Financial Marketing Trends
Financial Marketing Trends 2018 :- In today’s world of business, selling products and advice based on a financial matter are becoming tough day by day. There is a tough competition in today’s financial market world− between banks, financial advisors, wealth managers and brokers of financial products, both from traditional competitors and technology-enabled challengers.
In this advanced era of technology, new inventions are posing a greater challenge every day. Automated technology solutions such as robot advisors and online brokers are making it difficult for the manual marketing agents.
This increase in global competition is made possible by communicating information through digital channels. Below is the list of some of the important financial marketing trends which should be followed to improve one’s business.
One vital financial marketing trends to achieve success is to always work as a unit. The financial industry has always been divided into departments who work separately on their own initiatives and try to reach separate goals.
For this there is always an inside competition between various departments and seldom there is a collaborative effort to achieve a greater goal. But in today’s business world, collaborative effort is very important as it becomes an important factor in achieving success.
Today’s marketing world is basically integrated across multiple channels and touch points. It becomes the duty of the Chief Marketing Officer to draw bridges between different departments and encourage them to work together. If an organization lacks any specific department, the Chief Marketing Officer should step in and fill the role.
- Attracting more customer by ‘solution selling’
For a financial marketing institution to survive, it is vital to attracting customers on a large scale on a daily basis. To achieve this, there is a financial marketing trends known as ‘solution selling’.
It is a process where the interaction is made with a customer to get knowledge on their problem. This is then followed by conjuring up a solution to solve the problem.
This financial marketing trends is very handy as the customer can voluntarily speak about his/her problem, rather being pushed to buy the service from the beginning. This makes the customer gain more trust leading to a successful business transaction.
- Successful tracking of Return on Investment
In previous times it was difficult for Chief Marketing Officer to know immediately the result of their investments when it was asked by their seniors to submit the report. They would spend huge sums on advertisement but could never know the return on their investment. But presently this scenario has changed.
Due to the successful ongoing of the technological era, each and every investment can now be tracked. This vital financial marketing trends 2018 can be useful to know the result of advertisement and the path of each and every financial transaction.
This can also be used to know the behavior of every customer of what they want and what they don’t. This financial marketing trends 2018 has proved very beneficial as the businessmen can now decide beforehand where to invest their resources so that they can receive maximum profit.
- Creating good and appropriate content
Today’s world of business has become more online based. Internet and social media has played a major role in shaping up a business, be it an old one or a newly founded institution.
Marketing about your business through social media needs a good and appropriate content. This important financial marketing trends 2018 is very handy as most of the customers get attracted towards the business by merely getting interested from reading the content.
A good and appropriate content can only be provided by a good writer. This is where people with degrees in English, Journalism and Mass Communications come to play. Most of the business institutions hire part-time writers for creating content.
They make beautiful and presentable content through blog posts, videos, how-to guides, educational materials, eBooks, infographics, etc. regarding the business institution attracting more customers.
- Creating posts for digital and data specialists
Present and future business has and will become more and more technology-based. It is very important to keep employees in your business institution who can cope up with the changing technology.
Many business institutions fail to reach the desired amount of success because of the deficiency of people who could reduce the digital talent gap and this hampers the digital transformation of the institution and hence they lose out on the competition with other digitally enabled institutions.
A chief financial marketing trends 2018 is to create posts with titles like Chief Digital Officer, Chief Information Officer, Chief Analytics Officer, Chief Data Officer, Digital Project Manager, Data Architect, etc. and chose appropriate candidates for these posts.
These people will build statistics based on data digitally present in the market and will work hand in hand with the marketing department along with the Chief Marketing Officer leading to the proper success of the business institution. Check out this another article Hidden Cost of Business
- Collecting more data and using it wisely
Another vital financial marketing trends 2018 to achieve more success is data integration. It is very important to collect more and more data that is available in every channel, document and product line− be it social media like Facebook or mails, or from handwritten documents.
In today’s world of digital business, it is very important to focus on the type of data with which one is working and how that data is being used. Most of the business institutions gain an advantage by using the proper data in proper place.
So it is important to collect as much data on can find. The business institution should generate outputs from data collected from inside as well as outside the institution. In today’s market, a business institution with the best data and result will always have an upper hand.
- The power of predictive analytics
Another vital financial marketing trends 2018 is the power of prediction. Predictive analytics has the power to completely redefine marketing and change the success rate of a business institution.
Today’s business world is basically private where perfect leads are always necessary for a successful transaction. Using the power of prediction, marketing agents can successfully trace a perfect lead, chase them and later convert them to a valuable customer.
To successfully find out a lead, the help of machines can be taken. Marketing automation software can continuously work on finding out proper leads and can even make sure which lead can be the best in becoming a probable customer in the future.
This is done by carefully processing the demographics of the household of the lead, by researching on the type and level of interest the lead has and how close the lead is to make a successful purchase. Apart from this machines can also type the perfect message to be sent to the prospective customer in order to gain its attention.
Chatbots are basically artificial robots which run on artificial intelligence and are used solely for the purpose of interacting with the customer. Installing chatbots can be an important financial marketing trends 2018 in today’s digitally enhanced business world.
With the fast paced evolution of artificial intelligence, the installation of chatbots can prove to be a huge profit. Data can be combined with various types of resources and can directly be fed to the chatbots that can refer the data to the customers.
The chatbots, powered by artificial intelligence, work in real time and can provide personalized and conceptual answers to any type of query made by a customer. Apart from this they are available all throughout the day and can work autonomously.
And moreover they can interact with consumers in a variety of settings− be it websites, mobile apps or social media, providing authentic and purposeful experience to the customer. At the end of the day, if a customer gets an excellent service, he would not care if it was a human or a machine that has provided him the service.
- Voice search and video advertisement
Modern technology has already seen the rise of speech recognition and face recognition systems. Nowadays most of the searches on mobile are done through voice search. As the marketers have optimized the content for mobile, the next financial marketing trends 2018 should be to start optimizing content for voice search.
Most of the voice searches are made with questions starting with Who, What, Where, Why, When and How. The business institution should have a page for Frequently Asked Questions and add these adverbs and make arrangements for the questions to be answered conversationally and informally.
A huge portion of the success of a business institution depends on how the institution is being advertised in front of the common masses. Most of the business institutions rely on common means of communication− like newspaper, radio and television, to make advertisement of their business.
But in today’s world, technology plays a huge role. So a vital financial marketing trends 2018 for businessmen is to video advertise their respective business. The video is the future of content marketing and honestly, it has the best return on investment compared to other media.
Moreover, with the rise of Gen Z, who are growing watching more and more videos every day on a wider range of devices, video advertisement has become an essential component to capture the attention of the audience instantaneously.