It’s not easy being a financial services marketer today. You’re facing more regulations, disruptive business models, and a demanding consumer. Not only that, new technologies can make you obsolete before you even know what happened. In today’s blog, we’ll tackle the three biggest challenges facing financial services marketing professionals and smart strategies to overcome them.How to connect with your ideal customers?Strategy #1 - Research generational differencesStrategy #2 - Analyze your marketing dataStrategy #3 - Create actionable buyer personasHow to meet high consumer expectations?Strategy #1 - Provide a fast, mobile-friendly websiteStrategy #2 - Offer self-service optionsHow to build trust?Strategy #1 - Maintain a blogStrategy #2 - Send personalized, helpful emailsLet’s dive into each one. Spoiler alert: It’s all about putting the customer first.

Challenge #1 - How to connect with your ideal customers?

As a financial institution, you serve people from all walks of life - new parents, retired couples, entrepreneurs, single adults, business owners - the list goes on. Each of these audiences has different financial goals. But more importantly, they each have their own unique perspective on money. To connect with each of these audiences, it’s not enough to simply offer products and services for their stage of life. That’s just the first step. You need to truly understand the financial concerns that keep your customers up at night. That’s how your marketing messages will connect on a deeper level.[bctt tweet="Financial marketers need to do more than offer services for each customer’s stage of life. Understand the financial concerns that keep them up at night. That’s how your marketing messages will connect on a deeper level." username="pacific54"]Here are a few ways to get a better sense of your varied audiences, so you can create messages that matter.Solution #1 - Research generational differencesMuch has been said about how millennials view money differently. (And yes, some of it has been sensationalized by the media.) However, there are some important variations in how each generation views banking institutions and how they handle money. Keep these in mind as you communicate with each audience. But one note of caution - don’t simply rely on the latest headlines. Instead, seek out reputable sources. For example:

  • Society of Actuaries - They offer surprising insights from their five generation study of attitudes and challenges related to retirement planning.
  • Federal Reserve Board - They reported that millennial spending habits may not be driven by different consumer preferences, but rather by a lack of disposable income.

Solution #2 - Analyze your marketing dataBefore the rise of digital marketing, there was no way to determine which marketing efforts were successful. But now, using website cookies, pixels, and click-through rates, marketers can see which messages are working and which aren’t. If you’re not sure how to draw insights out of your data, it's too important to overlook. A digital marketing agency like Pacific54 can make sure you have the right tools and reports to make smart decisions.Solution #3 - Create actionable buyer personasAccording to the Buyer Persona Institute,

A buyer persona tells you what prospective customers are thinking and doing as they weigh their options to address a problem that your company resolves.

However, many companies haven't realized the full benefits of strong buyer personas. In most cases, the problem is:

  • Not enough research (Often marketers rely on internal sales teams to assume what customers think)
  • No persona maintenance (As you gather new data, personas should be refreshed)
  • Not acting on the insights (The persona gets filed away, but doesn’t influence marketing communications)

Take the time to create actionable buyer personas for your financial institution. In other words, go beyond the surface details. A great persona doesn’t just tell you what financial products and services they’d likely buy. It also tells you things like:

  • how they feel about saving and spending
  • what they value in life
  • what would motivate them to open an account
  • concerns that might prevent them from choosing your bank

As you can see, those are the insights you need to connect with your ideal customer.[caption id="attachment_7829" align="aligncenter" width="1024"]

financial services website

USAA demonstrates the power of knowing your audience. They’ve managed to become one of the biggest banks in the U.S. by focusing on military service members and their families.[/caption]

Challenge #2 - How to meet high consumer expectations?

Okay, now you know your audience. Your next challenge is to meet their expectations when they interact with your financial institution online. As you know, today’s tech-savvy consumers will make snap decisions the moment they land on your website. To gain their business, you need to make it easy for customers to find what they need - quickly and on their terms. According to Financial Brand,

Financial marketers must invest in new technologies and revisit product and channel strategies that reflect the expectations of the consumer.

