October 1, 2023

Market Research and Digital Marketing Trends In Financial Services

digital marketing services for financial industry

digital marketing services for financial industry

According to an economic survey,” Numerous digital goods like digital verification (e-KYC), digital signature, digital repositories (Digilocker), and digital payments (UPI) have supported financial inclusion by improving access to formal financial services and wpc2026 reducing transaction costs.” With many Banking, Financial Services and Investments (BFSI) players vying for customer attention, brands need to use market research to create effective digital campaigns. 

The result of targeted digital marketing services for financial industry: end customers have access to a wide range of financial services like digital payments, customer-centric e-processes, and online investments, to name a few.

Market research and digital marketing trends in the financial services

According to the CTN News India has a large, diverse population, and its economy continues to grow. Market research is a crucial tool for understanding the varied customer needs, attitudes, preferences, and behaviors as well as the competition and new market opportunities. Banks, NBFCs, HFCs, and other financial services providers need to know and understand the top digital marketing trends to capitalize on the landscape and win customers. Here is how to move forward:

Leveraging omnichannel marketing for financial services

With the rise of digital technologies and a focus on digital transactions, traditional one-point interactions have now become fragmented. A digital marketing company will leverage various channels such as Mobile Apps, SMS, social media, websites, and more to interact with your customers. 

The shift has two major benefits for the BFSI sector:

  • Reach the customer directly and in real-time via social media, chat-bots, and more
  • Develop a better understanding of the customer by providing information as and when they seek it

Omnichannel digital marketing is a great way to build trust and loyalty with customers while providing them with a more positive, personalized experience.

Data-driven insights to improve digital campaigns

As mentioned above, India has a large, diverse population. The needs of one segment vary from the other, and in this scenario, using data insights to drive digital marketing strategies is the best way forward. 

Smart marketers can use data-driven insights to create personalized, digital experiences by:

  • creating targeted email campaigns
  • customizing website experiences
  • identifying the more-effective marketing channels
  • optimizing campaigns to deliver better ROI
  • tracking traffic, conversion rates, and engagement
  • using data analytics for data-driven optimization

Personalized marketing strategies improve customer engagement and increase conversion rates. The data-driven insights before the start and during the digital marketing campaign will help you stay ahead of the competition in a rapidly involving environment.

Predictive analysis to drive business growth

Predictive analysis uses data-driven methods and algorithms to make predictions about future outcomes. It is widely accepted by the BFSI industry in India: to make informed decisions based on a better understanding of their customers, markets, and internal process. 

When creating effective digital marketing campaigns, predictive analysis helps with:

  • Lead scoring – evaluate the potential of a customer to become a lead, and then focus on converting high-quality leads into paying customers
  • Customer segmentation – create personalized products and services based on behavior, demographic, and purchasing pattern
  • Market automation – use digital activities such as social media, Google Ads, and blogs to reach customers with relevant and personalized messages.

The objective is to help develop a better understanding of your customers, markets, and internal processes. This, in turn, will help a brand make informed decisions.  

Building on micro-moments and cro-moments

Micro-moments and crossover moments are moments when a customer interacts with the brand or its products and services during the digital purchase cycle.

Businesses and brands need to understand and respond to both moments with effective campaigns serving the right content at the right time.

  • Micro-moments are brief, context-rich interactions when a customer uses a device or platform with the intent to get information or finalize a purchase decision
  • Crossover or cro moments are also interactions between a consumer and a financial services company. These moments are driven by an immediate need for information

These interactions can satisfy the customer’s sense of curiosity or nudge them to make a purchase without interacting with the competition.

In conclusion, a synergy between market research and digital advertising allows banks and NBFCs to target specific audience segments with personalized messages and content. It is possible to build robust relationships with customers to improve both engagement and loyalty by following the above digital marketing trends in financial services.

Author Bio: – Prashant Shukla is heading the search operations at Techmagnate. He is a digital marketing expert with more than 9 years of experience. He is sought-after for providing exponential growth to the businesses via digital marketing.

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