Advertising in the financial services industry is an increasing competitive sector we work with.
There are more banks, mortgage advisors, pension suppliers, private equity companies, loan companies and financial services institutes than ever before, all looking to communicate with new and existing customers. Advertising in the financial services industry is therefore fierce with many large companies spending significant budgets to maintain and create a positive perception of their brand and what they offer.
Purchasing products and services in the financial services sector is often something consumers don’t want to do and often have limited understanding of, however, most people are aware that need to keep on top of their finances and so are always on the look-out for the best credit card deals, top mortgage rates, pension deals and personal banking deals on a constant, if even somewhat subconscious, level.
If you are a company looking for financial services advertising to promote your services or products, get in touch today and we’ll put together a bespoke campaign to achieve the results you desire.
Financial service marketing is essentially the marketing of finance-related products, these typically include:
At PromoMedia we work with various companies to promote the above in the most efficient and cost-effective ways.
Marketing and advertising in this financial industry doesn’t come easy and a high degree of specialist knowledge and experience is required in order to communicate effectively to customers; the advertising needs to be clear, factually correct and understandable.
It’s probably fair to say that finance advertising is rarely exciting, but the right communications can at least make it accessible and clear… and even with creative advertising ideas.
The world of financial services is a fast-developing and changing one.
Affected like no other sector by political changes and world events, businesses operating with the financial industry frequently have more to contend with in getting their message out to their audiences in a timely, relevant and factually correct manner. Regulative and legislative changes happen all the time and often have requirements that are to be immediately mirrored in all communications.
This alone demands that those working in marketing for anything finance-related must work within a cycle of continuous improvement, including agile campaigns which allow for quick changes of messaging, direction or channel.
In light of this, certain forms of advertising are particularly effective and popular in this sector namely:
TV advertising - which has the power to be updated quickly and booked relatively late, whilst communicating to millions, it is a firm favourite with many banking companies using it to present a more personal side of themselves. For more info on TV advertising read here.
Train station advertising - particularly effective are electronic billboards within major stations, which can be updated speedily with new artwork and messages. For more information on train station adverts, read here.
Social media adverts - social media campaigns can be set up to complement a wider ad campaign, for more information read here. Digital marketing and social media marketing are often a good reinforcement of other advertising elements.
Print and newspaper ads - this form of communication can allow facts and figures to be communicated clearly and concisely.
Not meeting regulatory changes or not making your product come across in an interesting manner will hinder the success of your financial product advertising.
It is therefore important to work with a marketing and communications agency that has the relevant experience in order for things to run smoothly, campaigns to be cost-effective and to achieve a good return on investment. Those working within the financial sector often find it beneficial to take advantage of a third-party view (one outside of their internal marketing departments); as it can be all too easy to forget how little others and the general public may actually comprehend about a service or product.
If a customer, therefore, doesn’t understand your messaging, they won’t return for clarification but just move on to a competitor – so in working with an outside and impartial agency just as us, it’s a chance to “litmus test” that your communications are clear and understandable.
Marketing to consumers about financial services and products need to draw a fine line between being educational and being patronising – this can be difficult to balance.
There is little room for error in such communications and little allowance for standard sales gimmicks. This is because money and finance is a serious matter for most people and they don’t want to feel it’s not been taken seriously or professionally. Therefore, communications must be clear and ‘to the point’, whilst maintaining professionalism and instilling trust.
In advertising of this type, consumers are unlikely to spend much time focusing on an initial brand contact, and so brevity can be key. Wording must be extremely clear and concise (perhaps more so than any other industry) and key claims must be substantiated by fact and often small print.
Newspaper ads are often a favoured form of communicating these messages as they allow the small print to be clearly visible, for more information on press ads visit our newspaper advertising page.
The legal implications of being ambiguous or unwittingly misleading are much more severe in the financial sector than elsewhere and so there should be no risk made with marketing.
Interestingly, brands in the financial space often have an advantage over other such industries in targeting their audiences, as the information they hold on existing clients is plentiful and gives great intelligence into buying habits and demographics – advertising can, therefore, be very targeted.
Sharing this information with a marketing agency allows for them to work from insights gained and really drill down to target the most relevant potential customers through the most relevant channels and with the most relevant messaging whether this is through TV ads, radio advertising, out of home advertising, social media or London Underground advertising.
Working through and understanding the customer journey and touch-points that your business already has in place can be of huge benefit to both marketers and the brand itself.
If you’re not sure of how or what these are already, PromoMedia can help you identify them and then tailor your communications around them.
In some climates, there may appear to be little to differentiate financial brands’ products from one another – mainly due to the lack of information or understanding that the public hold on them.
In these cases, there is a lot to be said for differentiating your brand’s focus, values and personality rather than the products on offer.
Many consider that they only deal with a financial business when something goes wrong and so there is a great degree of trust to invoke, alongside a brand personality that inspires responsible behaviour and loyalty.
In many cases, a customer may choose to invest more in a brand than others or opt for a more expensive product over their competitors as a result. The internet has made it easier than ever to compare services and products between companies and if there’s little wiggle room on prices, reputation can be key.
Online presence in terms of ads, social media advertising and PPC are again a popular form of advertising and also educational about the finance sector.
Perhaps more so than in other sectors, financial services and products offer the opportunity to build up a long-term relationship with consumers rather than a one-off sale.
This improves a customer’s lifetime value with your business, but also promotes loyalty and recommendations. It is always more expensive to regain a customer after they have left your business than to recruit a new one and so a real emphasis should be placed on maintaining a relationship.
Aside from any standard regulated periodic communications, further community involvement and side projects should be considered. Financial services companies are all too often thought of as ‘the bad guys’ and if someone is already ‘on side’, this should be worked with to gain better positive public relations within local communities. Accuracy and relevance are key with financial marketing communications, as is reputation.
Consumers from London to New York and everywhere in between, will rarely make a snap decision or purchase with financial services products but instead need to be able to recall a brand name later, when they have a requirement to purchase. It is this ongoing positive brand picture that PromoMedia can help you paint and maintain in the eyes of both potential and existing customers.
It may not seem as exciting or eye-catching as other sectors, but the financial services market holds plenty of real-life stories, inspirational anecdotes and collaboration opportunities to work with – and for – consumers everywhere.
If you are a business or company operating in the financial sector get in touch today to find out how with effective finance marketing we can help you both recruit new customers, maintain current ones and create an overall positive impression of you in the public eye.
Simply drop us a message and one of our friendly media planners will be in touch. We look forward to working with you!