Most people assume that the finance industry is concerned with numbers, and numbers only. However, like any other industry domain of work, the finance sector also has other departments without which it can’t function properly. All companies, regardless of their vertical, face massive competition in the market. The finance industry is no exception and has cutting-edge competition. They need the right marketing strategies to reach out to their consumers and get business. But, it’s not as easy as it looks.
Marketing for financial firms is a tedious task, and it’s not easy to manoeuvre. One gets restricted with every step of the marketing strategy since factors like company values, budget, the reputation of the company etc., comes into play. In such scenarios, Inbound Marketing has emerged as a boon for the finance marketers. It has given the right tactics and strategies in the hands of the marketers to devise and execute effective marketing campaigns for these financial firms.
With new digital marketing platforms and trends coming up, marketing professionals now have the right tools to leverage the power of Inbound Marketing strategies for their finance firms. But, why is Inbound Marketing effective and generates more result than traditional marketing strategies? The probable answer to the question is that Inbound Marketing is permission seeking and meets the consumer in a way they want.
Let’s consider an example for our daily life to understand this better. Suppose you come out of a busy Metro station and want to take an autorickshaw to reach your destination. Once out, you’ll find many ‘autowalas’ hogging on you to use their service. However, there will also be a few who will be standing in the queue patiently waiting for passengers. As per observation, 90% of the people will walk towards the autos standing in the queue and use their service. This mindset is observed at every level. Consumers tend to give their attention to the companies that meet their demands in the way they want. And, this is what Inbound Marketing is all about.
Inbound Marketing is based on four basic steps:
Now that you know why Inbound is a better route for marketing services of a finance firm let’s understand how it can help them.
1. Staying ahead in the race
The finance world has changed drastically with the advent of internet financial services. Companies like PayPal, Paytm and many others are disrupting the traditional financial space with their ease of use and safety features. With Inbound Marketing comes the insightful research on what’s going on in the industry and what are the latest trends to look out for. With such data in hand, marketers can plan their strategies accordingly and update their services for their consumers. Marketing professionals with information about the ongoing trends can create and promote content accordingly to capture the attention of their target audience.
2. Personalized solutions
One of the most important and efficient aspects of Inbound Marketing is getting the information about the pain points of consumers. When it comes to financial matters, everyone gets worried as it’s the question of their hard-earned money. In such scenarios, if a brand can understand the pain points of the consumer and provide them with personalized solutions rather than pitching the same script to everyone, it will do wonders for their business. With tools like Hubspot, it is now possible for brands to do so. These tools map the journey and persona of the consumers and give a proper report to the marketers which can be used to provide personalized solutions to consumers.
3. Educating audience
One of the integral parts of Inbound Marketing is the content generation. Inbound Marketing is all about attracting your consumers and giving them the relevant information to educate them. When brands produce the content that is relevant to consumers, it increases the readability of their content and improves their visibility amongst the consumers.
Further, when people read the content created by a brand, it creates authority for the brand in the domain which in-turn increases the business prospects for the company.
Cost related to marketing campaigns is a nightmare for the management of any company. And, why not. Not all marketing campaigns are successful and generate results for the brand. Inbound Marketing serves as a saviour for these professionals. It is known to produce sizeable results with consumption of minimal resources. Marketers with the help of inbound strategies know their audience better and know what will work for them. Therefore, they are able to devise and strategize a plan accordingly and cater to the need of the audience.
We understand that to get the hang of Inbound Marketing methodology is not easy and not all businesses can use it on their own, which is why we suggest getting a digital marketing agency onboard which can handle all your marketing related tasks. We know that you still must be thinking about the functionality of Inbound Marketing, so if you wish to know more about the same, you can get it here.