Generally, content marketing involves developing high-quality content relating to products and services your organization offers to reach prospects, as well as retain and nurture your current customer/member base. In short, it fuels your inbound marketing strategy. A strong inbound marketing strategy helps build trust between your institution and your customer/member base and plays an overall fundamental role in the financial services industry.
A strong inbound strategy is a lot easier said than done, however. Some of the biggest challenges all content marketers face are creating awareness, delivering relevant content, keeping up with member expectations and being consistent with their execution. Now, this might sound like a lot to keep track of, but, if you take things one step at a time, and do them well, it can pay dividends in the long run.
The Power of Content in Financial Marketing
Content marketing is a powerful – often overlooked – tool that most financial institutions haven’t even scratched the surface of the potential it offers. If executed well, content marketing creates a platform for your institution to express itself and interact in a genuine way to your audience and customers/members. More importantly, content can be repacked in different mediums to add overall value to the investment. There are several ways this can be achieved.
Successful Content Marketing Strategies
- Blogging: You can build your company blog around sharing useful tips and information to help improve the customer/member experience. Strong examples of this are educational blog posts that cover topics like personal finance, investing, budgeting, and financial planning. You can also share successful case studies of how your financial services have benefited clients. Write blogs that offer analysis and commentary on current financial trends, regulations, and market updates.
- Video Marketing: Your team can produce content that ranges from educational videos that help people with their finances to client testimonials that showcase satisfied customers sharing their experiences and success stories. Webinars and Live Q&A are another good way to interact with your audience in real-time.
- Social Media Content: Create visually appealing infographics that simplify complex financial information or highlight key statistics. Share quick financial tips, budgeting advice, or investment insights on social platforms. Run polls, quizzes, and contests to engage your audience and gather insights.
- Email Marketing: Send regular newsletters with industry updates, investment tips, and relevant content to your subscribers. Use customer data to provide tailored product recommendations and financial advice. Create automated series to nurture leads and guide them through the customer journey, otherwise known as a drip campaign.
- Whitepapers: Publish whitepapers that delve into complex financial topics, market analyses, or investment strategies. Establish your institution as an industry authority by sharing original research and insights. Gate valuable whitepapers behind a sign-up form to generate leads and build your email list.
- Podcasts: Host podcast episodes featuring industry experts, discussing financial news and trends. Conduct interviews with clients, staff, or guest speakers to share unique perspectives. Offer in-depth explanations of financial concepts, making them accessible through audio.
Building Trust Through Content
Content is vital for information to establish trust by:
- Educating Customers: Create clear, simple content like articles, videos, and whitepapers to explain financial concepts.
- Addressing Concerns: Provide FAQs, customer stories, and interactive tools to address common questions and worries.
- Transparency and Authenticity: Clearly communicate fees, policies, and security measures. Keep customers informed about changes.
- Consistency and Quality: Maintain regular, error-free content to show commitment to customer education.
- Engagement: Encourage feedback, respond to inquiries promptly, and personalize communication to build trust over time.
Measuring the Success of Financial Marketing
Measuring the success of financial content marketing campaigns involves tracking key metrics that reflect the effectiveness of your efforts. Two crucial aspects to assess are Return on Investment (ROI) and engagement. Here are key metrics and insights on how to track them:
Return on Investment (ROI):
- Cost per Acquisition (CPA): Calculate the cost of acquiring a new customer through your content marketing efforts. Divide your total campaign costs by the number of new customers acquired.
- Customer Lifetime Value (CLV): Determine the average value a customer brings to your institution over their entire relationship with your business. Compare this to your acquisition costs to assess the long-term ROI.
- Conversion Rate: Measure the percentage of website visitors who take a desired action, such as signing up for a newsletter, downloading a whitepaper, or opening an account.
- Attribution Models: Utilize attribution models to understand how different touchpoints in the customer journey contribute to conversions. This can help allocate resources effectively.
- Website Traffic: Monitor the number of visitors to your website, page views, and unique visitors. Tools like Google Analytics can provide comprehensive data.
- Exit Rate: Track the percentage of visitors who visited pages on your website and left from a certain page.
- Time on Page: Measure how much time visitors spend on your content. Longer durations suggest engaged readers.
- Click-Through Rate (CTR): Calculate the percentage of users who click on a specific link or call to action within your content, such as a link to a product page or a contact form.
- Social Media Engagement: Monitor likes, shares, comments, and retweets on social media platforms where you share your content. Social engagement indicates the resonance of your content with your audience.
- Email Metrics: For email marketing campaigns, track metrics like open rates, click-through rates, conversion rates, and unsubscribe rates.
- Lead Generation: Measure the number of leads generated through your content, such as form submissions or contact inquiries.
- Conversion Rate: Calculate the percentage of users who take a desired action, such as signing up for a newsletter, downloading a whitepaper or opening an account, to gauge the effectiveness of your content in driving user actions.
Insights and Tracking Tips:
- Use Analytics Tools: Leverage analytics platforms like Google Analytics, social media insights, and email marketing software to track and analyze these metrics.
- Set Clear Goals: Establish specific, measurable goals for your content marketing campaigns. Define what success looks like in terms of conversions, engagement, or revenue.
- Customer Segmentation: Segment your audience to gain insights into which segments are responding best to your content. Tailor your content strategy accordingly.
- Track Across Channels: Monitor performance across various channels (website, social media, email) to identify which platforms are delivering the best results and allocate resources accordingly.
- Regular Reporting: Create regular reports to assess progress toward your goals and make data-driven adjustments to your content marketing strategy.
- A/B Experimentation: Optimize content elements like headlines, calls-to-action, and landing pages through A/B tests to enhance conversion rates.
Measuring the ROI and engagement metrics allows financial institutions to gauge the effectiveness of their content marketing campaigns, allocate resources wisely, and refine their strategies to better serve their audience and achieve their objectives.
Trust in Your Content Marketing Investment
By building credible content and utilizing successful content strategies, you will build trust between your institution and your customer/member base. After execution, plan to measure your campaign success rate in case you need to adjust or pivot your strategy at any point.
To start your journey of building trustworthy content for your customer/member base, you need a partner you can trust just as equally if not more. Epicosity is that partner. We are your full-service growth partner, dedicated to providing you insights and elevating your FI’s marketing efforts.