So, how do you ensure your website visitors aren’t disappointed?Strategy #1: Provide a Fast, Mobile-Friendly WebsiteConsumers continue to demand better digital experiences from their banks. As a result, your website must be fast and easy to navigate on a mobile phone. Without this foundation, you’re already losing potential customers. For example, if your site is slow, check out Google’s page speed tool. This is a great resource that will tell you exactly what you need to fix. However, optimizing your bank’s website can require some technical know-how. It’s important to have someone with an understanding of hosting technology and coding carry out the fixes.Strategy #2: Offer Self-Service Options Beyond speed and responsiveness, customers want self-service. They’re seeking digital tools to better understand their money. In other words, what they’re buying (or borrowing), where their money goes, and when bills are due. Here are a few strategies that will appeal to today’s consumer:

  • Apps - Mobile banking apps are now the third most widely used by Americans, according to Citi's 2018 Mobile Banking Study. Not surprisingly, social media and weather are #1 and #2.
  • Chatbots - Like other industries, chatbots are a popular way for customers to get an answer 24/7. Also, they’re also easier to use because they understand how people actually speak.
  • Consumer Tools - Whether it’s for budgeting, understanding investments, or managing debt, consumers want to be empowered. Online tools are the best way to do that.

[caption id="attachment_7830" align="aligncenter" width="1024"]

Credit Union Homepage

Directions Credit Union demonstrates that you don’t have to be a large national banking institution to offer what today’s consumers want. They have a fast, responsive website with plenty of options for customers to manage their money on the go. And most importantly, get their questions answered any time of day.[/caption]

Challenge #3 - How to build trust?

The last challenge is one that financial institutions have always faced - building trust. When customers place their hard-earned money into your hands, they need to feel completely secure. However, there are two reasons why financial services marketing is more difficult now than it was in the past. First, the past decade has been a bit of black eye to the financial industry. The housing collapse and the Great Recession still loom large in people’s minds. As a result, over a third of consumers have “hardly any” confidence in banking leaders, according to a study by American Banker. Second, financial decisions are more complex than ever before. Your potential customers want to know if your company has the expertise to guide them. And most importantly, they want to be empowered along the way. To compete in this environment, you need financial services marketing strategies that build trust. You must demonstrate your knowledge, encourage transparency, and create a personalized experience. Let’s talk about two ways you can educate your customers, which will build trust over time.[bctt tweet="Over a third of consumers have “hardly any” confidence in banking leaders. As a financial marketer, you need to demonstrate knowledge, encourage transparency, and create a personalized experience." username="pacific54"]Solution #1 - Maintain a blogWith your buyer persona in hand, it’s time to create content. Here are some tips to make sure your blogs are helpful. And most importantly, serve the purpose of building trust.

  • Choose relatable topics - Put yourself in the shoes of your customer and think about what they might type into the search engine. In other words, meet them where they are, not where you want them to be.
  • Think like a beginner - It’s best to define all terminology to make sure your blogs are clear. Be sure to avoid jargon. Also, try not to make assumptions about what someone might already know.
  • Comment on current events - Help customers understand how the nightly news stories relate to their personal finance.
  • Emphasize transparency - Highlight a particular product or service. Also, explain any terms that customers might find confusing or misleading.
  • Call to action - Include a button or link at the end of your blog to encourage further communications, like an email newsletter or free checklist.

Solution #2 - Send personalized, helpful emailsNewsletters are an easy way to regularly communicate with your customers and prospects. However, delivering personalized emails related to their specific questions can do so much more to build trust. For example, imagine if a website visitor downloads a free guide to retirement options. You could send an automated set of emails that provide bite-sized chunks of helpful information related to that topic. Plus, the emails would come from the individual in the bank that handles these matters. That way, if the customer replies, you could offer immediate customer service.[caption id="attachment_7831" align="aligncenter" width="1024"]

PNC Bank Financial Services Marketing

A blog is one of the best ways to demonstrate your expertise and build trust. PNC Bank has a blog on personal finance, which answers the common questions of their customers. As you can see, they’ve focused on important topics for individuals in all stages of life.[/caption]

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At this point, you’re probably sensing a theme - put your customer first! To summarize, a successful digital marketing strategy for financial services means you have to understand your customer. Once you do, your marketing strategies become clear. If you’re ready to implement these strategies, but want an expert partner by your side, Pacific54 can help. Let’s talk.

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