The term Finance company is a broad one. It could be anything from trading to banking. But one thing holds true. Finance companies need inbound marketing.
When it comes to marketing in financial services, there is a lot of stereotypes. One of them is about providing relevant and educational content online. There is a belief that it won’t be interesting enough for the customer or lead to the sales of products. But is that actually true?
A fundamental activity for Inbound Marketing is Content Creation. Common ways to offer value and increase authority is to create a blog post or shoot a video about what you do. Social networking and a company's presence on social is standard these days. But as much as these channels prove extremely popular in other industries, finance remains very conservative in this area.
Does It Even Make Sense?
The finance industry is quite unique. There are many different areas and it naturally has its own challenges. Mobile banking greatly influenced customer expectations. In FinTech, it’s very important to know who your prospect is.
Because of that, there will always be specific questions your customers ask. And there is a good chance that they don't get the answers straight away. These questions are not just about what you do and your case studies, but might also be more related to the industry. How to make use of this?
Providing answers is a fantastic way to connect with your prospects and help them on their buyer journey. You educate the potential customers and they come back for more.
We'll assume you start with blogging. By writing a blog, you establish yourself as an authority. You then promote the blog through social media and maybe recycle the content to create a video.
This will help you to get more traffic and gain better leads. And it will also give the customers more to choose from. As they get value from you, they will be more inclined to listen to what you offer. And this is just one easy example of how you build trust.
In this article, we want to prove that Inbound should have a place in your marketing strategy. Especially if you work in financial services. We have the experience to back it up and the research proves it.
It's time to move towards a customer-centric approach. Your customers will be happier and you'll get results that are more tangible. Let's get into the basics!
Inbound Marketing - What Is It And What Are The Benefits?
First off, let's go through the definition of Inbound Marketing. Inbound Marketing describes the digital marketing strategy that brings all of your online channels together to one ambition. Online marketing channels are email, blogging, social media, your website, and search engine optimisation.
But don't forget, Inbound Marketing doesn't mean just putting the content out. First and foremost, you are trying to make a positive impact and help your customers.
Tip: More content isn’t always better! You should not forget about the lead qualification. This prevents Inbound Fatigue.
Only after that, if your customers are still interested, you'll be able to engage with them and describe your offer.
This will also allow you to get more information about them and their needs. After that, you can create an email campaign and personalise your content to match it with what they are looking for.
Keep in mind, your offer should always consider the Buyer's Journey of your prospects.
Tip: Do you want to learn more about the steps of Buyer's Journey? Check out this article!
Inbound is always data-driven. The ambition is to generate highly qualified leads for your sales teams on a continual basis. Then you analyze the results. Long term, it aims to reduce your budget and stop wasting time. But how?
Inbound vs Outbound
It goes against the old method, Outbound Marketing. Why is it old? Because it involves all of the traditional ways of doing marketing.
This could be continued advertising, cold calling or email spam. It's no surprise that the customers grew tired of it. It's old fashioned, it interrupts and doesn't address their needs. In addition, it's harder to track ROI and the costs are higher.
On the other hand, Inbound Marketing campaigns improve sales conversions while spending less. It helps to distribute your message throughout your blogging platforms. This is called content marketing.
However, it's not just about that. The main overall benefit is that Inbound helps you to build deeper and long-lasting relationships with your customers.
Difference In Financial Services
In financial services, the nurturing process takes longer. There are more obstacles to purchase and more people that take decisions. Along with that, there is a need for extensive research. Your potential customers need to have very good knowledge about your product or service.
They also need to know the benefits of your offering and what makes you different. And your message must be simple, yet relevant. But in the end, the prospect might still not be ready to buy.
What all of this means? Your customers need to trust and understand you first in order to think about buying from you. The good news is, Inbound Marketing is a great way to achieve this.
With that in mind, let's explore the ways Inbound helps you to achieve your goals.
Finance Companies and Inbound Marketing
- Develop a Buyer Persona. In other words, who’s your target audience? You have to know your customer - their background, goals and ambitions. Spend time with the research and it WILL payback.
- BIAS always prioritizes your Buyer Persona development when starting a new project.
- Start a blog. Your Buyer Persona is developed. Now it’s time to put it into practice. Create content for your target audience. You can talk about you or your industry. The goal is to build trust. You want to educate and inform your customers. By the way, this has a great effect on lead generation!
Goldcore is Ireland’s most established gold broker. Blogging helped them to significantly increase leads generation. They also developed a strong fanbase on social media.
- Long-form content. It offers more value than a typical blog post. And it’s also where your deep knowledge of the topic comes into play. You present yourself as a subject matter expert. It could be anything from ebook to explainer videos and product tutorials. Combined with calls to action, this should drive your engagement up. Make sure it’s easy to download your content. Calls to action (CTAs) are an essential part of any Inbound Marketing campaign. You can place them anywhere from the website to a blog post. And their role is to convert visitors to leads. They can also direct the customers towards your special offers.
Tip: Writing an ebook isn’t as hard as it might seem! Again, Hubspot has you covered. This article describes the basics of ebook writing. Free templates included.
Strategy Is Important
- A clear Social Media strategy helps a lot. These days, customers interact with brands directly. The Mintel report shows that direct communication with customers causes greater overall satisfaction. And customer engagement leads to increased loyalty. Social media is a fantastic channel to make use of this. Are you working in finance and want to gain a competitive advantage? Learn to address your customers needs via social channels. And don’t forget - Millennials embrace social media. Make sure you are there for them.
Growthfunders are a great example. Even without paid advertising, they still get a lot of reach. Their Twitter campaigns talk about their products as well as industry trends.
- Finally, Email Marketing helps in the nurturing process of your leads. Experiment with a newsletter on a monthly/weekly basis. Update the list of your contacts. Make sure you personalise.
Tip: Mailchimp is a good email marketing tool. There are free templates and the interface is very user-friendly.
We’ve explained Inbound Marketing and its use in finance. The customer-centric approach impacts organic growth. It also helps with lead generation and sales conversions. And as we have shown, financial services are no exception.
Is your goal to be different and attract the right prospects? Start with Inbound.
In finance, the nurturing process is crucial. And Inbound Marketing gives you a lot of variety.
It doesn’t matter if you work in insurance, banking or investments. Inbound has a lot of potential for every finance marketer.
Are you working in financial services and want to learn more? Do you consider starting with Inbound Marketing? Or do you just need a free consultation?