Advertising for Financial Services: Leaning into Current Opportunities
Oct 15, 2020Cox Media
3 minute read
For financial services businesses, the disruption created by the pandemic hasn’t brought customer demand to a halt. Instead, certain economic stimulus measures designed to spark consumer activity have succeeded in generating demand for various financial products and services. Historically low interest rates, for example, has sparked demand for home loans and refinancing as consumers look to lock in those interest savings.
When business is booming, it can be tempting to set advertising on the back burner as you ride the current wave of consumer demand. But even when business is going well, advertising plays a crucial role in preserving business down the road—and it remains a vital resource to generate new customers and account-holders that will help your business grow.
If your financial services company is seeing a surge in demand, here’s how you can use that momentum to achieve even greater results through your brand advertising strategy.
1. EMPHASIZE (OR EXPAND) DIGITAL SERVICE OFFERINGS
High demand for your financial services can trick you into believing that you’re providing quality service and support to your entire customer base. But a surge in demand can mask other shortcomings in your service offerings that may come to bear months down the road.
Given the ongoing constraints and health concerns created by the pandemic, your business could be alienating certain customers by failing to provide services and a customer experience that accounts for these limitations. One option to address this area of need is by expanding or highlighting your digital service offerings. These digital offerings can range from online banking services to document e-signing options that save your customers a visit to your brick-and-mortar location.
Look for opportunities to expand your digital offerings and provide a better customer experience across the board. If you already have these digital options in place, make sure your ads are raising awareness about these convenient options.
2. USE LOW RATES TO PROMOTE FINANCIAL PRODUCTS
The U.S. Federal Reserve has slashed interest rates to historic lows, creating unprecedented value for consumers seeking financing for major purchases like homes and vehicles. This stimulus effort was a huge success: U.S. consumer demand for mortgages rose by 33 percent by the end of the summer. Even as the traditional house-hunting season starts to slow down, financial services companies continue to see strong demand for these financial products.
While this demand has made for a strong 2020 housing market, financial services companies dealing with mortgages should be preparing for a slowdown in demand for these products. As demand dips, competition for mortgage customers will increase, and profits will be won or lost through your ability to attract new customers. By investing in consistent advertising, your brand can get a head start by building awareness and staying top-of-mind among consumers who plan to seek out a mortgage in the near future.
3. HIGHLIGHT FLEXIBLE PRODUCTS TO SERVE UNIQUE CONSUMER CHALLENGES
Financial services as an industry might be enjoying a strong 2020 calendar year, but many of your customers are likely experiencing financial strain created by the past year’s economic upheavals. Even as you provide mortgages and other financial services to satisfy the demands of financially stable customers, your business should explore opportunities to provide better support to the full spectrum of consumers.
Depending on your specific services offered, this could include promoting home equity lines of credit (HELOCs) to customers, as well as low-rate balance transfers, introductory rate deals for new lines of credit, and other services that provide flexibility and financial relief.
By providing better financial services and support to customers currently faced with economic hardships, you improve your ability to retain their business once their finances are rebuilt.
4. STRENGTHEN YOUR BRAND'S LOCAL REPUTATION
Your local financial services company should aspire to become a cornerstone of your community. A strong reputation is built through consistent service and a strong reputation. This reputation can be developed and maintained by providing attentive service and care to your existing customers, while also using advertising to increase local brand awareness and reinforce consumer attitudes about your business.
Advertising is your company’s best tool to control the story being told about your business. And when you advertise throughout the peaks as well as the valleys, you can bring new stability to your business by ensuring that new customers and accounts are always coming your way.
Too busy to deal with advertising right now? We get it—and we’re happy to do the heavy lifting for you. Contact us today to discover the benefits of teaming up with a trusted digital advertising partner.