What role does 7Search PPC Ads play in your financial services marketing strategy? Learn about the advertising options we can provide for your financial services firm, whether it is in insurance, banking, brokerage, or tax.

Understanding the Marketing of Financial Services

Financial services marketing connects you with individuals and businesses searching for financial management service providers. A comprehensive marketing plan reaches out to prospective clients and encourages them to think about your company while they’re looking for financial solutions like yours, before they buy and become loyal customers.

Financial services advertising in the United States is expected to climb 9.7% this year, making it the second largest expenditure area behind retail.

1 Financial services advertisers are always seeking for new methods to interact with customers in order to increase brand recognition and consideration, as well as lower-funnel behaviours such as adoption and retention. Advertising may help them stand out in a crowded marketplace.

Marketing Trends in Financial Services

79% of financial services clients believe that a company’s experience is just as essential as its products and services. 

71% of Generation Z feel that financial services businesses should assist them in achieving their own objectives and dreams.

Adopting or improving customer journey tactics is a goal for 87% of financial services marketers.

Today’s financial services business challenges

Audiences who are difficult to approach

Financial services companies are attempting to distinguish their brands and goods in order to reach out to specific consumers with complementary solutions. To successfully engage people in a fragmented world, a great marketing plan necessitates the analysis of insights.

Competition for brand recognition

Before opening a new credit card, insurance policy, or brokerage account, 48% of customers have decided on a financial services brand. 5 It’s critical that you reach out to these audiences before they’re ready to buy, and while they’re still investigating your products and solutions.

Choosing the Right Time

A good marketing plan reaches customers at the correct moment. More than 30% of insurance, banking, and brokerage clients said their most recent purchase of a new policy, credit or debit card, loan, or online brokerage account was motivated by a change in their lives. 

Examples of financial services marketing

There are more financial alternatives than ever before, including physical banks, building societies, and digital-only banks. Furthermore, clients’ decision-making processes are becoming more complex as all of these banks present new product and technology offerings to differentiate themselves in a crowded market. 1 How do they choose which one to use?

7Search Ads collaborated with Kantar to poll buyers about their motivations, influences, and use of financial goods in order to better understand typical attitudes and behaviours when it comes to purchasing financial products and services. The April 2022 research included 1,000 UK respondents aged 18 to 56. Here are some survey results.

According to the report, frequent Amazon consumers are more likely to have learnt about their banking account through online media sources.

According to the survey results, banking account viewers are 25% more likely to recall online commercials than physical ads when it comes to media channels. Respondents in the poll learned about banks mostly through digital ad material, such as banner advertising and internet ads (62%). Third-party search (i.e., through search engines) (41%), and online evaluations such as suggestions from experts and customers (34%), were additional sources of awareness. 

According to the report, the most significant criteria for account holders when choosing a bank is convenience (67%), followed by an existing connection with the bank (40%), and fees or rates (36%). 10 While convenience is vital for both frequent and infrequent customers, connections, offers, and internet access should also be considered.

Consumers increasingly expect financial services firms to adapt to their demands in a technologically driven environment, from mobile banking to cryptocurrencies, peer-to-peer payment systems, and fintech tools.

1 Financial services companies are spending roughly $28 billion on digital advertisements in 2022 (+12.8% increase over 2021), trailing only retail and consumer packaged goods.

The explosion in digital ad expenditure emphasises the significance of targeting targeted people at the appropriate moment with the correct message in order to cut through the clutter. We provided insights to assist marketers develop their strategies in ways that compliment their digital media operations and keep them top of mind for consumers during the 7Search PPC Ads U.S. Agency Holding Company Summit and Digital Marketing for Financial Services New York Virtual Summit.

Over the previous two years, the real estate market has had its fair share of ups and downs. Mortgage demand has soared as a result of pandemic house purchase and record low interest rates.

The urge to enter the housing market among younger adult audiences is predicted to grow,5 but these customers are digital natives and may want a digital-first house buying experience. Six out of ten mortgage customers are willing to complete their full mortgage application online. 6 Mortgage companies should consider developing an advertising plan that reaches these customers through their chosen channels.

7Search PPC  younger adult mortgage audiences coincide with these sector trends, according to GlobalWebIndex (GWI) statistics. On Amazon, younger adult mortgage viewers are +44% more likely to favour online communication than face-to-face communication. They are also more likely to consume media through Amazon and other digital touchpoints. Compared to overall respondents, these audiences are 1.2X more likely to stream Freevee, 1.4X more likely to use a Fire HD Tablet, 1.8X more likely to learn about products/services on a streaming music service, and 2X more likely to use Twitch.