There’s a general sense of worry and anxiety in the financial services industry that Fintech might replace traditional banks. Is that truly a possibility?
Well, one thing is for sure. Fintech does marketing much better than traditional banks do. There’s a lot the traditional financial services sector can learn from them.
No matter if the financial industry is in the middle of a major rehaul and disruption right now, efficient and tactical marketing for financial services is going to be the key that saves everyone.
Keep reading for everything to expect from financial services marketing in the year to come, and how to prepare for these changes.
- 1 1. Use Influencers To Your Advantage
- 2 2. Let Big Data Fuel Your Marketing Strategy
- 3 3. Content Is Still King, As Is Social Media
- 4 4. Don’t Try To Do It All – Pick And Choose Your Battles
- 5 5. Emulate Fintech Marketing Strategies – Use Loyalty Programs
- 6 Marketing For Financial Services – 2023 Will Bring New Waves
1. Use Influencers To Your Advantage
If you haven’t started using influencers to your marketing advantage, then you are far behind the crowd.
There are many financial influencers with millions of followers on their blog, YouTube, Instagram, or Tiktok pages, who garner a fair amount of influence with these followers.
You can use these influencers in many different ways to build up your marketing strategy.
For example, you could have them write guest posts on your blog about their thoughts on your products or services or something else related.
Or you could have come in for a question and answer session where you do live videos on your social media page with them answering questions from viewers or followers.
There are many ways to play this influencer marketing game, but you need to start now, so you can take advantage of the influence of a financial personality before anyone else does.
2. Let Big Data Fuel Your Marketing Strategy
It feels like everyone in the financial services industry and everywhere else is always talking about Big Data and how it’s going to transform every industry on the planet soon enough.
Have you started looking into using some of this accumulated data for marketing purposes?
If not, what are you waiting for? There is a lot of information you have probably already gathered about your followers, like the kinds of content they prefer, your products that they find boring or stale, and more.
Are you using this information to change your marketing strategy? There’s no point in gathering data if you aren’t going to use it to your advantage.
3. Content Is Still King, As Is Social Media
There’s no running away from the fact that content in all its forms, but particularly video, is still king. As is social media marketing. That’s why you need to still have a solid content marketing strategy in 2023.
Even though new platforms are constantly popping up, this doesn’t mean that you need to be on all the new and old platforms. Also, creating content just for the sake of creating it, isn’t done either.
Everything you do on social media requires forethought and planning, especially since there are hundreds of eyeballs on you, making sure you do things right.
And if you end up making a mistake in such a public view, within minutes you will get annihilated on Twitter, Facebook, and all the other platforms without a single ounce of mercy by your audience.
4. Don’t Try To Do It All – Pick And Choose Your Battles
Your marketing team has a limited amount of time on their hands to spend on creating, strategizing, and executing marketing plans.
That’s why it’s a good idea to build a marketing plan and stick to it, rather than getting sucked down all kinds of marketing rabbit holes.
Also, consider hiring a financial services marketing agency if you are finding that you aren’t able to do it all on your own.
Getting in some new blood might be a good idea for your financial services marketing team as well. It might get some new creative juices flowing in their veins.
5. Emulate Fintech Marketing Strategies – Use Loyalty Programs
Loyalty programs are quite popular with the consumers of today. If they buy five coffees from a shop, they want to ensure they can get the 6th one for free, otherwise, why would they bother going to the same place again and again?
Starbucks knows this well and utilizes it to its benefit. The same applies to Fintech companies – the new ones know all about loyalty programs and utilize them to get customers on their side for life.
Discover more about next-gen loyalty programs so you can apply them to your financial institution and start building customers who will stick with you for a lifetime.
Also, consider other ways that Fintech is revolutionizing marketing to millennials and Gen Z and emulate them in your traditional financial industry.
Just because you have been doing things a certain way for a while, doesn’t mean that you need to stick with those staid and boring tactics in 2023.
One thing to consider is that the new generation of customers wants to be green and protect the environment while living their life as luxuriously as possible.
If you can assist them in this effort, as some Fintech companies do, then you will come out on top as well. These out-of-the-box ideas are what will get you moving forward when it comes to marketing tactics.
Marketing For Financial Services – 2023 Will Bring New Waves
Disruption seems to be the name of the game when it comes to digital marketing for financial services. Don’t let this constant change hold you back or make you uncomfortable.
Use the trends we have shared above to your advantage and you will come out on top soon enough.
Keep reading through related articles on our website about marketing, business, and many other related topics. Knowledge is power, after all.