How to engage audiences better in the financial sector?

11th April 2023

Financial services are a product that everybody needs, no matter where you originate from, what language you speak or where you choose to reside. So, you would assume it is easy for brands to onboard new clients. 

However, the finance sector often needs help to create loyalty. In previous years we have seen consumers stick to what they knew and what their family or friends used due to the nature of the product. However, things are starting to change as consumers are swayed by the competitive deals or offers in the highly saturated market. To stay on top in the ever-changing market of finance GottaBe! has put together 5 ways to engage audiences better: 

Understand your audience 

To reach any audience, your brand must understand what makes them tick. The easiest thing your brand can do is to talk to your audience and find out what they want and need from you; most importantly, show them that you’re willing to listen! This way, you can deliver their needs and show them you care and are working to do better, building on brand purpose and increasing loyalty. 

Gaining loyal financial customers will see higher lifetime retention than in other sectors. Once loyal, consumers are more likely to stick with your brand if they feel they are getting the best deals. To put it into context, four in 10 people regularly switch car insurance, but only one in 20 have switched their bank accounts in the last two years, and a fifth of consumers stay with their bank for up to 20 years!

Create trust 

No matter how your brand engages audiences, your information should be well thought out, consistent and factually correct. This should span socials, OOH, digital and all forms of communications. If you offer translated materials to make your product more accessible to the 9.3 million people from an ethnic background in the UK, ensure it is correctly translated. As they will spot this and no longer trust your brand, especially if the content no longer makes sense in the chosen language. 

Once you build trust with your audience, they are more likely to engage further with your brand and use your financial services. After all, trust is one of the most important factors a consumer considers when it comes to money. 

Creating consistent messaging across platforms will help to guide consumers back into the funnel for your brand to capture their attention at a range of touchpoints effectively. 

Build on Leads

Within the financial sector, consumers must be able to trust their providers as they are responsible for protecting their income and savings and ensuring bills can be paid. So, brands must effectively implement a strategy connecting with audiences and nurturing leads. 

This is where finance fails in its marketing. According to Blue Fountain Media, financial services marketing accounts for 14% of total digital advertising spend globally, but only $1 goes to converting a customer for every $92 spent acquiring a lead. 

As with any campaign, your brand must ensure that your efforts effectively pull consumers through the marketing funnel. One of the most effective ways to draw consumers into the funnel is to run an omnichannel campaign, as this will engage users at every part of their purchase journey with a consistent message. 

Omnisend found that omnichannel marketing campaigns gain 18.96% engagement compared to 5.4% for single-channel campaigns. Similarly, they achieve a 90% higher retention rate than single-channel campaigns.

Build a presence

It is now easier than ever to sign up or use a financial service online without face-to-face contact. Whilst this compliments the digital age, consumers often feel disconnected and frustrated with the digital-only side. Therefore, your brand must build your presence within the community both digitally and in person. Head out and speak with consumers and put faces to your brand, as this will continue to build trust and can also gain loyalty. 

You can utilise many brand activations to engage audiences, such as festivals and brand ambassadors engaging with the public on the high street. 

Ensure your platform is easy to navigate

As with any product, your platform/software must be easy to navigate to keep the consumer engaged. To continue growing your engagement with audiences, your brand must stay on top of the technical side of your service to keep your audience choosing your brand over another. 

If you see performance dropping, communicate with consumers to find out why they prefer your competition. Or if you are aware of any issues which may cause temporary restrictions to the use of your service, then your brand should communicate this to your users so they are aware of this before using it so that they can plan around the disruption. 

Is your brand looking for help engaging new audiences within the financial sector? GottaBe! is here for you! We have the solutions to your marketing challenges, and our creative lot becomes an extension of your team to help you get your brand out there.