Marketing in the financial industry can be very difficult if you do not have the right tools or experience. There are many things that you have to look out for when kicking off and maintaining a financial marketing campaign; whereas in other industries you have a blank canvas. One of the major hurdles that you must overcome while marketing in the financial industry is compliance. Another is creating content that the average consumer will grasp with basic knowledge of the industry. Both of these can impact a marketing campaign immensely, but if managed correctly marketing in the financial industry can be a piece of cake.
By far the main differentiator of a financial marketing campaign and that of another industry is the need for everything to pass through compliance. This not only means that content takes much longer to produce and publish, but it also means that you have to ensure you are writing content that follows strict guidelines for the respective institution. To help create a smoother process down the road you should first schedule a meeting with your compliance team to review the do’s and don’ts of the content that you will create. This will help you create content that will not be flagged, which will in turn save you time. Once you have an understanding of the correct content to write on you should create a calendar that will assist in guiding you through content creation from brainstorming to publishing.
The second largest hurdle of running a marketing campaign in the financial industry is that of consumer knowledge. Contrary to popular belief, many potential customers of the financial industry are not as savvy to the financial jargon that is commonly used in the industry. Because of this when writing content you have to be aware of potential terms that might stump and deter a potential customer. If you have no choice but to include a term that might not be understood by the reader include a link to the definition or attach it to the bottom of the page. By doing so you make the visitor feel comfortable that you will be able to assist them even if they don’t fully understand the financial sector.
Posting to social media can also be difficult when it comes to this industry. It’s important to remember that each social media site has its own niche of users. Facebook is a widely used platform for sharing and following friends, but most would not expect or want to see posts regarding financial services. Whereas LinkedIn would be a great site to post about the financial services sector. Try your best to post updates that contain more than just text. Posts that contain media like photos, infographics, or videos get a lot more attention over those that don’t.
Marketing isn’t an effortless task, especially in the financial industry. But remember, with correct planning and action you can simplify it immensely. Keep in mind that everyone can be a customer of a financial service, they just need to better understand how you can benefit them.