The financial segment in the US has been slow to adopt any strategy involving digital marketing, and for good reason, too. Digital marketing can become quickly complex, and more traditional forms of marketing have had proven success for such a vast number of years.
With the advancement of time, the numbers have shifted quite heavily in support of non-traditional means to reach prospects. And because the percent of marketing budget spent on the digital side of things has been growing so rapidly over the last few years, it’s about time we chalk up some of the most important figures into one area.
If you aren’t up to date with what the magnitude of the thing dubbed digital marketing is, here are a few numbers to quickly give some insight.
As you can see, your customers are both looking to find you and trying to decide if you’re the best for the job over various mediums online. If your financial institution isn’t there to satisfy their desire to buy, it goes without saying that someone else will be.
Digital marketing strategies aren’t just for selling things, they’re effectively used by marketers for a laundry list of other valuable functions.
- Digital marketing companies use tools that help to educate your audience
As the chart states above, 64% of searchers want to know who to go with, so they turn to social media. In using social media, financial institutions can understand their consumer sentiment while giving them valuable information on what they personally do and stand for. If looking for a shining example of this, check out American Express, which has five Facebook profiles and three Twitter accounts dedicated to diversifying their brand presence on social media channels in a way that no other financial institution has matched.
- Utilization of a philanthropic cause to gain visibility
It is not uncommon at all to see financial industry experts leverage the power of social media to bring their world out of the darkness with a good cause. Not only can you make a genuinely positive change in the world, but placing a footprint in the digital landscape worthy of a T-Rex gets some serious attention.
- Cost of customer acquisition
A legitimate need of any financial institution is to gain an exponentially increasing number of clients. Most financial businesses see the majority of their revenue reinvested in accomplishing this. An attractive factor that pulls in many financial institutions like American Express is that investing in digital marketing strategies reduces the cost of customer acquisition by at least 30%.
- Skyrocketed levels of brand loyalty
It has been proven time and time again that social media engagement creates loyalty with a brand in a unique and valuable way. Banks are now no longer viewed as soulless entities, as they can express their concern and their mission statement through social media rather than in a static quote on their website.
- More cost efficient channels to advertise through
As traditional means to advertise are either disappearing or becoming integrated with an online component, these methods are experiencing record low levels of performance. Statistics show that 67% financial professionals find digital marketing returns more profitable than their counterparts.
Reference links:
http://www.retailingtoday.com/article/study-81-research-online-making-big-purchases
http://www.cyberalert.com/blog/index.php/how-social-media-influences-shopping-decisions/
http://searchengineland.com/88-consumers-trust-online-reviews-much-personal-recommendations-195803
http://www.business2community.com/digital-marketing/14-dazzling-digital-marketing-stats-and-facts-01287481
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