Digital marketing has radically transformed the way businesses advertise their services, and nearly every sector has embraced this change. Organizations in the financial industry also need to keep up with the changing times, so they’re not left behind. In fact, companies that provide financial services can benefit greatly from hopping on the digital marketing bandwagon.
Improved website traffic, better customer engagement, and even higher conversion rates are all counted among the benefits of digital marketing. More specifically, here are ten reasons why digital marketing is a must for companies that offer financial services.
1. Helps Identify Potential Customers
Customers are undoubtedly the ones that keep your business running. Traditional means of expanding your customer base, such as banner displays and mobile marketing, aren’t as effective anymore. Digital media has taken over and marketing your business on social media is one of the most dependable strategies to identify new customers. In fact, over 70% of existing customers are likely to recommend your company to potential customers if they enjoy a positive experience with your brand on social media.
2. Increase Engagements
Unlike inbound marketing or digital marketing, other forms of marketing don’t offer as many opportunities for direct engagement with your customers. Real-time engagement is crucial because it only takes the average end-user a few seconds to make up their mind about your brand. And with so many competitors offering financial services, it’s easy for the consumer to move on to the next option.
Fortunately, you can tap into the power of social media, PR, and other digital avenues to improve customer engagement and retention.
3. Generates Better Leads
Content forms the crux of digital marketing. Businesses in the financial industry can take advantage of this fact to generate better leads. The key to using inbound marketing to improve lead generation is to create a variety of user-friendly content.
Do not restrict yourself to just one channel; create videos, write blog posts, offer downloadable presentations, and become an expert in your niche. Customers will gravitate towards your content if it’s relatable, easy to access, and simple enough to understand.
4. Improves Conversion Rate
Generating leads is undoubtedly essential. However, the real goal is to convert those leads into sales. Digital marketing can help you go beyond lead generation and actually improve your conversion rates.
Video marketing, which is an essential aspect of digital marketing, can, in fact, increase conversion rates by 86% when videos are used on landing pages. Other forms of digital marketing, such as email marketing, content marketing, and social media marketing, also improve conversion rates significantly when done right.
5. Promotes Brand Awareness
With many private financial service providers entering the market, you’re up against some stiff competition. In such a fiercely ambitious industry, digital marketing can help your brand stand out.
With new-age strategies, you can tap into various channels like mobile marketing, social media marketing, and even email marketing to improve your online presence and make potential customers aware of your brand.
Creating a strong and independent brand image is also important, and digital content marketing can help you with this aspect.
6. Streamlines Data Analysis
Data is a priceless resource. Tapping into your data pool can offer a lot of insight into various aspects like how your website ranks on search engines, what the bounce rate is, what the most popular times are, and how your customer base is constituted.
With digital marketing, the analysis of all this data can be streamlined significantly, so none of the information you have goes unused.
It also makes it possible for businesses in the financial industry to track and analyze data on a regular basis, and to constantly measure progress.
7. Allows You to Track Your Competitors
A holistic digital marketing strategy also allows you to track your competitors’ techniques. It always pays to remain aware of how your peers in the industry are doing. Not only can it give you a fair measure of where you stand, but it also gives you invaluable insights into the latest practices in your industry.
By observing your competitors, you can learn about what works and what doesn’t. This, in turn, can save you a lot of time, energy, and resources, since you don’t have to make costly errors before you learn from them.
8. Makes It Possible to Monitor Customer Reviews
Aside from knowing what your competitors are up to, it’s also vital that you’re aware of what your customers are saying. Many businesses in the financial industry do not give customer feedback the importance it deserves. This is an unfortunate situation. Studies show that around 77% of consumers view brands more favorably if they invite and accept customer feedback.
Digital marketing can get you in the good books of your customers because it helps financial companies track customers reviews and act on them.
9. Offers Insights Into Consumer Behavior
Customer feedback is one thing; it lets you know what your customers are saying. However, gaining insights into consumer behavior lets you know what your customers aren’t saying. Organizations offering financial services can use digital marketing in various ways to understand consumer behavior better and to learn more about customer preferences. Social media polls and surveys, digital tools, and data analysis are all effective tools that help you in this pursuit.
10. Helps Improve Customer Experience
The ultimate goal of all marketing is to improve the experience that your brand offers your customers. That’s the factor that determines whether a consumer stays with your brand or makes a move to your competitor’s camp. You can use digital marketing to streamline the channels of communication with your customer base. Make it easier for them to reach out to you.
Additionally, market your products and services according to customer preferences. Use social media to understand what your customers are lacking, and work towards giving them that.
Here’s How Dintellects Can Help Your Business
Having worked with various organizations that offer financial services, our team of experts at Dintellects has significant experience in working for the finance industry. We understand the benefits of digital marketing for companies like yours, and we’ve carried out extensive research in the financial domain. This gives us the advantage of having dependable insights regarding the industry.
The digital marketing professionals in our team are experienced in bringing the benefits of inbound marketing, influencer marketing, SEO, and social media marketing to financial companies like yours. Contact us to learn more.
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