If you’re part of a financial services company, whether it’s a local credit union or payday loan provider, you may be wondering how you can create a more effective marketing strategy – and sell more products like personal loans, payday loans, or short-term loans.
If so, you’re in luck.
In this guide, we’ll be taking a look at a few top marketing strategies that finance companies can use to appeal to more customers, bring in more sales, and boost overall revenue and growth.
Let’s get started.
1. Make Use of Social Media
First, make sure you’re making use of social media. According to Statista, In 2019, the average American spent 144 minutes per day on social media. Your customers are on social media – and if you’re not, you’re missing out.
If you don’t already have a Facebook, Twitter, and Instagram, make one right away. And, even if you do, it may be worth taking a look at how you use these platforms.
Are you tweeting or posting regularly?
Are you sharing informative and interesting content that your users and followers want to engage with?
If you haven’t had much success with social media in the past, it may be time to reassess your strategy – or consider hiring professionals who can create a social media strategy for you.
2. Focus on Customer Service
This may not seem related to marketing. After all, customer service and marketing are completely different departments, right?
Well, not really! There’s no better brand advocate than a customer service representative – and strong customer service can be one of the best ways to build your brand and bring in more customers.
Don’t believe us?
The numbers don’t lie. Here are just a few statistics that prove how important customer service is for your brand and your marketing strategy.
- After one bad experience, 51% of customers will never do business with that company again.
- Increasing customer retention by 5% can increase profits from between 25% to 95%.
- It’s anywhere from 5x to 25x more costly to acquire a new customer, compared to retaining an existing customer.
- After having a positive experience with a company, 77% of people would recommendits products or services to a friend.
By focusing on delivering excellent, personalized customer service, you can turn your customers into loyal brand advocates.
Not only are they more likely to stay with your company, but they’ll help spread the word and bring in new customers to your finance company, as well.
3. Share Customer Success Stories
One of the best ways to promote your brand is to share customer success stories. This is a great way to incorporate “social proof” into your marketing strategy and show the benefits of your services to potential customers.
For example, if you run a credit union and you have a customer who took personal loans to build their business, you could contact them to learn more about what they did, and how they achieved their goals – and you could create a blog post, a short video, or another piece of content exploring their story, and how your finance company helped them achieve their goals.
Want an even simpler example? You could share testimonials and customer reviews on the homepage of your website.
If you offer title loans, payday loans or other short-term loans, for example, you can collect reviews and post positive reviews on your homepage to convince new customers to make use of your services.
4. Invest in SEO (Search Engine Optimization) And PPC (Pay-Per-Click) Advertising
Search Engine Optimization (SEO) is essential, particularly if you’re operating a finance company that has a large online presence.
By investing in SEO, you can rank more highly on search engines like Google. By targeting certain terms, such as “short term loans near me,” you can bring in more customers when they search for the services you provide – and boost your revenue and profits.
PPC (Pay-Per-Click) advertising is also very useful for finance companies. In this method of advertising, you pay to place an ad in front of a potential customer.
Using Google Ads, for example, you could put an ad on the Google search results page for the term “Short term loans for bad credit.” Then, customers can click on your ad and learn more about your services – and you only pay when your ad is clicked.
Another major PPC advertiser is Facebook. Facebook is very useful for PPC advertising because it has tools that let you adjust demographics such as the age, income, and education of your target audience.
This allows you to serve ads to people who may be interested in services like short term loans, payday loans, or personal loans – and make the most of your investment.
Focus on These 4 Marketing Strategies for Your Finance Company
These 4 simple strategies can help you succeed in the competitive world of financial services. So, if you run a finance company, don’t wait.
Discuss these strategies with your marketing team – or look for a third-party marketing agency that can help you implement these strategies and bring in more customers.