Bringing Financial Services Marketing Into the 21st Century With Social Media
Financial services have always used marketing techniques in order to survive. In the past, financial service marketing was done only through television commercials and radio advertisements. The business environment has changed and this will influence any financial services marketing that is done in the 21st century. Customers trust financial services marketing less due to bad reputations of many financial institutions. The newer marketing techniques are done through the internet and community.
Many banks and financial services companies has charged outrageous fees to customers. They have also lost large amount of money and often lack stability. This has caused a widespread attitude of distrust for these institutions. Customers are slower to open accounts or apply for loans or credit cards. They don’t want to invest any money because there are lots of bankrupt people who lost every penny that they had due to the fault of their financial institution. The entire world is aware that financial companies have been foreclosing homes and repossessing cars. Those individuals who have accounts or loans tend to monitor them closely and close them or pay them off as soon as something looks suspicious to them.
Financial institutions try to use marketing to gain trust of potential customers. They are aware that the institutions who appear trustworthy gain all of the new business. Marketing in the 21st century will continue to try to put customers at ease and make a great name for themselves.
Community events, door to door campaigns and donations in the community tend to gain customers. This tactic will continue to be used in the 21st century. Door to door campaigns are done by managers in suits and ties and with friendly faces. This shows the customers that the financial institution is just a friendly face that is there to be their friend and help them. It is not a place full of angry monsters who are out to rob people of their money and earthly possessions. Donations to the community shows that the employees of the financial institutions do have hearts are human. They are not a bunch of cold, mean thugs who are out to destroy communities. The internet advertisements are able to tell customers about themselves while the customer is comfortable. People normally tend to be very comfortable while they are surfing the internet or reading email.
These newer techniques have been working well for many companies. They will continue to use these tactics since marketing for their industry has changed. Marketing is now about gaining trust instead of buying air time on the TV or radio.