Many financial companies in North America among other regions of the world have reported significant improvements to their bottom-line margins this year for their latest credit card deals and relevant products. After carefully studying these reports, acquiring the right business marketing services from expert providers is among the top reasons behind the success of these companies in 2018. Businesses in financial industries aren’t the only ones that have considerably benefited from these tactics.
Even their partner establishments, brands and companies in a variety of niches outside these financial industries have also reported better returns from their investments this year. So, which of the many particular marketing services have recently been driving good business to these financial companies and their partners? To help you out – We’ve compiled a shortlist below for your convenience.
Top Business Marketing Strategies for Financial Companies This Year
- Far Better Targeted Market Research & Analytics – The more you know about your ideal prospects, the better your chances of grabbing their attention with your ads and offers. You also improve the likelihood of captivating, enticing and compelling more of your target customers to take a closer look at your latest products, and to then positively respond to your marketing messages and sales pitches. This doesn’t just apply to financial industries and credit card-related offers. Rather, this also works across almost all industries and niches.
Many financial institutions claim this is among the top business marketing services that greatly contributed to their higher credit card sales margins this year. And with this turnover, it’s safe to say that their partner establishments, brands and companies have also generated better results due to a larger influx of customers. After all, where else would their prospects use their new cards if they’re offering significant discounts, incentives and the like when they shop at their stores? And, this leads us to the next set of business marketing services below.
- More Suitable Tactical B2B (Business to Business) Networking – You well know that almost all financial institutions with credit card-related deals and offers try to partner up with brands, product manufacturers, stores and other third party companies that are most relevant to the interests, purchasing habits, shopping preferences, needs and hobbies of their ideal prospects, right? Well, guess what – Many of these things regularly change, and it’s up to them to know when and what the most significant changes are, especially those that can significantly affect their search for the right partners.
That’s why there have been many considerable shifts to the focus of these business marketing services for the past several years. More of the target customers of a variety of businesses are spending more time shopping from online platforms. A lot of them are also frequently using their mobile devices to place these purchases and pay for their orders. Yes, even in offline storefronts. So, with relevant shifts to how your target audiences shop, which platforms and technologies they use, and to the methods that they prefer when paying for the stuff they want – Your best bet as a financial institution is to find the right partners that can match the latest shopping habits and payment preferences of your ideal prospects for your latest credit card offers.
- Cooler Customer Retention & Loyalty Programs – That’s right. A financial institution’s sales and marketing processes don’t just end after closing a pitch to a target prospect for any of their credit card offers and deals. After all, many of these companies know that it’s 6 to 10 times more expensive to get a new customer, compared to what they need to spend when trying to generate repeat sales from their existing credit card holders for their newest products. So, what exactly are the best ways they’ve done this year to tackle this?
A lot of these financial organizations started to develop cooler customer retention and loyalty programs to best match not just the modern shopping habits and payment preferences of their existing customers, but also the newest devices they use when shopping at online and offline stores. So, part of the most effective business marketing services they use is for pinpointing the most suitable incentives and gift items for their retention and loyalty programs.
For example, some of them offer considerable discount offers on the latest mobile phones, laptops and other cool tech gadgets in exchange for certain reward points and loyalty scores that their customers get whenever they use their credit cards. And because many of their customers use social media to share things they’re happy about, many of them reported better viral marketing results in terms of getting new customers from these social media posts and shares. How that works is that when any of the peers of their customers see their posts, this allows more of them to remember their brand and latest credit card offers, while some of them grab their deals outright or call their sales team to inquire about these retention and loyalty programs. This of course significantly increases the targeted traffic they get on a regular basis, as well as their conversion rates, especially since recommendations for useful deals from a peer who has recently experienced the positive benefits of those same products is more valuable than any advertising content they’ll see on and off the Web.
- Wider Top of Mind Advertising – It’s relatively more cost-effective to promote a financial company’s credit card offers and deals through online advertising, as opposed to the traditional ways that they’re used to do, such as TV and radio promotions. This in turn allows them to run multiple top of mind advertising campaigns across social media platforms among other online places where large portions of their target audiences regularly hang out. How exactly do these business marketing services help drive more traffic and higher conversions for their credit card offers?
The most significant benefits that a business can get from these top of mind advertising campaigns include instant brand recall and easier product recognition. And, these have been time-tested to work really well for businesses whose products are considered necessities for the day-to-day activities of certain markets.
For example, a toothpaste product is one such necessity in the daily lives of everyone. Now, imagine constantly hearing a particular toothpaste brand and seeing their marketing messages and ads for their latest product more than others. Wouldn’t it be highly likely for you to instantly recall their brand and remember their newest offer the next time you’re in the supermarket to grab a few things that you need for the week?
The same principles apply on credit card offers. That’s because these are necessities in the daily lives of a lot of people around the world.
These are the primary objectives of many financial institutions and their affiliates for the business marketing services that they’ve been using to great success this 2018. Some or all of these are often quite effective across many other industries and niches. So, it might be in your best interest to remember these things, especially if you’re running your own business, or if you work at (or with) a financial organization.