Financial Service Providers Should Advertise Online NOW!!

The Coronavirus Pandemic has completely changed the way consumers behave and businesses operate. COVID19 caught everyone by a surprise – Medical community struggled, businesses scrambled and consumers drastically changed their buying behavior. The old rules of business no longer apply – businesses need to change if they want to attract customers. Companies need to undergo a digital transformation in order to succeed today and in times to come.

If you are a financial service provider and have not made online advertising a part of your marketing strategy, you need to consider these facts:

• Coronavirus has resulted in a boost in digital media consumption. With social distancing and work from home becoming a norm all around the world, people are spending more time consuming media on their digital devices. In fact, the number of people using mobile devices and desktops far outweigh the number of people watching tv.
• There has been a significant increase in digital ad spending by the financial industry. According to eMarketer, in 2020, financial services will surpass automotive to become the second-largest digital ad spending vertical (USA). Finance firms are increasing their digital budgets, particularly for mobile, to target millennials. Your competitor is advertising online!
• Social media costs have dropped significantly. There has been a significant increase in engagements and click through rates across channels like Facebook and Instagram. Google Ads has seen a decline in Cost Per Click and an increase in conversions due to a decrease in competition and an increase in the number of serious queries from potential customers.
• Different Online Channels. There are different online channels that can be used by financial institutions – YouTube, Bing, Google, Facebook, Email Marketing – to list a few. Each channel can be used at different times of a customer’s buying journey – from building brand awareness to retargeting.

Here are some ways that financial providers can reach potential customers through online advertising:

• Empathy – Ad messages need to be written from the point of view of the customers. Businesses need to emphasize on ‘how we can help’ and not on ‘how we are the best’. Be the solution!
• Show Value – There is a fair possibility of a shrinking economy, as the economy declines, people will place more importance to value – prices, fees. Show your value to customers – simply and directly.
• Outreach to community – It is equally important for financial institutions to recognize how they can help their communities cope up with the pandemic. Outreach programs are a powerful way to build a positive image of your brand while providing relief to those in need.

As financial institutions navigate through the coronavirus crisis, they need to remember that things will not be the same in the future. Consumers will prefer to stay away from big financial institutions with traditional brick and mortar locations.

Digital Marketing gives an incredible opportunity to smaller firms to reach their customers with quick, branchless solutions. You can keep them away from the large legacy banks and credit unions by providing a truly digital personalized germ-free experience.

If you want help maximizing your digital marketing strategy, reach out to Mrkt360 and we’ll show you how to take your digital marketing to the next level. Mrkt360 is a leading digital marketing agency in Canada with an expertise in Financial Marketing. We specialize in digital advertising, brand awareness, lead generation and website conversions for financial service institutions. Call our specialist today!