Financial Service Professionals are Being Forced to Evolve their Marketing Methods.
Today, single-channel marketing methods fail to achieve the depth and breadth required to build a recognized brand and acquire clients.
To minimize your client acquisition costs, your marketing must have a cohesive strategy that communicates your brand across a variety of channels.
Omnichannel Marketing
Omnichannel marketing is communications across various channels with consistent messaging that increases the reach and frequency of contact via their preferred media. By connecting through multiple channels, you can attain the depth and breadth required to support client acquisition.
Some marketing channels that should be considered for any omnichannel marketing strategy include:
Marketing Generates Traffic | Branding Improves Closing Ratios
Standing out in the financial service industry is difficult. The products you offer are similar to your competitors and guidelines dictate a certain compliance that makes everyone’s process feel similar. Differentiation is key to client acquisition and retention in financial services.
If you don’t differentiate, your Client Acquisition Costs (CAC) will be higher – thereby impacting your ability to invest into marketing. To minimize your CAC and maximize your returns, you need a unique selling proposition (USP) that gives you an edge over your competitors.
Consumers See Value in Financial Literacy Brands – Which Benefits Those in the Financial Industry
81% of households whose financial institution offered a financial education program reported that they would find it “extremely” or “somewhat” valuable.(1) When asked if a financial literacy program would prompt them to bring more business to their institution, 18% overall said that it would.(2) Additionally, financially literate customers:
Leading Companies in the Financial Industry Leverage Financial Wellness to Enhance Their Brands
The big national players in the financial industry know the value of financial wellness campaigns. A CFPB study highlights that the financial industry invests $160 million annually, or about 4% of their marketing budgets, to support financial education.
Marketers at leading financial institutions were asked: “Is financial education part of your marketing strategy?” 89% said Yes.(3)
Among commercial banks, 95% have some type of financial education.(4)
Simple Shifts to Highlight Your Leadership Positioning
Simple shifts in your positioning can help shorten the pre-client relationship, open up opportunities, and place you ahead of the competition. Adding ‘financial industry professional who is leading financial wellness’ to your brand can help:
Individual Clients
Help shift the brand ‘salesperson’ to ‘trusted financial wellness professional.’ Including education and community advocacy in your brand can help potential clients feel more comfortable talking about their finances with you.
Organization Clients
Companies are bombarded by financial industry professionals looking to connect with their employees. You need differentiation to build relationships with organizations and others who can connect you with larger groups.
You Cannot Fake Financial Wellness Leadership or Advocacy
“Most firms now realize that the concept of ‘brand’ goes far deeper than simply a logo, a color or a strapline – it reflects the ethos of a company and its way of working.”(5)
To develop a financial wellness brand requires that you do more than donate, add a few sentences to your website, or participate in activities inconsistently. People see through that facade, which can do more harm than good.
What You Need to Add Financial Wellness to Your Brand
Adding community financial wellness advocacy to your brand is more than designing a logo or saying that you sponsor financial literacy programming. To build a financial wellness brand that beats the positioning of the national big players, you need:
Can a Local or Regional Provider do this without a Multimillion-dollar Budget?
Yes. In fact, we offer you options to present a higher-quality campaign than large national competitors have, at a cost starting at just a few hundred dollars per month.
Our mission is to empower communities across the country with top-quality financial literacy resources while giving local financial service providers a model to grow their businesses and improve brand positioning while minimizing the cost, time, and personnel needed to meet this objective.
How We Are Uniquely Positioned to Help
Until recently, we have designed, developed, and deployed programs to serve the needs of leading financial industry organizations – including programs for several of the top 20 (in revenue) financial service companies and insurance companies. Additionally, we have over 1,400 financial industry organization clients of all sizes.
Now we are taking our experience to empower local communities and small to medium-sized financial industry professionals with a scalable financial wellness initiative. The objective is to provide local and regional financial industry professionals with opportunities that previously were only available to large institutions.
As a Certified B Corporation, the NFEC balances purpose and profit. These values guide our mission not only to get financial education into your community, but also to help you maximize your business potential.
NFEC Provides a USP & Fully-managed Omnichannel Marketing Campaign
For financial services, the NFEC manages your cause-based marketing campaign and gives your brand a unique USP in your community – financial wellness.
You sponsor the empowerment of your community with financial wellness programming, and we provide a full omnichannel marketing campaign that enhances your brand and helps you grow your business.