4 Ways to Avoid the Rate Trap in FinServ Marketing
FinServ marketing can feel like a percentages game. When marketers promote the rates on their products, they can often feel trapped in a hamster wheel of repetition. Here are four ways financial services marketers can count on avoiding the rate trap in promotions.
Brenna Keough writes on Nov. 19 in The Financial Brand that “financial marketers fixate on rates in their product promotions. Too much focus on rate, or any one factor, can stifle a campaign's results. An integrated strategy can create awareness, understanding and, ultimately, more conversions.”
Great rates aren’t the magic formula for products to market themselves. Here are the other factors Keough says professionals should consider in FinServ marketing:
Educate Consumers About Products Via Content Marketing
Keough says finserv marketers have a great rate on a CD? Fantastic. Consumers don’t know what that Is — a CD. Your products and services may seem so second-nature to you that there’s no way consumers wouldn’t understand something so basic. But guess what? They don’t. And if they don’t know what it is, they’re not going to sign up for it — no matter what rate you’re offering.
Show How Your Products Are Relevant to Consumers
Okay, either the consumer knew what a CD was or you just succeeded with education. But so what? Saving money is good. Why is it good for them. Keough says this is when finserv marketing needs to talk about “paying for college, buying a home, retirement, travel, etc. But taking a more nuanced approach, the same product can be strategically targeted to different audiences, making it feel uniquely relevant to their specific needs and situation.”
Are your rates better than those of your competitors? Are they better than local averages? What kind of savings, for instance, would a customer see with a minimum deposit and a standard term on your CD?
What Channel You Use Impacts What Audience You Reach and What They’re Seeking
“For example, promoting a rate through a Google Ads campaign can help increase visibility among active rate searchers. These are the individuals who know about certificates of deposit because they are searching for related terms, and are closer to the point of conversion — making sponsored search ads a practical strategy to reach them.”
What do you think, marketers?
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