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Everything You Need To Know About Financial Marketing: An Effective Guide

Financial marketing is the area of this discipline that analyzes the image and positioning of financial institutions . Since marketing is transversal, it ends up touching in one way or another all the branches of a business or a sector. Thus, it could be said that each sector has its own marketing paradigm. Therefore, gastronomic marketing, which has its own framework for understanding and telling things, is not the same as financial marketing. The first has one of its star channels on Instagram , which shows the value of the image to show recipes. Financial marketing, for its part, focuses on defining aspects such as the following: • The image of banking and financial entities. • How bank prices are determined. • The design of financial distribution channels. • What advertising and promotion campaigns for the products and services offered by financial institutions work best. What is financial marketing and what does it do? Financial marketing is that generated by the entities of the financial sector . Among them are banks, savings banks, financial management companies, moneylenders, investment companies and a very long etcetera. As in other sectors, the number of business models and agents that fit in this area are many and varied. Even more so with the appearance of what is known as fintech , startups that seek disruption in this sector. Thus, the main functions that financial marketing must respond to are : A.- Work on brand positioning

Brand positioning is a complex starting point but more than necessary for all marketing actions that must be developed afterwards . In fact, it is the one that will mark the rest of the functions. For example, if a bank wants to approach the world of esports , as in the image above, it must work on its positioning for this specific target. Skymarketing offers wonderful space propelled lodgings and a powerful social scene at awe inspiring territories like smart city lahore. BBVA's general positioning is not the same as its attempt to get closer to gamers. The corporate identity will vary as the target audience of the brand changes. And the messages that should be broadcast for that audience will also be different. And even the products on offer and their price. Banks should avoid looking too much like the competition. That is why they always try to create new products and services and adjust prices. Its positioning will, for example, make BBVA always blue, Banco Santander red or ING orange. B.- Define the corporate image of financial entities

Corporate identity is something much broader and more complex than a logo and a predefined font or colors . It encompasses all the graphic elements of a brand: the design of all its channels, the formats in which its messages are presented, the style of all communication, ... Of course, the corporate identity of a financial institution must arise from brand positioning . Returning to the issue of colors, in the case of financial agents, they have a lot of weight in corporate identities. Hence, everyone ends up identifying BBVA with blue, Santander with red or La Caixa with yellow and blue. You may also interested in : Qnnit Even the financial institutions that are dedicated to the loan also play this league of colors. And, in the same way, users identify Cetelem with green or Cofidis with red. C.- Determine prices

Many times it is forgotten that marketing goes beyond communication. In fact, any marketing strategy must have other variables that affect the target audiences of the business. One of the most important is the price of the products or services . Obviously, it is not the same to market with very low commissions if you focus on a target audience with a low purchasing power, than to charge higher commissions by reinforcing your identity in trust and guarantee if your public has a greater purchasing power. Depending on the audience of the financial institution, it will determine a price for its services. One of the fundamental aspects that the financial marketing of. D.- Design the distribution channels

How should banks decide the channels through which their products will be distributed? Now that the target audience, the products and services that are offered, the price of the same, and everything related to the identity that defines you as a financial company - image, tone, messages, etc. - has arrived. time to study which distribution channels are the most appropriate, productive and profitable of those that exist . The options available to financial institutions today are enormous. Messages can be delivered through traditional means of communication such as television, radio, or printed publications such as newspapers or magazines. But you can also work online marketing through the internet. This is where channels such as the financial institution's website or its social networks acquire great value. And, of course, mobile applications, one of the essential channels for financial institutions today. E.- Advertising and promotion campaigns for financial products and services

With regard to the external communication of the financial company, the formats that will be of crucial importance are promotional campaigns. The advertising aimed at working the brand in this sector is usually quite bombastic. And one of the aspects that define it is that they are usually loaded with an emotional component. Basically because what they want is to make the principles and values defended by the brand reach the specific public, in addition to its achievements and successes, both present and accumulated throughout its entire business career. But in an emotional way. For its part, the promotion of products and services tends to be more focused on what is sold. Ads and landings focus on highlighting the benefits and attacking the pain point of the audience. Financial Marketing Strategies Each financial institution proposes different strategies to achieve its objectives. But all of them can be classified into 3 types of strategies financial marketing : 1.- Cost-based strategies

As its name suggests, it is a strategy focused on a single variable: the price of the products on offer. In this sense, the ultimate goal of these marketing strategies is to have the lowest possible cost . How can you get it? Classifying your customers to be able to charge them differently to each segment. The differential variable that is usually used in this type of case is the different level of use that customers have of your services or products. 2.- Differentiation strategies The ultimate goal of this strategy is to stand out from the competition by projecting a quality image to customers . How can this strategy be worked? With advertising campaigns to work on brand positioning, focused on working on the company's values. Thus, what is sought is to gain the trust of current and future customers with quality messages. 3.- Segmentation strategy

Is it appropriate to send the same messages to different audiences? The truth is that this way it is quite difficult to meet the objectives. Financial entities address different audiences. The segmentation strategy consists of knowing these audiences very well to be able to segment them appropriately.Thus, they can design specific products or services for them as well as implement specific campaigns for each segment. Other financial marketing strategies that work Beyond these 3 great strategies there are others that are known to be effective since they are essential concepts for financial institutions. Some of the most interesting are: 1. Relationship marketing . It is a type of marketing designed to build a relationship of loyalty and long-term commitment between the client and the entity. 2. Rebranding is another successful example. It is known that 6 out of 10 consumers prefer to risk trying new products and services as long as they come from a brand with which they have a relationship of trust. In this way, to introduce new services and products to the market, financial institutions have the best option in their current clients when it comes to marketing. 3. Content marketing has a much lower cost than other actions. A blog and the generation of content that add value to users is a great idea to attract qualified traffic to a web page. Once there they can convert them into clients. However, many of these strategies and actions have their digital side or are typical of a digital environment. This is because digitization is already a reality for financial institutions. Which opens up a huge field for the future of financial marketing. With the potential provided by the possibility of measuring all actions to make decisions a posteriori. Do you need to define everything related to the marketing of your entity? At Antevenio we try to anticipate trends to create effective online marketing strategies.