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Financial Marketing Trends 2017

A new year begins and everyone’s ready (hopefully) to get back into the flow of things as business picks up. Our lessons from last year rest in the back of our minds as we move forward into 2017 with a fresh start. For many of us, it’s another chance to extend our reach and create more opportunities. If you’re in the financial sector, this might be an especially important year to start working out your marketing strategies. How are you adapting to the 21st century landscape of social media and mobile consumption? Where are you putting your name in front of more people? We’ve noticed a few trends that we think will benefit your marketing department’s efforts.

1. Mobile

This year seems to be predicted as the year mobile consumption will reach an all-time high. People are relying on their mobile devices now more than ever to check their finances, transfer money, and shop for virtually anything. This is an especially important time for you to get ahead of the game by creating a strategy that tends to the mobile needs of your average consumer. Do you have an app that provides your company’s services in a mobile-friendly format? Are you taking advantage of social media advertising, where, according to MarketingLand, 80% of its usage comes from mobile users? These are just a couple of questions to consider when marketing in the mobile landscape. It seems that financial companies who can create a presence in the mobile world will find more success.

If your demographic includes the Millennial crowd, then you should definitely have a mobile strategy. This generation grew up with mobile phones, so to market where much of their attention is spent is a great way to show them that you are equipped to tend to their on-the-go needs.

Here are a few stats to consider about mobile usage and finances from the past three years:
Mobile Bank Infographic

 

2. Video

It’s rather difficult to miss the fact that video is a substantial part of our everyday lives. It’s predicted to be the top marketing tool for 2017, according to NewCo Shift. The reasons are pretty obvious: video is highly accessible (especially on the mobile platform); video demands a fixed amount of attention; and, video translates information in an appealing manner. Video marketing has been around for quite some time, but it has become more relevant than ever with its ease of access on social media platforms and through YouTube. On-demand content allows consumers to see what they want, when they want to see it.

Consider this statistic. Real-estate listings that use video see a 403% increase in inquiry rate versus those without. 403%! That’s the power of video content.

For the financial sector, this is a great means of educating consumers on how your company functions. Show them how to make a payment. Explain how interest rates work. Provide free advice on how to manage finances. Spotlight your employees. Advertise a new deal. The opportunities for video content are limitless.

And then there’s live streaming, a growing video marketing tool thanks to platforms like Facebook Live, Periscope, and the recent introduction of Instagram Stories’ live feature. The ability to broadcast virtually anything is in the palm of your hand. Literally! Mobile live streaming gives you the ability to bring consumers in on the action and give them a peek into your company culture. Share a behind-the-scenes tour of the office. Hold a Q&A session. Broadcast an event you’re hosting or attending.

You’re likely to gain more trust and earn more conversions simply by live streaming around the office. This gives you the ability to provide a sense of transparency, which creates trust with your customers. That trust is especially important when you’re the ones responsible for handling people’s money. The more trust you can build, the better your chances are of establishing a loyal customer base. Loyalty turns into word-of-mouth referrals, and people are more likely to trust their money with organizations that have been referred to them by friends and family.

3. Direct Mail

Believe it or not, the power of physical marketing tools are still effective in today’s digitally saturated world. Having a direct mail campaign still proves a beneficial marketing strategy for a lot of companies. According to Compu-Mail, 92% of shoppers say they prefer direct mail for shopping. 74% usually take notice of some form of advertising in their mail. Those are good numbers.

People are becoming desensitized to their digital mail, with email inboxes becoming a source of information overload. However, they still have a physical mailbox to check every day. The old saying of going where the crowd isn’t means there is a massive opportunity to put your business in the hands of consumers. This gives you the chance to capture your consumers’ attention by creating a unique mail piece that stands out.

Print and technology are finding ways to intersect and innovate on print and direct mail. Consider USPS’s Irresistible Mail campaign. Print material has the capacity to work in conjunction with mobile devices using things like QR and NFC codes. You can include video players in your mailing pieces that can play an ad for your company upon opening. Insert a chip that brings to life an AR experience on a consumer’s phone. Present an arts & crafts piece that beats your average piece of paper with some ink on it. The potential for making a great impression with a direct mail piece is much greater thanks to the integration of technology.

Print is also a popular item in the Millennial demographic. 67% of them have stated their preference to receive information via physical mail than through email, according to PrintingNews. Many of them are more likely to act on a deal received through a direct mail piece than one received through email. It makes sense that a generation which has grown up with the technology boom will likely find a more refreshing interest in something tangible. Printed material, especially if it’s been infused with technology, can give you that result.

 

Riding the wave of video and mobile marketing is sure to benefit your marketing efforts over time, but don’t forget to take advantage of the opportunity to really make an impression using print and direct mail in your mix. Pound your online strategies while crafting an offline one. The more you utilize mediums people enjoy interacting with, the better your chances of success are in taking your financial business to the next level in 2017.

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