How Demand Generation Will Take Over The Financial Industry
Demand generation is one of the most essential activities every business needs to do if they want to succeed. In short, demand generation includes everything you do to bring awareness to your brand. Unlike lead generation, which focuses on generating a database of prospective customers, demand generation creates demand for your product or service.
The financial industry is extremely competitive, whether you are a bank, wealth manager, financial advisor, credit union, or other forms of financial services. If you’re just starting out, you’re going up against established businesses that already have known brands and a slice of the customer base. To stand out and create a demand for your services, you need to give yourself an edge with the following demand generation strategies.
Influencer Marketing Will Play A Key Role In Demand Generation
The term “influencer” has grown in popularity in recent years. While it has mostly been about popular figures on Instagram, Youtube, or other social media platforms, the term applies in business and financial circles as well. Respected journalists, successful investors, and other well-known pundits have a good deal of power to influence people in financial circles.
Finding the right person with access to the right audience is a robust demand generation strategy. Try and scope out people you think has the best potential to reach your target demographic and work on building a relationship with them.
Content Establishes You As An Expert In Your Field
Building awareness for your brand, products, and services is never an easy task. It can be even more difficult if it’s not straightforward to demonstrate a potential customer’s need for what you have to offer. If they have no idea who you are (and you can’t find an influencer to vouch for you), it can be challenging to build the credibility you need for your words to carry weight.
A great way to solve this problem is by creating content that is useful to potential customers in your niche. For example, if you sell cleaning products, you might write a column informing readers about the best products that are suited to specific situations. A modern twist on this is video content, such as Youtube videos or live streaming on Facebook.
You can plug your products as part of the content, of course, but the real goal here is to establish yourself as someone with expertise in your field. People are far more likely to engage with content they find interesting or useful than they are when faced with a straight sales pitch. Giving them that value will differentiate you from competitors who won’t take that extra step to engage potential customers.
Email Marketing Continues To Deliver
Email marketing is among the oldest marketing methods around, and it continues to deliver value even today. While some marketing experts have begun to turn away from it in favor of newer techniques, the numbers show that it still delivers results. In fact, according to some studies, it still outperforms most other demand generation methods.
To run a successful email marketing campaign, however, you need to do more than just send cold emails. Ideally, this method is used in conjunction with other techniques such as influencer endorsement and content-based marketing. People are far more likely to read marketing emails from people they are familiar with and whose opinion they hold in high regard.
Technology Will Drive Superpowered Demand Generation
Technology is continually evolving; the way we do things, and demand generation is no exception. You need to take full advantage of all the technology tools at your disposal. If you don’t, you’ll miss out on some great opportunities to create a desire for your product or service.
Part of the equation includes leveraging online platforms like Facebook and Youtube as a general approach. For something more focused on the financial industry, Quora and popular message boards are a great way to interact directly with potential customers. By answering their questions and providing your contact information, you’ve already established communication that can lead to conversions.
Another critical piece of your technology marketing plan should be automation. In a field with as many prospective customers as financial services, there’s no way you can manually handle them all. A system to automate your outgoing communications and assign lead scores to determine prospects with the most promise is a must.
Demand generation marketing is a very challenging journey. Still, by following the tips discussed above, you’ll be well-prepared to stand out in the financial industry and create the demand you envision for your services.