5 Ways Financial Services Firms are Winning Using Marketing Technology
According to an annual study conducted by Statista, there were 8,000 marketing technology solutions available to industry professionals in 2020. MarTech, as some may call it, is flourishing with a number of these tools becoming increasingly popular in the business landscape.
You might be wondering, what is marketing technology?
Marketing technology refers to technology used to create, communicate, and deliver service offerings. With the global marketing attribution software market expected to grow at a compound annual growth rate of 15.3% in 2019-2023, there are big opportunities for marketing technology. In the last decade, we saw the emergence of digital marketing and its profound impact on mainstream marketing. As we progress through technology, we are likely to see more innovation occurring within the business sector.
There is no doubt that finance and marketing are two completely different worlds. However, they do share some commonalities that make them the perfect fit when combined together. Finance is considered to be part of all economic, social, and administrative activities. Whereas marketing takes the responsibility for generating revenue. While technology does indeed assist with financial services, marketing technology gives a greater competitive edge to all firms.
Here are 5 ways your financial services firm can win using marketing technology:
CONTENT MANAGEMENT SYSTEM (CMS)
Consumers are becoming increasingly digital with 58% of all customer interactions taking place online due to the pandemic. With more consumers becoming tech savvy, it is no wonder that content creation is becoming much more common in marketing strategy. Financial services firms can benefit from a content management system as it gives the firm a greater level of flexibility with sophisticated content management services. In the finance and investment sector, firms can create digital experiences for better banking. For instance, websites like WordPress allow the opportunity to plan and publish content. Whereas advanced and paid versions of CMS include portals, document management systems, and media asset management systems. This trend is much more urgent with consumers demanding for 24-hour financial services in this digital age.
MARKETING ATTRIBUTION SOFTWARE
Marketing analytics have long been priorities in business, particularly the accurate assessment of marketing. Determining which parts of your marketing efforts are driving conversions and sales can become a challenging task. The use of advanced statistics and machine learning can assist financial services firms in determining the impact that each marketing activity has towards sales conversion.
The benefits of using marketing attribution software:
- Increase the firm’s return on investment.
- Improve the firm’s ability to reach and resonate with its target audiences using personalized experiences.
- Empowers marketers to benefit from advanced analytics which accommodate the processing of more complex tasks.
- Identifies the most effective areas the firm can focus its marketing efforts and budget on.
With great data and AI opportunities on the horizon, marketing attribution software is soon to be booming.
EMAIL MARKETING
Email marketing is essentially marketing a commercial message to a group of individuals using electronic mail to send advertisements, solicit sales or donations, request business, or to build loyalty, trust, and brand awareness among potential customers. In the era of the empowered consumer, email marketing allows for an active, interactive, and personalized way to the preferences of the consumer. Personalization such as adding the name of the recipient to the email’s subject line has found to increase the probability of the recipient opening it by 20%, along with a reduction in the number of individuals unsubscribing from email campaigns by 17%. Email marketing still remains a trusted medium for marketers than traditional digital marketing, and many financial services firms are yet to catch up on its benefits.
CUSTOMER RELATIONSHIP MANAGEMENT (CRM) SOFTWARE
All in one place, this business tool allows your firm to manage all your customers, partners, and prospects information. Financial services firms can implement CRM software to expand their customer base, increase revenue per customer, improve customer loyalty and retention, improve cross-selling and up-selling, along with increasing sales, profit, and market share. Ultimately, customer relationship management serves to enhance the customer’s overall experience with the firm.
CUSTOMER EXPERIENCE SOFTWARE
Businesses are looking to support customers across multiple channels. Customer experience software allows for self-service, giving customers the choice to seek out support on their own terms. Services like Zendesk, Desk, and WOvVXM allow financial services firms to cater to all their clients’ needs by delivering personalized solutions to its customers. This process will assist your firm in meeting customer expectations and improving overall customer satisfaction. It efficiently provides a complete view of all your customers at every interaction, while managing feedback in a way that engages and strengthens connection.
If your financial services firm needs advice regarding its marketing strategy, get in contact with Robotic Marketer today.
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