When your business operates in the highly competitive financial services sector, you must do everything possible to stand out from your competitors. You must have a suitable marketing strategy to help you do this, and this is an area where many companies let themselves down. Many financial services companies make common marketing mistakes that can give their competitors an advantage. Below, you can see four of the most common mistakes made to help ensure that your financial services company gets its marketing correct to help you win valuable customers.
Defining Their Target Audience
In the financial services industry, the potential target audience is massive, but it is impossible to attract all the business. As such, you want to define your target audience and who you are trying to attract to your services, using various factors, such as:
- Age
- Sex
- Marital Status
- Income
- Location
- Sex
You will need to put yourself in the shoes of your target audience and determine what is important to them, and what they are thinking and feeling. It sounds much easier than it is, and it is an excellent idea to consider using a B2B marketing agency for financial services to help you with this task. Getting inside the heads of your potential clients can be an excellent way to hone your marketing strategy and make it more effective.
Undefined Branding
The branding of your company is another common mistake that can lead to a muddled and unclear message to your target audience. Your brand and keeping it on point are extremely important, so it is something you need to pay attention to and ensure it is accurate and consistent. Without consistent branding, your ads, social media posts, and blog posts may struggle to be effective. You want to create branding guidelines for your business, which include elements like tone of voice, colours, and fonts, and use them consistently across all your marketing materials.
Not Investing In The Correct Marketing
You will also want to avoid generic marketing tactics that try to attract your target audience; instead, use ones that can reach a large proportion of them. Many companies also do not give their marketing strategy time to work before changing it because they see no immediate increase in sales. Whatever medium is best for your target audience, you will want to initiate your marketing campaign and maintain momentum, rather than changing it after three months. To achieve the goals that you set for your business, you must change your mindset to long-term consistency with your marketing efforts and be patient yet consistent in your approach.
Using The Wrong Marketing Company
Another significant mistake many financial services make is choosing the wrong marketing company to support their marketing efforts. Many companies will overpromise and underdeliver, which can prove expensive if the promised leads fail to materialise. One way to combat this is to use the services of a marketing company that specialises in the financial services field, rather than one that works in multiple industries that they do not fully understand. You should also thoroughly research any potential marketing companies before agreeing to work with them and ask for evidence or case studies of their previous work. You can also have some of your marketing done in-house, such as doing email marketing or LinkedIn outreach, which can be highly fruitful and generate lots of leads for a fraction of the cost of using an agency.
If you can avoid the mistakes mentioned above in the marketing of your financial services company, it can put you in an excellent place for your business to succeed. By being patient with the marketing techniques you employ, being consistent, and using the correct marketing channels, you can achieve highly fruitful results for your business.
