Financial service providers must identify their specific audience and tailor their marketing strategies to reach them effectively. It’s important to understand how customers prefer to receive information and to connect with them through media they engage with.
Financial services marketing tends to fall on the shoulders of personal financial planners or advisers who help people with their personal financial situations. While marketing has some general strategies that service providers can employ and all types of businesses can use, financial service providers can address or alter these strategies to reach their particular audience. Some of the best advice for marketing financial services starts with identifying who the customers really are so that strategies are employed that speak directly to members of the broader group.
Financial service providers who think that their services can benefit anyone can be met with failed marketing efforts. While financial services may be for a varied market, it is impossible to effectively market services to everyone. First, financial service providers need to narrow their audience to a very specific group. It is much easier to adequately market to a very small group of individuals. When the company marketing a product or service knows and can thoroughly describe each member of its audience, it knows its prospects and customers well enough to create effective marketing messages.
For example, if an advisor offers their services to BaBoomers, this is a very specific group. Financial services marketing messages and content would contain copy and information that this generation can relate to. This message would be different than for young professionals just starting to put together their retirement plan, where BaBoomers are preparing to retire or are already retired.
Another of the best tips for marketing financial services is to reach large groups of your intended audience. In other words, financial advisers and service providers have to find out what their audience reads, watches on TV, and likes to do in their spare time. Only when the provider connects these dots can they use marketing media that gets in front of the people they are trying to reach.
One last piece of advice for professionals with a need to use financial services marketing is to find out how prospects and customers prefer to receive their financial information. For example, if the audience prefers email communications over direct mail, then the service provider may use appropriate delivery. When the provider uses marketing techniques that match customer preferences, it ensures that the information is read. This also increases the chances that the prospect or customer will take action.
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