Rapid acceleration of digital commerce growth has created a challenging 2022 outlook as the pandemic wanes. Big growth means big expectations and a challenging outlook for financial services CMOs.
Use The State of Digital Commerce to shape forward-looking plans in terms of go-to-market strategy and execution. See how digital commerce trends continue to evolve and which investment areas will drive digital commerce growth.
Financial services marketing uses various marketing strategies and techniques to create and drive awareness of financial products, capture leads and convert them into loyal customers through ongoing marketing campaigns. Financial marketing utilizes two primary methods: digital marketing, including inbound channels like blogs, and outbound channels like PPC ads; and traditional marketing, including TV, radio, print and signage.
Unlike most other industries, the financial services industry is highly regulated and must adhere to many marketing requirements and regulations in place to ensure the protection of customer interests — such as the Truth in Advertising Act, the Truth in Savings Act and Fair Lending Laws (just to name a few). Working within these laws makes for a complex financial marketing landscape in which to market aggressively. Rule breakers can incur large fines.
In the past, financial institutions could afford to wait for customers to come to them — an ineffective and risky position to hold today due to factors including: 1) Commoditization: Standardization of financial products has made it harder to differentiate from the competition; 2) Disruptive fintechs: Aggressive financial technologies challenge the status quo and upset the established order; 3) Lack of trust: Customers have lost confidence in the financial services industry, trust it must win back; 4) Regulatory barriers: Tighter regulations are making it harder to market aggressively; 5) Digital transformation: Advances like marketing automation are rendering traditional marketing methods ineffective; 6) Digitization: Digital-first customers expect enhanced and personalized digital experiences. With these barriers to success, financial institutions look to financial service marketers to create and implement innovative marketing strategies that lead to new business.
Financial marketing solutions help financial services companies:
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