Research in digital marketing points out that if brands can be there instantly and effectively when customers need them meaningfully, they can create amazing experiences that inspire powerful positive emotions at an unimaginable scale. Financial institutions, require a smart digital marketing strategy to meet the ever-dynamic consumer needs. Effective strategies will definitely maximize business revenue with existing customers while also growing new ones.
For the financial marketers to drive growth, loyalty and profitability, digital marketing for banks and credit unions should embrace improvement of the marketing communication processes and appeal to consumers.
Here are five indispensable tips for getting success in digital marketing in 2019.
Reliance on purpose-driven marketing
Communicating messages that share greater purpose, in consideration of the targeted customer, will definitely yield good returns on investment per every dollar spent for the campaigns. The business should strive to know the core needs of the people and what brands can do to truly connect and remain relevant on both personal and societal levels. Communication that touches people is double-edged. It creates value for both the recipient and the brand itself.
In purpose-driven marketing, businesses should choose their position and make a stand; show people what is in it for them; showcase exactly who you are as a brand; make people curious and yearning for more; utilize emotions to craft stronger relationships; and start a movement of community and keep building on it.
Exploit the right social ROI model and build on loyalty
Measuring return on investment (ROI) might be one of the hardest parts of digital marketing, but worthwhile for financial decisions and comparing efficiency of different investments. Financial marketers should create a strong social media presence by focusing on one business goal at a time and sticking to their own social media agenda; use the social data to understand what competitors and customers are talking about; and drive real business value through such social insights. Social media marketing is one of the most inexpensive and effective ways of building brand loyalty and keeping customers informed.
Realize people-power in influential marketing
In this era of waning organic search, influential marketing is one of social media’s least understood, yet most valuable tactic. It provides the best audience-centric content. Financial marketers can reach built-in audiences of loyal followers with more authentic and original content when they partner with social influencers. Apart from supporting branded content, an influencer can assist with financial education efforts and discuss benefits of both new and existing products. They can also help with search engine optimization (SEO).
Artificial intelligence and mobile marketing
Artificial intelligence (AI) and mobile phones, as they move beyond risk of use, fraud and compliance, are increasingly becoming important to financial institutions. Just as keywords and search histories are used to determine consumer intent, banks and credit unions can rely on AI and mobile applications to identify customer intent automatically. Businesses can thus rely on sources such as social media, transactions and behaviors to match the intents to their offerings. Mobile marketing should aim to inform, engage and advice on consumers’ financial priorities.
Personalization to consumers and establishing real friendship
Research shows that consumers turn to brands that listen and learn from their behaviors and create real relationships with them. In 2019, personalization will help credit unions and banks to build true, authentic and customer-centric digital marketing. Just like in any person-to-person conversation, the financial marketers can tweak their behavior depending on the environment and still stay recognizably the same brand, but with huge brand and financial benefits.