Financial and professional services used to be among the most solid and stable — and dare we say boring — industries.
How things have changed!
It seems there are new products, services and innovations being introduced all the time.
- Private equity made public
- New types of ETFs
- Blockchain technology
- Artificial intelligence influencing investment decisions
- And more.
The one thing that’s not growing as quickly as new things to promote and sell are the budgets required to market them.
Because of this, many firms make trade-offs. Some abandon marketing support for bread-and-butter product options that earn dependable profits in favor of new offerings. Others water-down their advertising and promotion across the board. Some traditional firms simply don’t provide enough support for innovative solutions for them to break through.
With a little creativity — and a keen awareness of the marketing innovations popping-up every day — trade-offs aren’t necessary.
- Social media lets firms connect with all types of prospects (wholesalers, financial intermediaries and end consumers) in a cost effective way.
- Automated webinars make consumers feel like they’re interacting with financial experts and intermediaries when they want to. However, firms don’t need to commit to the big expense and time commitment of hosting live events.
- Videos delivered online are relatively inexpensive to produce and distribution can be low-cost or free when they go viral.
- Retargeting is an efficient way to close the sale with people who visit a website to learn about products and services.
- Chat 2.0 gets consumers the answers they need to complete transactions online.
- Low-tech solutions are effective when used in savvy modern ways. Visually exciting signage, unexpected guerrilla marketing techniques, arresting point-of-sale displays and sales presentations optimized for tablet or smartphone delivery don’t have to cost a lot, but will increase sales when done right.
An agency experienced in financial and professional services marketing can help you explore your options for marketing a vast array of products and services cost effectively. Contact Carpenter Group to start brainstorming the possibilities today.