Marketing Automation for Financial Services Marketers

by | 1 Sep 2021 | Content & Experience, PBWM

Marketing Automation in Financial Services

For your wealth management company to survive, you need sales. But to really make it thrive, you need people to love your brand. Marketing automation tools can help you create unique, tailored brand experiences that nurture that vital customer engagement – even with a smaller team.  Naila Basit of Act-On explains how this looks in practical terms.

The business world has never been more connected. The growth in e-business and social media are long-term and non-reversible. Such a new world is both a challenge and an opportunity for the wealth management sector.

Financial advisory services and wealth management have a longstanding, well-earned reputation for emphasising face-to-face relationship management to win and keep customer trust and satisfaction.

Recently, things have changed and will continue to change further. The financial services industry is still monitoring and dealing with the effects of the COVID-19 pandemic.

Clients seeking wealth management products and services are more likely to shop around for such services than ever before. That is not to say that these services have become a simple commodity, far from it, but rather that the possibilities of choice have never been more accessible for your clients than they are today.

Raising Awareness – Who Are You?

Does your website landing page immediately scream, “Hey, this is what we do, this is why we do it, come join us”? If not, it needs to. With more than four out of every five potential clients starting their journey online, it is vital that you make that first digital impression count. It has to be easy for your clients to engage with you. Make it easy for your prospects to turn curiosity into purchasing intent. Why should they trust you with their money? Why are you better than others?

Why Does My Financial Advisory Firm Need Marketing Automation?

For your company to survive, you need sales, but you need people to love your brand for it to thrive. Marketing automation tools can help you create unique, tailored brand experiences that nurture that vital customer engagement – even with a smaller team. Customers become brand advocates only when they feel that your brand speaks to them.

How does this look, practically?

1) Redefine the Digital Experience

Even in the traditional relationship-led world of financial advice and wealth management, two-thirds of all client engagements occur online. The digital aspect of your organisation is crucial.

Marketing automation enables you to streamline your communication programmes without sacrificing your personal touch. Consistent execution alongside clever personalisation techniques that go beyond “Hello FIRSTNAME” ensures that your client feels you are reaching out to them, and only them.

It is not just about doing the same thing better, however. With marketing automation, you can take client engagement to the next level. Create templates that make it easy for clients to engage with you.

Automate transactions to create frictionless engagement. Truly leverage the power of contact through an integrated web presence, email, and SMS strategy. Ultimately, make marketing proactive, targeting the right clients with the right solutions, not occasionally, but every time.

2) Drive Lifetime Value

The acquisition cost of a new client is one of the highest your business faces, and can cost up to 5x more to get a new customer, than it did to keep an existing customer. Therefore, it is imperative that you can maximise the lifetime value of that customer relationship. With a closer, more proactive relationship, you will fully understand your customers’ needs and wants and, ultimately, find them products and services that suit them.

Marketing automation enables you to leverage all the data you hold to segment your client base in previously impossible ways. Segmentation allows you to target your client marketing with laser-like precision.

By understanding your prospective and existing customers’ firmographic, demographic, and behavioral traits and tendencies, you can better understand and anticipate their needs and interests. Generic communication is a thing of yesterday with automated marketing. Increased client engagement rates are proven to drive revenue.

2) Stay Close to Your Customers

With the ability to track every website visit, content click, and email opened, you can create a fuller picture of your client’s interests and needs. Using this information alongside dynamic tools like marketing automation allows you to provide relevant information in the moment for your customers.

Financial advisors and wealth managers need to leverage their business intelligence and unique market insights with the appropriate marketing tools to stay ahead in today’s interconnected world. Using the additional rich insights provided by marketing automation, you can stay closer to your customers’ changing needs and financial aspirations.

Find Out More

Nothing in this life stands still. Preferences, behaviours, and personal motivations change for all of us. Our experiences shape us. Our age. Our circumstances. Our external influences. They all shape how we buy, what we buy, and when we buy. Your clients don’t stand still. Neither can your marketing, financial services marketers have room to grow and improve on their current marketing automation usage.

Find out what marketing automation can do for YOUR business today. Download our guide, Marketing Automation for Wealth Managers and Financial Advisors.

Naila Basit is the Marketing Manager, EMEA for Act-On.

This article was first published on the Act-On website in August 2021.


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