How to increase sales in the finance sector
Financial and B2B experts can offer clients ways to increase their online sales through the conversion of customers. By using design methodologies, trust can be built upon as well as promoting brand awareness.
Effectively using digital marketing within the finance sector
The finance industry is arguably more important now than it has been before. There have been several events that have had a huge impact on the finance industry such as, the 1920’s and 1930s Great Depression, Black Monday in 1987 and now the recession that has been caused by Covid19.
In May, 55 billion pounds had been borrowed from the government which is the largest monthly figure recorded. A vast majority of businesses had even paused their trading. However, this is beginning to resume since post-lockdown. People have also lost jobs resulting in less spending and low sales. The hospitality and travel sector have especially been affected throughout this uncertain time. Furthermore, unfortunately a lot of these businesses will close down within the year.
Despite many businesses having struggled throughout lockdown and covid19. There are many industries who have been given the opportunity to thrive. The finance industry in particular has the opportunity to not let the coronavirus pandemic massively affect them.
This year, business loans from the Government have been crucial for some companies to continue trading. These loans enable businesses to pay the employees salaries once furlough stops. In addition to this, people are limiting their spending and saving where possible. Despite this, people are attempting to find the most positive return on capital as a little extra is always beneficial especially in a time like this. Mortgages and house sales decreased at the beginning of lockdown. However, they have now increased again and surprisingly quickly, as some mortgage lenders are demanding a higher deposit.
If you have a finance company, how can you take advantage of this?
Social listening can be used to discover what is being said about you online on platforms such as social media. This can help companies tailor their offering to suit the most important wants and needs of consumers.
This can show you what topics are currently trending and can drive your advertising campaigns. For example, discovering the types of savings accounts and mortgages people are trying to find.
Reviewing your website
Is your website optimised? Does it fit with your user journey? If potential customers are searching for a general savings account on your website but it is very difficult to find, will this encourage them to contact you or sign up with you? Probably not. It is beneficial for all parties if your website is optimised.
Engaging with your current customers
Your loyal customers are probably the best people to approach to understand what consumers think of your company. You could even post a question on social media to gain feedback. Moreover, you could even offer financial incentives for the people who do give feedback. Your customers will more times than not appreciate having the opportunity to help improve the company that they are interested in. In turn, this can also improve customer retention.
Monitoring customer reviews
If you have time to spend, it could be worth responding to reviews both good and bad on review sites such as TrustPilot. By responding to negative comments or ratings with a professional message emphasising that you are solving this issue can be great for business.
Writing about relatable topics such as Covid19, your audience will be able to resonate with your content. Within the finance industry there is a lot of content that can be created. For example, good content could include topics such as dealing with redundancies or searching for the most beneficial business loans. Even including topical keywords within this content such as ‘crisis’ will help your blogs to be found within search results. Your blog posts should be promoted through social media which will increase brand awareness.
Effectively creating email campaigns is a budget friendly way of engaging and reaching your audience. It is vital to keep them informed of any relevant information relating to your business.
Reviewing your competitors
You can research your competitors social media, email campaigns and newsletters etc to discover what they are offering, who they are targeting, if they have any promotions and so on. All of this information is useful to differentiate yourself from competitors. It will also guide your own marketing communications to effectively increase your sales within the finance industry.
Generating better leads
Generating better leads should be one of your goals to bring you one step closer to increasing your sales within the finance industry. This will ensure the audience you are connecting with will be more engaged and with a higher intent of buying into your services and lead to conversion.