Marketing is important in any industry, and the financial services sector is no exception to the rule. By carefully selecting your marketing message, you can make an impact on your bottom line and create better alignment with the clients you engage with.
One trend that’s growing in popularity, is positioning an organization as a mission-based company. And, even though financial services has long been known as a conservative or traditional sector of business, that doesn’t mean it can’t be selfless.
Read on to learn more about marketing your financial services in an inspiring way.
Focus on Meaningful Website Content
Nearly 80% of companies failing to reach their revenue goals have one thing in common: they attract 10,000 or fewer monthly website visitors. As a result, 71% of financial services organizations plan to increase digital spend in the coming year.
We already know that a website is a crucial marketing tool. But, building a solid website is more than creating a nice visual for your clients or having an online presence. It’s also very much about telling your story through the content you create.
Tell an inspirational story
Your future clients want to know more than what services you offer. They want to know how you can help them better than anyone else in the industry. One way to portray this is by sharing your own story:
- What trials and tribulations have you faced to get you where you are today?
- What motivated you to start your business?
- What problem are you solving with your business?
- Why should someone choose to work with you?
For example, Founder and CEO of Credit Repair Cloud, Daniel Rosen, has a great story that spurred his entrepreneurship. In 2002, Daniel found an error on his credit report and it turned his entire life upside down. After seeing, first-hand, the struggles people go through to repair credit mistakes, he was determined to start a company dedicated to helping others overcome their own hardships, and empowering others to participate in the movement.
This messaging is powerful for two reasons:
- It provides hope to people who are currently plagued with a bad credit score
- Daniel’s story shows how you can take control of your credit repair, or that of your communities, as a credit repair specialist
Powerful messaging resonates with prospects. They want to know that the company they work with understands their struggles and knows the most direct path forward to alleviate their pain points.
When it comes to digital marketing, financial services firms tend to neglect content, with just 7% saying it is a priority compared to an average of 15% for other industries. Don’t fall victim to this trap. Get ahead of your competition by focusing on the power of positive messaging, and uses it as a tool to build relationships with your readers.
Think Digital, Proactive Outreach
For the average person, it can be easy to push off financial matters. Whether they are afraid to take a hard look at where they stand financially, or if it’s due to a lack of knowledge about their options, it’s important to find ways to proactively address clients.
Blog copy, email campaigns and social media are a great trifecta for client outreach. Create content that touches on varied milestones in a person’s financial journey:
- Awareness: Educate your prospects on the benefits of taking back control over their finances and financial services can help. Answer the question: how can the products or services you offer change their life?
- Consideration: Pinpoint a specific problem your clients might face and an exact strategy for how the issue can be solved.
- Decision: Explain to your audience why your organization, in particular, can help your prospects reach their goals better than anyone else in the industry.
Once your content has been created, distribute it on social media and start email campaigns to continue to reach your audience.
You can measure the effectiveness of your content strategy by tracking key performance indicators (referred to as KPIs) like:
- Open rates: The number of people opened your email.
- Click-through: The number or percentage of people who clicked on a link you provided.
- Conversions: The number of people signed up for your product or service from your email, blog or social campaign.
- Traffic sources: Where people are coming from before reaching your site. You can track social, direct and organic traffic for free using Google Analytics. Start to analyze which channels are bringing you new prospects.
- Social engagement: Interaction with your content as measured by clicks, shares, and other metrics. You can tell what type of content is resonating with your audience by the amount of ‘likes’ or ‘shares’ your posts are getting.
When done correctly, digital marketing is it can be an incredibly effective method of outreach. For example, Campaign Monitor, states every $1 spent on email marketing generates an average ROI of $44.
Offer Mission-Based Services And Stand Out
Marketing is all about standing out from the crowd and showing potential customers that you can deliver more value than your competitors. One way to do this is by offering unique services and products that others fail to do.
Credit repair is a great example of an easy addition to your services. By helping your clients improve their credit scores, you’re opening the door for them to change their financial future. Not only will they be able to get approved for life’s necessities like apartments, mortgages or car loans, but they’ll also have less stress in their personal lives.
How to position mission-based services
For first-time credit repair specialists, you might feel like you need to erase the stigma some of surrounding credit repair.
Maybe your clients have been burned in the past, or are afraid of opening up about their own credit history. Soothe the concerns by showing that credit repair is a solution to the debt trap, and position yourself as an expert in the industry so you can prove once and for all that credit repair is an important service that can improve the state of your community.
Bring Your Clients Into the Movement
Marketing isn’t just about drawing in new customers and generating leads. A solid marketing strategy should focus on cultivating long-term relationships as well.
In order to do this, you’ll need to provide enough value to keep them coming back for more. To become a continued resource for your clients, focus on techniques like:
- Providing ongoing education by way of webinars or in-person training
- Fine-tune your methods like staying up-to-date on the best ways to submit dispute letters as legislation continues to change
- Learn new tools to keep them on the path to financial wellness
- Bring them into a referral or affiliate network and compensate them for new leads
The best way to achieve a steady stream of business is through consistent and effective marketing backed by exceptional value and service. There are many different ways you can approach this task, so don’t be afraid to experiment.
