"Is digital marketing and technology really something traditional companies should give their attention to if we aren’t changing formats?" This question stands knocking on the doorstep of every forward-thinking firm. "Fintech" might be a buzzword if you are in the financial industry. But it is also a relevant conversation among top-level company executives.
Regenerative Marketing, a company I co-founded, focuses on both marketing and training within the financial professional services industry. It is evident to our team that a transformation of industry standards is underway as customers spend more time on their mobile phones, tablets and laptops. Here's my best advice for moving forward.
Choosing The Right Online Platform
Use technology to determine who your audience is and where they live.
Are you set up in a CRM but aren't sure where you need to be online? First, understand that a CRM should function as the intelligence data source for your connections. Additional plugins and integrations are available to help you utilize your CRM to understand who is important to the sustainability of your company and where they communicate online.
A proper CRM will provide you with the minimum ability to determine where your target audience is online. Even sideline CRMs can provide insight into which platforms your connections are communicating on proficiently and what digital mediums they utilize. Additional technology allows you to monitor your competitors and compare their positioning to your own SWOT analysis. With this information, you can arm yourself to makes the most competitive decisions toward initiative priorities and budget allocation.
Without proper channeling, your social efforts will lead to a dead end. Implement a CRM that works best for you and your industry's particular needs. Meanwhile, be sure to check out the software's "social capabilities." For example, ask questions like: Can I connect our CRM to LinkedIn's automated data integration option for targeted ads? You know your needs. Start here. Be sure it communicates well outside of the single software you choose.
Reshape your marketing funnel into a touch point wheelhouse.
Understand that the traditional model as a funnel for end-to-end customer experience management is not the same as it was before digital marketing came into play. Consider cross-platform content marketing strategies and remarketing ad campaigns as touch points anywhere within the buying or retention cycle. We now have the opportunity to educate and court our clients not just before the consumer buying process, but also during and after our consumers purchase our products or services.
Understand the nature of your own needs. What voice relates to clients?
If you are a B2B broker looking for purchasing agents for your products, you'll be comfortable in a professional setting posting on that level. If you are a B2C firm selling services to the elite 16, this will look different. Work your marketing needs inside-out after understanding consumer wants.
As we work one on one with financial firms, we advise our clients to start by researching the customer interface for age, gender and location per client match. Next, build profiles for the top 3-5 most profitable client segments. What are they saying when they communicate about wealth management or other key offers your firm targets? Monitor and highlight trending communication patterns through keyword tracking, review monitoring and social hashtags. Remember, you are working your messaging strategy backward on purpose.
This is where ROBO investment sites have hit the spotlight. A pivotal opportunity for traditional firms to relate online is presented to companies willing to listen to consumers, track behaviors and respond to particular needs with advice, services and relevant community resources.
Defining Your Objectives
Know the future of the platform and compare it with your budget.
Understand your initiatives and how each platform will further your business within those initiatives. Three areas of marketing opportunities which have been transformed by digital are the speed, relevance and reach of campaigns. Within these competitive areas, all companies are equal. What can you afford? Compete online in targeted markets that are overlooked by competitors. This allows for slimmer ad budgets while maximizing spend.
Train your office staff.
Remember that it is not always about a particular tool or tactic, because the tools we use in two or three years will be completely different from the tools we used three years ago. It is about being curious and exploring uncharted possibilities. A vital quality for companies in today's fast-paced digital landscape is agility rather than specific technical knowledge.
One of the best investments your company can make in marketing is continuous training for key staff members. Find a training source that offers virtual ongoing training for digital advancement, and allow your staff members a short period of scheduled time daily or weekly to implement their ideas.
Don't follow; lead.
Traditional financial companies are faced with new challenges to stay relevant in the emerging market. How your firm addresses these challenges today will determine the future competitive advantage of your company. Financial advisors, banks and other financial institutions should compete for online attention.
Firms are not better served to stick with traditional methods of sales and advertising alone.
Market your advantages as a traditional company by shifting perspectives toward user experience. Clients truly are benefiting from traditional firms as many move to offer the perks of online services while maintaining the qualities of a traditional firm.
