Financial Service Providers And Their Marketing Jinx
One of the biggest stumbling blocks in the way of successful finance marketing is the fact that it becomes highly difficult to sustain the financial products, their distribution advantages and costs. Things have become more difficult with the sea changes introduced in the financial services branding. With increased competition and deregulation, it has now become all the more important for financial service providers to realize that “branding” goes beyond just market shares to a much more personalized client experience that you’re able to offer.
Other than the difficulties in branding, there are several other reasons why the financial agencies are riddled with such painful equation between investments and ROI. What are they? Let’s find out!
Functioning on the hackneyed strategy of reaching out to perhaps anyone and everyone under the sun is perhaps leaving you undone…well almost! Most of the financial marketers fail to realize that the shoppers out there are driven by acutely different needs. As a result, these marketers aren’t able to differentiate needs and chalk out a marketing mix based on those needs. You have, thus, got marketing messages and product lines, which are just about another flash in the pan- hardly appealing a niche (but potentially strong market base). An ideal financial marketing agency would duly realize the need for designing targeted market campaigns, more focused on generating long term profitability.
Social Media and compliance regulations: The eternal struggle
Owing to the rigid compliance regulations to be followed by financial institutions like banks, insurance companies etc, it becomes difficult for them to promote themselves socially. “Branding”, as already mentioned, thus becomes a difficult proposition. Success in the overcrowded arena, requires you to zero in on ways of result-oriented brand differentiation by means of internalization, identification and discussions of/on brand values. Remember, that you are dealing in to a product that does not have a “packaged presence” in the cluttered market. How do you get to know what those “acute needs” of your users are? How do you attempt at personalizing your brand without capitalizing on the latest fad to catch the fancy of marketers and search engines --- Social Media? Think about it and think hard!
Are you pleasing the Right People?
Are the brand advertisers or marketers busy pleasing the CEOs? Is the person, at the helm of things conveying your company needs properly to the advertisers? It has often been found that they have been unable to do so. As a result, the campaigns, miserably fail to influence the purchasing decision of buyers.
With so much said about the problems of financial marketing, here are some quick-fix solutions
Try to increase website leads by at least 10-20% each month. Integrate Social Media in the marketing mix --- see if there’s way to consolidate your presence despite the presence of compliance regulation. (Some companies completely shy away from Social Media fearing the compliance regulations).
Post goals, timelines, deadlines, clearly on bulletin boards in order avoid miscommunication.
Convey and share action items clearly.