In today’s world, having the right technical and financial knowledge is not enough. Professionals and accounting firms must also advertise their expertise constantly in order to attract customers and business clients.
In this blog, we cover some of the major challenges faced by finance professionals and firms when it comes to marketing their services.
Individual consumers and businesses can be wary of financial service providers. Consumer surveys suggest that level of trust in financial services stands at less than 50%. Research shows that trust has remained low since the crash of 2007-08.
Financial institutions and professionals need to move past their negative perception. They must aim to build personal relationships with clients and offer higher service levels to make up for the trust deficit. Professionals in the financial sector must communicate and interact with clients honestly and at a human level.
Younger customers are particularly important as many of them are moving towards app-based digital financing options.
The brands that succeed in marketing their financial services will be the ones that listen to the clients, understand their needs and offer them effective solutions.
The legislation and compliance has become tougher in the financial services sector in the last ten years. Financial service providers are required by law to disclose the full extent of their services to clients and follow regulatory policies. Transparency of financial records and asset management is mandatory.
Finance experts must also keep track of changes in law and tax matters. Services offered to clients must be compliant with law. The language used when marketing services or promises of higher returns must be accurate as exaggerated promises can be seen as false advertising and punished with fines.
Financial services can often seem similar from one firm to another. Businesses struggle to differentiate and offer an advantage that is unique only to that brand. Since there are so many financial service providers in the market, customers may find it difficult to decide which firm to opt for.
A strong, consistent brand image and messaging helps customers identify your brand and differentiate it from other financial service providers. It helps a firm stand out in a sea of similar service providers. I may assist a number of different wealth management firms and often their first question is “Well if you are working with my competitors, how will you assist us? Isn’t there a conflict?”. Not at all, no 2 firms are exactly alike and no 2 wealth managers are the same. I take time to understand how each firms works, their ideal client and their specialism; find the painpoints of their ideal client and show them how to offer solutions in an attractive non-spammy way!
Apart from differentiating their offerings, financial service providers should also make sure that they are targeting the right audience. If your service is aimed at targeting younger people and Millennials, then focus on the social media platforms used by the target customers.
The financial service sector is plagued by lack of innovation and creativity. Financial professionals need to re-imagine their role as not just accountants or tax consultants but business partners that add real value to their clients’ businesses.
Professional firms can do this by updating their IT systems, improving processing speeds and implementing effective communication strategies. We see a whole generation of consumers growing up that use technology as an active part of their daily lives. Technology saves time; execs are time pressed. Solve their problems; Fill the gap.
Financial firms will need to re-invent their systems and make it convenient for customers to do business with them through digitally enhanced methods.
These are just some of the major challenges faced by the financial service providers which I work with. Professional firms must invest in research to understand their customers and adjust their services constantly. This will help them provide better value to customers and keep them ahead in a fiercely competitive market.
If you want to effectively reach your ideal clients in 2019, contact me at firstname.lastname@example.org or schedule an initial phone consultation here: https://calendly.com/melaniegoodmantrevisan/call