Digital marketing has taken the world by storm, changing the way we work, do business and even entertain ourselves. Most industries, big or small, have leveraged the power of digital marketing and reaped the rewards. The finance sector, too, is no stranger. Whether it is opening a bank account or investing in mutual funds, everyone’s first move is to “Google it”.
In 2017, Google’s India’s Year In Search Report stated that queries for personal loans and mutual funds grew by 61% and 72% respectively. This statistic shows the growing need for the finance industry to adopt digital marketing. Here’s how!
Create an app
There are approximately 390 million smartphone users in India alone, and this number is expected to reach a whopping 2.3 billion by the end of 2022. These numbers drive home the fact that financial institutions need to start investing in a good app. People today are always on the move, even while making financial decisions, and an app adds to the ease of the process. A user-friendly app allows your customers to complete transactions and access all your programs and services. This leads to customer satisfaction and, more importantly, helps you generate higher leads.
Create a social media presence
As of 2018, the number of social media users in India hit almost 370 million. It’s no secret that India has an active social media customer base, and it would be remiss to leave this potential untapped. Financial organisations need to take advantage of social media and find customers who require reliable financial partners.
The best way to go about this is by creating engaging posts, videos and other relatable content that will resonate with their target audience, build brand awareness and trust and ultimately widen their customer base. Comprehensive social media tools and analytics allow you to track your campaigns’ performance and strategise accordingly.
Create quality and engaging content
Content marketing is an integral part of any digital marketing strategy and a must for financial organisations. One of the primary purposes of content marketing is to project your brand’s image as a thought leader in your particular field or industry. It gives you the license to have effective and consistent communication with your audience, answer their queries, and build trust.
Financial blog posts are a great way to educate your audiences, target larger groups and attract new and potential customers. Your blog posts could talk about obtaining stocks, how to apply for a housing loan, credit score, interest rates at various banks, etc. Coupled with strong SEO, your blogs could be the first thing people see when they Google these topics.
Leverage SEO to rank higher
SEO or Search Engine Optimisation is pivotal to any digital marketing strategy and can help finance companies be aware of their competition and improve their rankings. Another aspect of digital marketing that can impact the financial industry is mobile search. With 390 million Indians accessing the internet from their mobiles, your app is not the only thing you need to focus on. Whenever someone requires information, they do a quick mobile search. If its banking services they are looking for, financial organisations need to ensure their website is mobile-friendly. Here’s more on our beginners’ guide to keyword research.
Additionally, if your institution is available in multiple locations, you need to ensure the information is consistent and accurate. Users will often do a quick voice search on their devices like “Show me the nearest bank”. An effective SEO strategy ensures your bank or financial organisation is announced first. You can also showcase your company on Google My Business to give your audience a brief insight into your organisation.
Don’t forget to read our blog on 7 common SEO mistakes to avoid for more information.
Try out multiple Ad formats
When it comes to digital advertising, Google and Facebook have taken digital advertising by storm. From carousel ads to website conversion ads to lead generation ads, there are multiple options available for banks and financial firms to choose from. And it doesn’t stop there. You can also use a combination of creative images or videos to attract audiences further.
When it comes to online advertising, Facebook is a powerful tool that provides detailed targeting, including age, location, interests, online behaviour, content consumption, etc. You also target users who have previously clicked on your ad or recently visited your website for quality leads.
Google Ads, on the other hand, offer financial institutions of using “non-social” platforms. These ads show up on Google searches when potential customers search for relevant keywords.
Word-of-Mouth and Influencer Marketing
Influencer marketing has long been on the rise without any signs of slowing down. Influencer marketing is a blessing for digital marketing for the finance industry and one of the ways in which brands must rethink their digital customer experience. When choosing their banks or financial partners, trust and assurance rank high in people’s decision-making process. That’s where influencer marketing comes to play. Engaging posts and reviews in the form of pictures, videos, blogs or ads can attract potential customers and successfully convert them.
The financial sector is a competitive industry and one of the best ways to stand out is by leveraging the power of digital marketing. If you’re a financial organisation looking for some valuable strategies, contact us at Bunjy.co. We are a fully integrated 360° marketing solutions agency and can help increase traffic and footfalls to your company.