How the financial service industry can drive online conversions and thrive in a competitive marketplace

Most financial service businesses rely on traditional marketing channels due to legacy habits, however this is changing. An increasing demand for information about the financial services industry in the digital sphere, has meant that an evaluation of how you market your business is in order. With searches for “best online savings account” rising by 60% in 12 months, operating with a greater focus on the digital space is a no brainer. While traditional marketing channels were historically preferred, the newest generation of adults grew up in the digital age, and their marketing preferences reflect this. They want increased autonomy over financial choices, and look to access information themselves. Ignoring this shift results in a lack of visibility for a huge chunk of their audience. Creating digital marketing strategies that considers this is key to appealing to the evolving audience, and outperforming the competition. Only 8% of millennials trust financial services for guidance. It is vital that financial services are able to rebuild the trust of their customers through digital marketing practices. The key to appearing trustworthy is to ensure that any information that positions you as a knowledgeable and secure business in financial services is easily accessed, digested, and advertised to your audience. While there may be a few impediments to the financial services sector (not seen in many other industries), rules such as “appropriate affiliations must be indicated in all marketing”, these needn’t be blocks on the road to digital marketing [AS3] success. These regulations may be a good thing in the future. For example, YMYL (your money or your life) sites are predicted to be one of the first to be targeted by authorship evaluations, EEAT (experience, expertise, authority, trustworthiness) will be the interpreter of authority on an individual scale. By appraising the authority of the author, having credentials such as being a member of the FDIC will only be a good signal to search engines, resulting in a better position on SERPs (search engine results pages). Having a solid integrated search strategy is a proven way to increase conversions and ROI. By including a strong Paid Search (PPC) campaign alongside your SEO efforts, the combination will be formidable. With Google’s Performance Max, or ‘PMax’ as it’s commonly known, you could see an average increase of 13% total incremental conversions. Just by ensuring that the ad copy is clear and consumer-friendly (i.e., not inundated with unfamiliar jargon), you will reach more of the right kind of customers and increase conversions while driving down CPCs. You can also amplify your search marketing efforts by adopting social media and content marketing. 61% of financial services report that content marketing aids with generating website traffic, and enhances customer relationships. In addition, by using a range of organic and paid strategies, brands are able to interact with customers on a personal level - giving them an opportunity to present a human-like front. Social media finance tactics give financial services more control over their brand image, and how they appear to potential customers. Want to learn more? Check out Click Consult’s website, where our award-winning search and digital marketing experts will be more-than happy to help.