Digital marketing for finance businesses; what you need to know!
With the arrival of Open Banking in the UK, competition in the already crowded financial services market is likely to increase even further. So how can digital marketing for finance businesses help you to stand out from that crowd?
At Xcite Digital our speciality is accelerating growth through digital marketing. To put it simply our finance digital marketing strategies offer clients tailored, multi-channel marketing services to:
- – Find more customers
- – Increase conversions
Let’s dig a bit deeper and take a look at a working example of how digital marketing helped one of our clients in the financial services industry.
Fair Finance are a not-for-profit financial services company who were looking for a digital marketing agency to help them raise brand awareness of their business loan division and generate leads for their sales teams.
These are the Five Steps we used to help them.
STEP 1 – IDENTIFY THE RIGHT CHANNEL AND THE USER JOURNEY
We identified the multiple channels used by Fair Finance customers. Typically, these customers would use these channels to research over 10 different sources of information about products and services before making a decision.
We then mapped typical user journeys through the Fair Finance sales funnel. Once initial contact had been made, where did they go next? What routes did they take? What proportion of initial visitors progressed all the way through to conversion?
STEP 2 – ANALYSE WHAT IS WORKING WELL
In digital marketing, gathering and analysing data is key to success. For Fair Finance we provided this data in visual form on a live dashboard, as shown below. The image on the right shows monthly ROI reporting on analytics, so that trends can clearly be seen. The image on the left analyses particular event triggers so that Fair Finance could understand which aspects of campaign activity were proving the most successful.
STEP 3 – TARGETED IMPROVEMENT TO UX INCREASING CONVERSION
Our specialist marketing team used the above data on an ongoing basis to audit the performance of each and every marketing channel. From this, they produced a targeted digital marketing strategy to improve user experience and engagement, thereby increasing conversion.
STEP 4 – BRAND CONSISTENCY
One of Fair Finance’s objectives was to raise brand awareness, and we helped them do this in a consistent way. It is vital to present a consistent brand impression at each stage of the user journey. Lack of consistency can be one of the biggest conversion killers. So we ensured consistency of brand, content and message across all channels.
STEP 5 – USING DIFFERENT CHANNELS EFFECTIVELY
Sometimes specific channels are the most effective in delivering a particular message. Our cross channel insight enabled us to help Fair Finance push out a message on the most appropriate channel then follow it up effectively on other channels.
For example we ran a PPC campaign on the topic of ‘Bad Credit’. This led to a huge spike in traffic, which we then capitalised on by delivering similar messages through social engagement, website landing pages, email campaigns and content articles.
Using live data enabled us to react quickly to any new developments. Successful campaigns were expanded seamlessly onto other channels. Conversely, campaigns that did not achieve high traction were not rolled out over other channels, thus saving time and money.
THE RESULTS
We helped Fair Finance achieve phenomenal results through our proven digital marketing for finance businesses strategy. Brand awareness and credibility, enquiries, conversions and ROI have all increased dramatically. The current figures are shown below and continue to increase.
Our success with Fair Finance was achieved by skilful use of a multi-channel marketing programme, as described in the above five steps. Beginning with visualising and analysing where Fair Finance were at, then using shared insight and a range of different activity to improve the entire sales funnel and optimise the user journey.
If you would like to know more about how our digital marketing strategies could help your business save time and money but increase results then do get in touch with us today!
