Economic revolution, one of the biggest by-products of the 21st century, has been the financial boost seen in capital markets. This stems from changing means of production, employment and income generation. As a result, banking services have become exponentially popular. This is because people need something that caters to their wealth and helps them manage it better. The recent growth in the sector can also be attributed to the changing technologies, wherein global trade and commerce has become a living reality. To summarise it, banking services have become more popular, common and accessible, the latter being a result of technology and internet. In this blog, we will discuss how exactly digital marketing has the potential to transform banking services, making them better and more profitable.
The whole narrative around digital marketing for consultancies has always been around it being used in brand awareness or e-commerce or similar, just pure business endeavors. However, that is not true. Digital marketing companies essentially provide a value added combination of strategies to enhance user experience, bringing in more leads through more engagement online. It basically uses the internet model to publicize a brand or service, just like one would do the same on ground. A simple example would be how a website marketing company would employ all kinds of necessary strategies to popularize your brand’s website online. Keeping such a context in mind, it is not difficult to see why banking services also fit into the target businesses/services that digital marketing in finance can help reshape and revamp.
Before delving into how to digitally market your banking services, it is important to understand segmentation of customers that avail of the same. Depending on what categories come up under which different customers are placed, you can brainstorm on devising the most optimum strategies for that particular category. You can thus segment the customers on the basis of the services they take from the bank. This segmentation helps in grouping customers, each group later getting a customized strategy of its own that best suits its customer demographic.
Here is list of the why digital marketing in finance strategies can yield maximum results:
Search Engine Optimization: SEO is a mechanism through which you can get your bank’s website to rank higher on search engine results when a relevant search is made on the net. Higher the results, greater the chances of passive lead generation through organic traffic. Some ways to achieve this is to get your bank’s website locally listed, have it mobile optimized and have relevant keywords used in the website’s content. You can refer to many digital marketing websites to have an idea of the kind of SEO packages offered by them.
Pay-per-click Advertising: SEO for the top ranks on the first page can get really competitive and hard to crack. That is why, PPC advertising is another way to go around reaching out to your segmented audience. Through Google AdWords, you can get paid ads pop up on search engine results. This gives you a higher chance of visibility to your target customers.
Content Marketing: Content marketing includes feeding your customers with relevant content and information that is useful and consistent. This can be done through e-books, blogs, articles, videos, and so on. It adds value to the customer’s experience with your bank, in the sense that he/she learns something new or gains knowledge. As a result, he/she would look at you as the sole banking service to go back to for learning or understanding anything. Such a trust gets easier to then convert into leads.
Geofencing and IP Targeting: IP Targeting means positioning your ads in such a way that all the people of a certain IP address get it. This is a great way to reach out to your segmented customers. Geofencing helps to specify and demarcate the geographic region of your ads, further increasing the targeted reach to your customers.
Email Drip Campaigns: Email drip campaigns are very effective to turn email recipients into customers. A subset of email marketing, these campaigns include sending pre-written emails at regular intervals to someone who’d have shared contact details expressing an interest or inquiry into one of the banking services. Here, it is obvious that the initial interest has been established. The consistency of the emails makes it possible to convert leads into customers.
Through the above given points and perspectives, it is clear that the digital marketing in the banking sector is not to be kept aloof from the pervasive nature of digital marketing. By following the strategies we laid out through the help of a digital marketing strategist, it is possible to get the best of online marketing’s many benefits for a sector as financially driven and dynamic as banking.
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