmentation. Working with one integrated agency also ensures everyone is focused on your business goals, and not just competing for the bigger slice of your marketing dollars.
Stream’s Kick Start Step: How does your financial company differentiate itself from the competition? What do customers value about your institution ? Ask yourself these questions when you start developing your integrated marketing strategy. Use the answers you come up with to create stellar messaging that resonates with your audience.
Creating Financial Content that Isn’t Boring
In a world where banks crank out the same monotonous content, your task as a financial marketer is to craft a creative message that resonates across every marketing channel.
You can’t do what everyone else is doing and expect to get noticed. Instead, you need an integrated strategy that uses engaging, educational content to make your company more approachable.
Tell Memorable Stories with Integrated Marketing.
Forget about numbers and figures for a second. There’s a stigma that finance is boring and complicated, but you can combat this with an integrated approach to storytelling.
People love stories. In an industry with a dry reputation, a good story can humanize your brand across each channel you’re utilizing, including your blog, social media, or newsletter. But first, you need to establish continuity in messaging for each channel. Once you’ve done that, use content to educate — not sell to — your audience.
Be Like NerdWallet.
The personal finance site NerdWallet is awesome at educating their audience — especially on their blog — which uses helpful, engaging content to teach people about everything from credit cards and student loans.
But aside from great content, NerdWallet’s brand is consistent across each channel — including Instagram and Twitter. This helps NerdWallet reach a wider audience and proves that financial content doesn’t have to be boring. By adopting a similar integrated approach, you can position yourself as a finance industry thought leader and build a brand customers trust.
Time to Make It Rain—Get Integrated Today!
In an industry that’s all about taking risk, partnering with an integrated agency is an investment your financial institution can bank on.
Stream Companies is a fully-integrated agency that uses innovative strategies and industry-leading technology features to help businesses in the financial sector address challenges head on. As your strategic partner, Stream Companies will ensure your marketing efforts are aligned with your business to help reach your target audience and attract potential customers.
Interested in integrating with Stream Companies? Let’s talk.