Importance of Internet Marketing in Financial Services

By Megha Shah - Last Updated on February 2, 2018
Importance of Internet Marketing in Financial Services

Benefits of internet marketing in financial services.

Benefits of internet marketing in financial services market.

The financial services landscape is constantly growing and changing, venturing into unseen territory. Who could have imagined a decade ago that money management would be so easy, and that banks could rest in our palms.

Thanks to modern technology, Financial institutions are incorporating various features like 24*7 chatbots, artificial intelligence, machine learning algorithms, each of which make money management more convenient.

As more customers are shifting online, banks are joining them, so it’s important that customers learn about the various services offered. As a result, internet marketing becomes more useful. Here are a few reasons why internet marketing is essential for financial services:

#1. Customer Acquisition Costs

All industries face customer acquisition costs. However, when it comes to financial services, they are based on building a degree of trust between the client and the company. The acquisition cost per customer is generally far higher as compared to other industries as a result. Sharing stories of existing clients, sharing insights into the future of finance through your content will help potential customers connect with your objectives. With social media networking sites like Instagram hitting the 600 million users mark, it wouldn’t be wise to ignore that reach.

#2. Digital Video ADs

Experts estimate that the number of digital video viewers will climb to 2.15 billion in less than a year. “Growth of digital viewing is increasing at a slower rate than in previous years. However, it still offers a massive audience and marketing opportunity for brands,” says Kent Lewis, President and Founder of Anvil.  

“Unfortunately, many brands have yet to fully harness the ease of video capture via phones, GoPros and drones. Instead, they rely on more expensive means of production. We see a big opportunity to train our clients to think about video capture, production and distribution across multiple channels and formats.”
Making a video demonstrating the convenience you add to the financial services, with a message from a client about their experience, should lead to multiple conversions.

#3. Collaboration with Multiple Companies

“For every $92 spent acquiring customers, only $1 is spent converting them,” says Bob Clary, Director of Online Engagement for Intellibright. “This plainly shows that marketers are hyper-focused on gaining new customers but improving the conversion point is rarely a priority.”

With general acquisition costs so high, the internet offers a platform for collaborative marketing campaigns and efforts with other companies. Collaboration provides a chance to network with other companies, both incur less costs, and each can multiply their reach.

#4. Find the Right Influencers

A social media influencer is a person who has a huge social media following and reviews, promotes and advertises products or services. These influencers are trusted by their followers. Finding the right influencers will help you to reach out to a large group of target customers. Examples of the right kind of influencers could be writers, celebrities, sports personalities or even industry experts. A good review from them and posts that show their satisfaction with the service could work wonders.

#5. Continuous Customer Feedback

These days, as people engage more and more on social media platforms, they are more vocal about their opinions and experiences. This helps the company to track customer feedback and opinions, and also eases the function of improvement and innovation in the service offering.

Megha Shah

Megha Shah | A dreamer, traveler, aspiring entrepreneur and a bookworm beyond repair, Megha Shah is extremely fond of writing and has been doing so since she was a child. Apart from being a part-time writer, Megha is currently in college, pursuing B. Com. (Hons). Megha is an ardent follower of ‘Hardship, Hustle and Heart’ and firmly believes in the power of hard work and destiny!

Megha Shah

Megha Shah | A dreamer, traveler, aspiring entrepreneur and a bookworm beyond repair, Megha Shah is extremely fond of writing and has been doing so since she wa...

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