Tags – Marketing Trends in Small Business Finance
Marketing is an ever-evolving field, and small business finance is no exception.
As 2021 becomes a distant memory, the pandemic changed consumers’ habits forever, and technology is becoming more and more integrated into the financial landscape.
That said, your finance brand must take advantage of new financial marketing tactics to reflect these changes in order to stay ahead of the competition, retain customers, and attract new ones.
Customers are demanding more from their finance companies, from artificial intelligence to greater transparency, here are 6 marketing trends in small business finance you need to know for 2022.
1. Artificial Intelligence
Artificial intelligence may seem like something out of a sci-fi movie, but it is becoming an essential and integrated component of financial marketing.
AI is becoming increasingly important in the financial services sector, where companies are beginning to integrate it with customer service in order to provide consumers a better and more informed experience.
But more importantly, what does the public want artificial intelligence to help them with?
- 32% want AI to provide timely offers
- 34% want knowledgeable customer service
- 31% want AI to help educate them further
- 24% want customised recommendations
Your finance brand can better satisfy customers and address their problems by seamlessly integrating AI into your customer service while still providing in-person services.
However, not only can AI be useful for customer service, but it can also be used to help optimise customer acquisition channels, better protect clients’ data, and improve operational efficiency within your finance firm.
To put it simply, by integrating AI into a variety of domains, you may increase consumer trust and loyalty by delivering improved services and products, as well as lower financial risks.
2. Hybrid Customer Experience
Given the pandemic, the hybrid customer experience has never been more important.
Consumers’ habits have been altered by COVID-19, which has encouraged more people to go online.
But whilst digital platforms are crucial for finance companies, not everyone has easy access to them, which means it’s critical you provide a mixed experience.
The customer experience still remains a top priority, and by creating greater accessibility to digital platforms and in-person customer service will elevate the hybrid experience. In fact, according to Zendesk’s “Customer Experience Trends Report 2021,” 75% of customers are ready to spend more with firms that provide excellent customer experience.
According to Deloitte’s study, there are a number of methods for your finance brand to improve the hybrid experience. These include:
- Provide more choice and flexibility to consumers by increasing personalisation
- Use a first-party data approach to find out exactly what your consumers want
- Continue developing and enhancing the infrastructure to provide an outstanding hybrid customer experience
3. The Rise of Personalisation
In an increasingly competitive financial services market, personalisation is a way for businesses to differentiate themselves and shift the focus to the client rather than the product.
With a deeper understanding of their target audience, marketers can generate unique customer experiences that are suited to each user’s wants and needs.
Here, teams should look for technology that can handle both logical and emotional criteria when assessing what messages are or aren’t working, as well as why.
This may assist with personalised connections and customer loyalty while also lowering long-term expenses associated with your team’s marketing efforts.
4. Inclusive Marketing
Inclusivity is becoming increasingly important.
While inclusive design is still critical for your financial company to create a positive and accessible digital experience, inclusive marketing is essential for generating new leads.
In other words, your finance brand should connect with a range of customers through your marketing efforts.
With diversity continuing to be valued throughout the world, it’s critical that your finance brand reflects this genuinely in order to develop loyalty and strong customer relationships.
In fact, 93% of Gen Z respondents expect businesses to take positions on important societal issues, and 90% of Gen Z consumers are more likely to buy goods that they perceive as beneficial to society.
Inclusive marketing is a way of connecting with your consumers and demonstrating your ESG commitments and values.
5.Value Based Decision Making
In line with inclusive marketing, customers are increasingly making decisions based on their values.
So, this implies that if your finance brand does not reflect the values of your target audience, they will choose your competitors instead.
Marketing your ESG promises may assist you develop new leads, improve the client acquisition process, and retain existing clients.
6. Greater Transparency
Transparency is no longer optional for finance companies; it’s a requirement.
A study revealed that 94% of consumers are more likely to be loyal to a company that is completely transparent.
Furthermore, before consuming a brand’s content, millennials need to trust it is genuine, and only 1% are affected by advertising.
Being more transparent about your business procedures and consumer habits might help to develop genuine connections with your consumers.
People are increasingly researching brands before making a purchase, so keeping information hidden may drive a divide between your brand and your customers.
Final Thoughts
As we can see, financial marketing trends in 2022 are more focused on the customer experience and new technologies – there’s a shift from a product-obsessed mindset to a customer-centric mindset.
To keep up with the developments in the finance industry, marketing teams should acquire the appropriate marketing technology to support their newly created marketing strategies.
With these technologies, financial companies may improve customer experiences and earn customers’ trust by delivering perfect messaging.
This will allow your company to set itself apart from a flood of financial institutions, giving it a competitive advantage that will pay off in the long run.
Please get in touch to find out more.
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