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Financial services marketing is highly competitive and highly regulated, meaning there’s a lot that you need to bear in mind.

It’s fair to say that the financial services sector is highly competitive. You need to get noticed, be memorable, have a stand-out proposition and be ready to lead customers through their journey to convert. When all of this involves finances, it can make things more difficult than marketing other industries.

This is why it is vital that companies in the financial services industry have a detailed marketing plan in place. Without one, you could well be missing out on effective communications techniques – both traditional and digital.

This could put you at a major disadvantage as customers carry out detailed research before committing to insurance plans, loans, credit cards, etc. Ultimately, this means that heavy promotion is not the way forward and your company needs to look at how it can provide impartial advice that will lead a customer through their journey while building trust in your brand.

Santander Instagram

On top of this, the lack of a plan could put you at risk of falling foul of financial advertising regulations. As financial marketing and promotions can form a large part of a customer’s knowledge and influence their decision, they are regulated to ensure they are fair, accurate and clear.

Not having a plan in place can mean messaging isn’t checked by the relevant department, campaigns are rushed and, ultimately, your marketing isn’t compliant.

Creating a digital marketing plan for financial services

Our research has found that 45% of organizations don’t have a defined digital marketing strategy, despite the fact they are doing digital marketing. This kind of adhoc approach to marketing will mean you aren’t delivering the best results or ROI, while also failing to implement checks for compliance.

It can also mean that your activity isn’t integrated, with each channel working in a silo. Ultimately, this can result in mixed messaging, different tones of voice and a failure to reach your customers at the right time and on the right channel.

RACE planning system for digital marketing

Ultimately, creating a digital marketing strategy for financial services isn’t overly different from creating one for other industries. You just need to follow the seven steps included in our digital marketing strategy guide.

However, to meet with regulations – such as those set by the FCA – you also need to ensure that these are included in your strategy document and shared with the wider team. This, combined with a process for ensuring compliance – such as having messaging checked by your legal department – will help to ensure you fulfil all obligations and adhere to regulations.

Marketing channels for financial services

So long as you aren’t breaking any rules around digital marketing for financial services, there’s no reason you can’t fully optimize your marketing strategy by incorporating various channels and tactics.

You can still make the most of highly engaging content types, such as video, as well as the high engagement offered by social media channels. Similarly, you’re still able to benefit from SEO and content marketing, ensuring that you can build trust at every stage of the customer journey.

Goldman Sachs Facebook

However, every channel you use should be part of an integrated marketing strategy. This means that the messages you use at brick and mortar locations, such as banks, should mirror those being used on Facebook.

Every channel should work together and for that, you need a documented, integrated marketing strategy.

To help you create this and make the most of various effective channels, we have a range of expert, actionable resources. Some are written specifically for businesses in the financial sector whereas others provide information and advice that can be utilized across a range of industries.

Take a look at some of our recommended content below.