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Digital Marketing for the Financial Industry

Digital Marketing. Not a new word in this tech-savvy age, right?

It might sound like a common term, but its popularity among the millennial and adult is reaching new heights every day. The users of the platform are not only interested in connecting to friends but brands as well.

So, does every marketer need digital marketing? Yes.

Even professionals from the financial industry?

Might sound unconvincing at first but definitely yes. Who would like to miss an opportunity to connect to 627 million active users, would you?

Several marketers have grabbed the opportunity, and are experiencing a complete digital transformation but has the financial sector been keen enough to do the same?

Well, today in this article read about digital marketing for the financial industry. It will be a useful handbook in your digital marketing journey.

First, let’s understand what is digital marketing?

In simple terms, digital marketing refers to adverting your brand (business) on various digital platforms such as social media, search engine, email, mobile apps, website and more.

Among these social media and search engine are grabbing more eyeballs compared to other platforms.

In fact, according to Google’s Year in Search report, there has been a 61% growth in personal loan queries and 72% growth in mutual fund queries.

These statistics indicate that customers are searching for financial solutions online. And social media needs no introduction with an estimate of 2.77 billion social network users the social platforms are going strong.

statistics

You might be thinking that the numbers sound prodigious, but does it benefit the financial industry?

Let’s go back to the time, when to check our account balance we traveled to the bank with our passbook or to know about a financial service we called the service provider endlessly.  Sounds like something we’ll have undergone, right?

But do we still do that?

The banking app has become our counter to get account details, and the company website is an encyclopedia to understand what the brand has to offer.

I think it would be safe to say that the customer is enjoying this digital transformation.

The ultimate objective is to add ease in the customer’s life, and the approach of an e-commerce brand will be different than a financial professional online.

The approach a financial industry should follow online should be to:

approach a financial industry

This is because a professional’s first step can’t be to sell their product but to build a brand identity.

#Tip- Always first build your brand identity on social media and then go for other approaches.

Think about a post you saw on social media. You can remember it by its appearance, the background color used, or the content written on it. An honest effort by the brand made an impression. Out of the thousand posts you saw but for a reason you remember this one, that’s such a huge benefit for the brand.

So, what benefits financial experts enjoy on digital platforms?

Wider audience

The internet abounds with users. They switch back and forth on their favorite platforms, even during busy hours. At least 1 or 2 members of every household would be using the power of the internet to solve their problem. Be it a millennial or an adult they can’t keep their hands off the internet. Being on a digital platform gives you a great opportunity to connect to them and make a presence on their preferred platform.

Educate your audience

Misleading information builds a reserved mindset about any particular product or service in the mind of the user. By using the platform, you have the right to provide your audience with accurate information and educate them to take the right decision.

Say, your audience has a myth about mutual funds, your Facebook informative post on mutual funds helps them to burst out their myth. Social media is one of the best places to connect with the audience in new, educational, and friendly ways.

Touch of personalization

Being in the financial industry, you know that every investment query is unique, and based on the type of query you provide the desired solutions. 36% of consumers believe that brands should offer more personalization in their marketing. Personalization helps you have engaging and value-driven conversations.

Analyze competitors

Keeping your eyes on your competitors and their digital strategies help you understand their marketing pattern and communication style. The customers are becoming more demanding now, and switching to other services is easy because of online availability. So reading between the lines can give you an effective way to make your customers happy.

Instant feedback

Feedback always makes us better. After all, we as marketers urge to know what our customer needs and how sometimes we fail to meet those needs. Their valuable feedback helps to work on our mistakes and better perform next time.

Look below how some brands in the financial sector are posting on social media:

Using-social-media

Importance of Digital marketing

  • The digital platform is gaining popularity day by day, and it is evident by the number of users using it daily. Various searches, communication, and sales that once happened offline are now happening online due to the ease these platforms provide.
  • Staying offline is no more ideal if you wish to thrive. They give a digital touch to your brand. Like various financial providers are providing services like online payment, information, financial calculations through these platforms.
  • One of the most important advantages is the digital marketing is cost-effective. Additionally, you can target your services to a specific user through Google Ads and Facebook Ads. Facebook is the best platform when it comes to online advertising you can target based on age, geographic, location, and many other demographics.

But,

My friend, don’t be quick and jump on digital media and start doing it yourself.

Many professionals go wrong here, they try to do it themselves with a thought that I have been on social media and I can post it as I post on my profile. A Facebook page requires a lot more efforts and management than a Facebook profile.

I am not against you doing it yourself but taking the help of a digital professional is like an icing on the cake.

The below differentiation will give you a proper view of why working with a digital marketing professional is better.

Consistency and Management

Balancing your digital presence and regular business activity can lead you in either one of the below situations.

  1. Missed posting on social media due to an important meeting.
  2. Trying to do a lot on social media by watching others.

How do professional help?
A dedicated professional focuses on your platform. Considers peak hours while posting so that your brand gets maximum visibility.

Content and Post designs

The presentation plays an imperative role. Content can be good, but if the presentation is not up to the mark, it may fail to grab eyeballs. Building content and designing a post that sends out the same message is the real deal.

How do professional help?
With the use of professional tools, a professional creates enticing designs that match the current

digital trends.

Creativity and Digital trends

Without being creative or following any digital trends makes it hard to stay on social media for a long time. Keeping up with every digital trend and investment trends can take a toll on you.

How does a professional help?
A professional keeps a watch on the current digital trends and provides content that is relatable as well as creative in nature.

The difference above states that a professional has more to offer than what you can do it yourself. Their experience and knowledge help you to build a brand Identity on digital platforms. We’re a digital marketing agency helping the financial professional in achieving the same purpose.

Conclusion:

Many financial players are not holding back from using these digital platforms due to their benefiting nature. They’re seeing changes in their communication and management. You can also experience them as these platforms are for everyone. Let’s talk and know how can we help you in managing your digital presence. Drop a mail at info@reflectdm.com.

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