At one time, marketing was pretty straightforward. The person in charge of this function was generally responsible for getting the word out through what are often referred to as “paid” channels, namely, television, print and online advertising, along with sponsorships and corporate websites. Most companies had a separate person on the communications side who looked after “earned” efforts, such as public relations and other word-of-mouth initiatives that require little or no direct placement costs but are completely out of your control because, at least on the PR side, you can’t tell a reporter what to say or write. Sometimes the marketing and communications heads would collaborate, particularly when it came to joining forces on “owned” channels such as the corporate website, but often these efforts were largely siloed and run by different people.
Such an approach is arguably no longer effective, as the lines between marketing and communications are increasingly becoming blurred. Audiences, even within the same target market, are more fragmented than ever before. At the same time, the potential channels for getting your message disseminated keep multiplying by the day. That’s why it’s crucial to think about the role of marketing from multiple perspectives. In essence, financial services companies must have a single and consistent message that is delivered through the full spectrum of options at a modern-day marketer’s disposal, emphasizing those channels most uniquely suited to reaching one’s target audience. The more you can get clients to engage through different channels, the closer the connection they will have to your company, the faster your brand will grow and the more loyalty you will engender.
At its most basic level, marketing is good storytelling, particularly as it relates to instilling action among both retail and professional investors. You must use a variety of means to communicate a cohesive story — or message — about your company. Part of that message relates to the products or services you offer, but equally important are the overall experiences and benefits clients get from doing business with you.
Here are some strategies for taking advantage of the many marketing and communications channels at a financial services marketer’s disposal today to get your message out:
- Choose the right marketing channels for your business based on which media resonate best with your target audience.
- Always view marketing as good storytelling that is innovative yet maintains a cohesive message around your brand.
- Make sure your website is easy to navigate, is informative, and provides a simple way for clients to reach and interact with you.
- Use social media to engage in a two-way dialogue with clients, but focus on quality rather than quantity in terms of fans and likes.
- Establish a loyalty program for your best clients and provide relevant and meaningful rewards.
- Get the email address of every client and stay in touch regularly through targeted and relevant communications.
- Don’t forget to also market to and regularly communicate with your employees, since feeling out of the loop about what’s going on in the company is a leading cause of disengagement.
- Use media relations to complement your other marketing efforts, and always stay on message when conveying your story to the media.
With this comprehensive approach and all cylinders working together like a well-rehearsed symphony, you’ll be able to more effectively gauge whether your full-spectrum marketing efforts are serving to successfully grow the business and instill loyalty, while also identifying which areas are in need of refinement.