Find out how Credit Repair Cloud can help you go the extra mile for your customers by offering credit repair services.
Understanding Bitcoin as an Investment
Analyzing Bitcoin as an investment
Bitcoin has been at the forefront of financial news for a while now. More people want to also understand bitcoin as an investment. Every day, more and more talk about Bitcoins is occurring, not only as a digital currency but also as a financial investment. Many people are intrigued by this digital currency, but they also have reservations about it as well. For now, we will discuss how to evaluate bitcoins as an investment.
There are Bitcoin exchanges, just as there are stock market exchanges. As of November 2017, the largest full-trading Bitcoin exchanges that are available to everyone include, Bitstamp (a Slovenia based exchange), Bitfinex allows you to swap or buy Bitcoin, Litecoin, and Darkcoins. Coinbase is based out of San Francisco in the United States and touts itself as a one-stop solution for Bitcoins. Cryptsy, based in Florida deals with most of the altcoin currencies. BTC-e (based in Bulgaria), and Kraken (based in the United States). The world’s largest Bitcoin exchange, BTC China, is based in China, but that exchange only allows exchanges of bitcoins for Chinese Yuan/Renminbi.
In order to open an account with these exchanges, you usually have to link a bank account to your Bitcoin exchange account, as you need to wire transfer the money for bitcoins to use in your account. Credit cards and PayPal are not options [at least not at the time of writing] because the transactions can be reversed very easily, whereas a wire transfer cannot be reversed (Need financial advice on this?)
Usually, only bank accounts from that specific exchange’s home-based country can be linked to the exchange account (for example, CoinBase, based in the U.S., only allows U.S. bank accounts).
Like the financial stock markets, bitcoins fluctuate in value against real currencies such as the U.S. Dollar, the Euro, the Japanese Yen, and others. One important distinction between Bitcoins and real currencies to this point in Bitcoin’s history is the fact that Bitcoin’s valuation has been much more volatile than real currencies.
In December 2013, Bitcoin’s valuation went from about $675 down to about $425 within twelve hours, about a 37% drop in valuation. That is virtually unheard of with any real currency (barring something major like The Great Depression or some other major economic event).
The reason that this sharp drop in valuation took place is that the People’s Bank of China told third-party payment processors that they should have nothing more to do with Bitcoin exchanges. As a result, Bitcoin kept getting cut off from being supplied by the payment processors; in fact, Bitcoin was cut off by three payment processors inside of a week. Banks have also been told to not deal with Bitcoin any longer.
This event reflects the major concern that most financial experts have about the currency. Many feel it is too volatile as an investment, leading to sharp price spikes and declines that are virtually not seen in other currencies, the equity market, or mutual funds. Most financial experts feel that the digital currency must stabilize in value and not be so prone to such rapid peaks and valleys for it to be taken more seriously as a solid investment.
In the past, the problem that many financial experts and institutions have had with Bitcoin is that not enough is known about how the currency is mined and how it is “regulated”, so that the currency stays on track of having 21 million bitcoins in the year 2140.
While safeguards are in place to keep the currency on that path, there have been attempts to try to disrupt the network and give a few select bitcoin miners the ability to mine as many coins as they wish. There has also been concern that a group of miners could combine together, and work toward their mutual benefit, and to the detriment of everyone else on the network. This would occur by harnessing their mining power to get more coins for themselves and leave little to the rest of the network.
Some will always question and doubt how legitimate of a currency Bitcoin is, including its true valuation. This is likely due to the fact that Bitcoin was the first digital currency, and financial experts are unsure of how to truly evaluate its worth.
More and more companies are starting to accept it as payment, but not enough is known about the mining process and how it can maintain itself to fulfill the promise of 21 million bitcoins in the year 2140. Plus, Bitcoin can be susceptible to wild value peaks and valleys whenever an event associated with the network takes place, such as when Chinese third-party payment processors and banks are told to not deal with Bitcoin exchanges.
Large companies such as Stripe and Shopify are now accepting Bitcoins as payments. This trend is only going to increase.
However, in 2017, one Bitcoin is valued at over $7000 US dollars. So, it has gained ground as an accepted currency in the digital world and does have a high-value these days.
What Baby Boomer Retirement Means for New Financial Service Professionals
Baby boomers are aging, and their retirement is making way for newer financial service entrepreneurs. With more jobs opening up and the digital world changing at an accelerating pace – professionals starting their career are in an ideal position.
A retiring generation not only means a new workforce, it also means new ideas and methods that can further modernize the financial service industry. Read on to learn how baby boomers phasing out of the industry, along with new technology in the financial services market, is setting up financial service professionals for success.
5 Ways That Credit Repair Benefits Financial Services Businesses
Are you looking to add a new offering to your business skill set? Credit repair is an in-demand service that goes hand-in-hand with other financial services. Not only can repairing credit for your clients increase your revenue, it can also help you retain clients for other financial services. Read on to learn five ways credit repair can benefit your financial service business.
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