Most people have come across at least one ad for financial services this month – whether it’s about investing or a new app that can help with budgeting or retirement planning. Like all for-profit businesses operating in the 21st century, banks and financial firms need to gain clients through modern ways of advertising. Printed ads, billboards, and flyers don’t work anymore; most marketing strategies have moved online. To keep up, financial services will need to find ways to position themselves within their respective communities as innovative, unique, and trustworthy. Rather than trying to figure it out themselves, it’s best to bring in the experts. Here is the 101 on finding ad agencies specializing in financial services.
- Rank Priorities
Managing other people’s money is a business of its own that requires a specialized set of skills. The same goes for advertising. While ad agencies specializing in financial services may not be certified to approve loans or consult on investment portfolios, they are experts in marketing. They have an entire team of creative directors, art directors, graphic designers, producers, photographers, videographers, and copy writers who can work on various campaigns, website development, and content. All of these departments work together simultaneously to take a concept to a finished product. But before any of this can happen, priorities need to be outlined. If a bank is focused on rolling out a new app, they’ll need to find an ad agency with the team and time to commit to such a large project. On the other hand, if a bank needs a new logo, a smaller agency specializing in logo design might be a better fit. It’s all dependent on the scope and goals of the project.
- Look at Their Portfolios
Before considering working with ad agencies specializing in financial services, spend some time looking through their portfolios and researching their work online. Focus on the other businesses they have worked with and what tasks they’ve managed. Look for reviews and testimonies that highlight strengths and weaknesses. Ad agencies specializing in financial services should have a diverse portfolio that includes other financial organizations, but they don’t have to be limited to just this industry. This information will help determine whether a specific agency is the right match for what a business needs.
- Interview Everyone
Not all advertising agencies are the same, but they do focus on a singular goal: whether a client wants to sell out an event or promote a new product, they hire an advertising agency to find the solution to their problem. That is the primary goal, but ad agencies specializing in financial services focus on money. Therefore, they need to know the current marketing trends and patterns within this industry. To ensure they have the know-how to help execute a specific set of goals, anyone looking to hire an ad agency has to interview the team. No matter who recommended them or how established they are, they need to have the ability to navigate both the world of finances and marketing.
Effective Financial Services Marketing Techniques
Not so sure what qualifies as an effective financial marketing technique? If a business is going to hire ad agencies specializing in financial services, they need to know the industry’s best practices and what values matter most to consumers:
- Trust
For most people, money is a sensitive topic that can cause anxiety and frustration. In order for ad agencies specializing in financial services to connect with people, they must be able to create a sense of trust between the organization and the client, both digitally and in-person. All messaging communicated with potential clients must be transparent and consistent. There must be an overarching brand that helps connect messaging back to the organization.
- Understanding
In addition to trust, ad agencies specializing in financial services must know how to connect with the audiences they are speaking to. Socioeconomic factors like age, location, and income impact the way people perceive money and interact with financial companies. When creating a marketing strategy, ad agencies specializing in financial services must understand what the client’s audience wants to hear. For example, if a target audience is young, they may not understand how to invest, and any messaging about investing must be delivered in a clear and concise manner with detailed background information. Older audiences may have trouble navigating new technology, and all messaging will have to include instructions and pointers.
- Thoughtfulness
One of the best parts about hiring an ad agency that specializes in financial services is not having to spend time figuring out what content appeals to what audience. Although this information is necessary, it requires a great deal of time to obtain. Ad agencies specializing in financial services are made up of teams of skilled experts who understand the best channels to deliver the best content through, and how to have an impact without spending ridiculous amounts of time and money doing so.