Financial service that supports the progress plans of the individuals and organisations need to be promoted in the proper manner. Money is the first and the last thing, materialistic humans yearn for, and a big part of that money comes from financial products. There are so many things to make life perfect from credit cards to loans to investment choices. Like any other product, financial services need proper marketing to reach the right customer. Here are some suggestions for them.
1. Give solutions to severe financial issues
Many people fail to keep the right pace in personal finances and get into difficult situations and then raise popular issues like financial frustration. Your role is to act as a saviour and give a relatable solution that can come through your financial product/service.
- A person with pending credit card payments and poor credit score may find it useful to take out 15-minute loans by direct lenders through a paperless process. If you are a direct lending company, offer something like this.
- Try to show the calibre of turning an impossible situation into possible. For example – a care leaver student may choose you because there is no demand to bring parents as guarantor to borrow funds. Give importance to his personal repaying capacity of the student and not who is backing him financially.
2. Work on mobile-optimised presence
Like people want to earn quickly, people also want to obtain funds quickly from an external source of help. For that, the address and access of such facility should be handy and instant.
According to a research, by 2023, more than 70% of the youth in the UK will manage financial life through digital channels.
- Mobiles make lives easy and offer access to varied types of comfortable things without making any physical presence. Your financial services should be mobile-friendly.
- The simple application forms that are easy to open, fill and submit on mobile can easily make your popular compared to the counterparts in the market.
- Be available for a chat through a whatsapp presence of Chatbot to solve the concerns immediately while acting mobile-friendly.
3. Try to sound less conditional, more convenient
The financial products with so many terms and conditions, always create mental fatigue in the customers. You have to sound convenient through promoting the features that make the people feel. The offered money options are less or no conditional.
- The features like no lengthy procedure, instant approval decision, no-obligation etc. make you sound less heavy on the part of terms and conditions. A finance company should sound convenient with ‘at your service’ all the time.
- Make people feel that you are there for them ALWAYS, something like ForeverFinances or financial assistance through 24×7 despite festivals, holidays etc. Money crisis and other related issues create insecurity in people, feed those insecurities with easy-to-access service, and customers will chase you.
- More unconditional you sound, brighter are the chances of attaining more trust of the customers. However, once people give their trust, it is your responsibility to keep them satisfied.
4. Immediately communicate policies on a current scenario
If a significant change happens, that can also affect the financial lives of the people. Your company should be the first one to address the relatable concerns. The current covid-19 strain is the latest example to mention in this concern.
- Update the existing and the new customers on the changed scenario of the market. For example – after the corona chaos, the finance industry changed its affordability policies due to many people working on furloughed income. Did you update the people on this aspect immediately after the market opened? If yes, then this was the correct approach.
- Even if you rejection the applications on a particular aspect, it is essential to mention. Because people always seek a clear answer to their concerns. No matter how bitter it is for them, their concern is to respond to whatever they want to know. Rational behaviour is also essential to keep a hold on the market. A finance company cannot sound glossy every time.
5. Keep an emotional approach
Who said money world could not talk about emotions? We all make our financial decisions for our emotional satisfaction in some other way. A finance company needs to touch the right emotion according to a suitable product.
- This may sound craze, but every financial product creates a certain kind of emotion. For example, – insurance products usually relate to the concern for the family. A father is looking for suitable health insurance to keep the family safe. A single mother is seeking the best life insurance to enhance her child’s financial condition even after she is dead.
- An investment option helps a single man find certainty in the coming tomorrow when he will not be earning due to old age. That investment will be feeding him without depending on other people for any financial help.
The above suggestions reveal the practical aspects of the marketing world and explain the need to embrace change at every step. Already marketing is not a static field. It keeps changing while enhancing with the help of varied existing and new marketing tactics. Try these, and you can see the sky of success getting wider with a friendly rain of opportunities and customers in the right season.
