Effectively advertising your financial products and services is essential to breaking through the marketing clutter in this category. Getting consumer’s attention and educating them on your specific offerings should be the goal. They need to know there may be better financial services available to meet their needs. A smart move would be to better communicate that message to them to encourage action.
"[Bank] advertising is primarily a shifter of awareness as opposed to consideration or choice," a study reported by The Financial Brand concludes. " Advertising makes consumers aware of more options; thus, consumers search more and find better alternatives than they would otherwise. In turn, this increases the market share of smaller banks making the U.S. banking industry more competitive."
Here are some marketing tips for financial services that will increase your market share in the U.S. banking industry.
Build Trust with Prospects
Building trust with prospects is crucial to marketing financial services in Arizona. Customers want to trust businesses that keep their money safe. After all, you're often dealing with the person's entire life savings, so it's no small decision for them to make.
To appeal to this component, you'll need to establish a culture that enables trust by defining your values in all your brand messaging. The truth is, trust is a necessary pillar of business, and marketing will be more complex (if not wholly unsuccessful) if customers don't trust you before making their financial servicing decisions.
As a financial institution, building trust with your audience can mean a few things. Using your marketing to show how quickly you address customer service problems is one avenue. Moreover, showing your audience that your business utilizes top-notch privacy and security measures is another.
Relate to Your Ideal Customers
You'll also need to relate to your ideal customers to create an emotional response that encourages them to come to your financial service over the competition. This includes special attention to your brand messaging, which should specifically address your target audience's needs and wants. To do this, you'll want to research and thoroughly understand what your customers want out of a banking/financial service.
Use that information to speak directly to your ideal customers, using their language in your messaging. Start by asking yourself which of these are important to your audience and how you can use those answers to better relate to them and their needs:
- Mobile apps?
- Exceptional customer service?
Gain Brand Awareness Online
In the age of the digital era, there's no reason any business shouldn't be online — and if you aren't, there's no better time than now to get started. A website, in particular, is a significant asset that acts as your online profile, providing helpful information and credibility to visitors. It's the first place any potential customer will go when seeking out more information about your financial services.
Blogging is another important aspect of building brand awareness online, and yet, many financial businesses don't blog or create shareable content (creating more opportunities for you). Blogs can help attract more people to your website, creating more conversions and increasing brand awareness, especially when using search engine optimization (SEO) tactics.
You can share information on your website or social media about:
- Saving tips
- Cryptocurrency knowledge
- Money advice
- Retirement advice
Produce a TV Commercial
TV is still a powerful way to advertise to your local community. TV grabs viewer attention better than most other marketing methods, either broadcast or over-the-top (OTT). The truth is, people trust brands they see on TV more than advertising promotions on major platforms like social media.
Statista reports that during a 2021 survey in the U.S., "it was found that 46%of respondents thought TV and print ads were somewhat or very trustworthy, and 45% said the same about radio advertising." On the other hand, social media sat at the bottom with 19%.
Think Outside the Box with Cause Marketing
Finally, there's no better way to reach your Arizona audience than thinking outside of the box in your marketing efforts. One great way to market to the local community is to be a part of helping a cause. Cause marketing has become especially important since consumers started prioritizing purpose-driven companies that support the same values as them.
Cause marketing helps spread brand awareness and increases credibility, value, and trust. You can see this in studies reported by Engage for Good that found brands with a purpose set on improving our quality of life (i.e., cause marketing!) outperform the stock market by 120%, and 72% of Americans say they feel it is more important than ever that the companies they buy from reflecting their values.
Work with a Media Partner
Better yet, think outside the box and work with a media partner that can make advertising your financial business more accessible and more efficient. Their expertise and experience in marketing combined with your brand's value and purpose can make all the difference for your financial services business.