There’s a reason you operate an online-only bank, an enterprise-level SaaS, or a digital lending platform and not an in-person financial services business. And I’m willing to guess your decision had a lot to do with changing consumer preferences.
Because despite the changes happening around us, as business leaders, it’s our responsibility to ensure an intuitive, enjoyable, and seamless experience for our customers.
Which is why I’m so passionate about our second fintech marketing priority: multichannel marketing.
Psst. If you missed the first two articles in this series, we’ve got you covered:
- Overview of 3 Marketing Priorities for Fintech and Financial Brands in 2021
- Marketing Priority 1: Artificial Intelligence in Digital Advertising
What is Multichannel Marketing?
To put it simply, multichannel marketing is the practice of using multiple channels to reach customers where they want to be reached. By opening up multiple channels, your customers can interact with your brand when and where they want.
Depending on the needs of your brand and audience, your multichannel marketing strategy might include a mix of any of the following:
- Organic and paid social media
- Blog articles
- Email Website Referrals
- Paid search ads
- Direct mail
- And others…
Multichannel marketing has a simple premise with powerful implications for brands that adopt it.
Why Should My Fintech Adopt Multichannel Marketing in 2021?
At its core, multichannel marketing empowers customers to take control of their buying experience. And after living through the most unpredictable year on record, control will be a welcome change for many in the new year.
Here are a few more reasons why fintechs should adopt multichannel marketing in 2021:
- 72 percent of consumers prefer to connect with brands through multiple channels.
- 68 percent of business owners rely on reviews as the most important trust indicator for a B2B vendor.
- 91 percent of B2B brands that adopt a multichannel marketing strategy report greater customer retention than those that do not.
- 50 percent of businesses that use multichannel marketing report hitting their financial targets.
These statistics send a clear message: the way we make, grow, save, and spend our money isn’t the only thing that needs to change. How we market financial products and services does, too.
How Can My Financial Business Get started?
So much goes into building and executing a successful multichannel marketing strategy. Which is why a lot of fintech brands partner with digital marketing agencies.
At CSTMR, for example, we work with our clients to develop methodical test and learn strategies. This enables us to continually optimize channel mixes and content to reach and engage our clients’ target audience efficiently and effectively.
Another thing we do here at CSTMR? Help guide fintech and financial services brands with decades of combined digital marketing experience.
Multichannel Marketing Best Practices
Not ready to bring on an agency? Follow these basic multichannel marketing best practices to help your fintech brand get started in 2021:
- Find out who your target audience is and where they prefer to spend their time.
- Develop persona-based messaging to your target audience.
- Choose a mix of marketing channels based on audience and market research.
- Create a cohesive experience across all channels.
- Keep brand messaging consistent across all channels.
- Engage with your audience through your content and social channels.
- Establish a way to measure multichannel marketing success.
- Document and share your strategy with your internal team.
Looking for more multichannel marketing tips? Check out what our partners over at HubSpot have to share.
Stay tuned for our last installment of 2021 fintech marketing priorities: diversifying customer acquisition channels.
I’ll be talking about the importance of diversifying away from just Facebook and Google, how to do it, and what it means for your fintech marketing success in the new year.
In the meantime, here are some things you might have missed:
- If you’d like to see how actual fintech companies used this economic crisis to innovate and better serve their customers, read this article.
- If COVID’s economic impact has you questioning how (or if) your brand should continue marketing, check out this Marketing Through Economic Uncertainty guide.
- If you’d like to learn more about how your brand can get ahead of these trends and stay agile through 2021, schedule a free, no-obligation consultation with me today.