Marketing of Financial Services in the United Arab Emirates
Financial firms in the Middle East are now adopting new-age digital marketing strategies.
It makes sense, considering the emerging generation of advisors and wealthy people are mostly familiar with digital technology. They have grown up with this technology and spend more time online than those before them.
Firms must use extensive digital strategies to cater to these affluent, tech-savvy individuals. By doing so, they can reach their target audience right where they are – online.
The Importance of Digital Marketing for Financial Services in the UAE
Financial services companies are familiar with the online world, yet their presence there is often small. They do more than just social media or making videos. Usually, their websites give a simple overview of the company to their clients.
In the past, firms that ventured into the digital sphere did so to gain an edge over competitors. Today, having a digital presence is not just an advantage – it’s essential for business growth.
Benefits of a Solid Digital Marketing Strategy
Banks and other financial firms can boost their growth using a good online marketing plan. This strategy can also greatly influence the progress of the financial sector. It’s all about creating a plan that works and then putting it into action. This way, businesses can take a big step forward.
- Financial Inclusion: A good online marketing plan can help spread financial services in the area. Banks and other firms can do this by being available on multiple platforms. In doing so, they can connect with individuals who cannot leave their homes or travel frequently.
- Market Penetration: In the UAE, online platforms present a great opportunity for financial firms to connect with more consumers. Recognising this potential, the regulators are ready to establish suitable laws. These will help maintain long-term growth and foster creativity in the sector.
The Time to Go Digital is Now
Now is the perfect time for banks and similar firms to switch to online platforms. But it’s not only about keeping up with the times. It’s also about pushing for more growth and reaching more people in a world that is becoming increasingly digital.
Innovating in the UAE’s Thriving Financial Market
The UAE market has recently been growing and innovating quickly. The country rapidly responded to economic issues because of the pandemic, climate change, and the Russia-Ukraine conflict. With its vast funds, the UAE can educate its people about finance. It can also build an environment that promotes economic growth.
Unique Marketing Strategies for Financial Services
To market financial services in the UAE, you need a unique strategy that connects with people’s daily lives and future aims. Setting clear goals before planning an effective online marketing approach is important.
Key Objectives for Financial Institutions
- Earning Trust: Companies can win over clients by keeping their messages the same on all online platforms. They should always communicate in a way that is straightforward, honest, and easy to understand.
- Bettering Connections: Firms can show they are dependable by making each step of a transaction easy and effective for users.
- Handling Responsibility: Financial firms often manage private details during online transactions. It’s crucial that they do everything they can to protect this user data.
Firms should not use tactics like emotional tricks, hype, or overstatements. These methods are not suitable in this field. Giving false information can damage a customer’s finances. Therefore, it’s vital for these institutions to always be honest and straightforward.
Key Traits of the UAE Market
The diverse UAE market is excellent for increasing your brand’s exposure. Yet, despite its past growth, the country continues to surpass its own achievements each year by global
High Budgets
Last year, UAE’s banking sector was among the biggest advertisers. Now, they’re putting more budget into online platforms as they see the value for growth. As a result, their goal is to draw in customers and make their brands more popular.
Smartphone Adoption
Technology in the UAE is rapidly expanding. We expect that 80% of the population will own smartphones by 2025. In light of this, such growth will allow marketers to reach their audience online more effectively.
Digital-Native Population
The UAE is seeing an increase in young, wealthy investors who have grown up with technology. In addition, they show readiness to use services for finance on the Internet. As a result, such behaviour paves the way for new chances to connect with them.
High-Income Jobs
A lot of people move to the UAE with the goal of increasing their wealth. As such, they could become potential clients for investment services. Thus, It’s important for marketers to create messages that meet the unique needs of these expats.
Transparent Regulations
The UAE has multiple jurisdictions, each with regulations and compliance rules.
- Abu Dhabi Global Market (ADGM)
- Dubai International Financial Center (DIFC)
These regulators provide clear guidelines for all financial products to guide marketers.
Key Digital Marketing Strategies for Financial Services in the UAE
Financial companies have many marketing plans to select from, depending on their online promotion targets. The best plan will sync with the firm’s sales tactics. It’s also important that the chosen plan sticks to rules from both regulators and those who put out content.
Here are the top four strategies:
Market Penetration Strategy
Specifically, this strategy aims to increase your share in the market. It achieves this by advertising products and services, growing account sizes, and reducing the number of customers who leave. Ultimately, the main focus is to broaden your reach in the current financial markets you operate within.
Market Development Strategy
The main goal is to improve how consumers use a product. The marketing team, brand marketers, and performance marketers must work together to do this. As a result of their teamwork, they’ve created a system for quickly getting customer feedback. Because of this system, they can make fast updates, greatly improving the consumer experience.
Product Development Strategy
Marketing teams work together to make a product easier for users. They set up a system that gathers consumer feedback quickly. As a result, they use that feedback to make fast changes and improve the customer’s experience.
Product marketers play a key role in creating new financial products. They identify what users need and where the market lacks through detailed research. They also plan and conduct thorough testing.
Diversification Strategy
Defensive diversification is a method we apply when there’s risk or crisis and few opportunities for growth. On the other hand, we use offensive diversification when chances to grow and increase profits arise.
Marketing Strategy for Financial Services in the UAE
Understanding Your Audience
A generic marketing approach may be ineffective in the diverse UAE, where people have different financial and educational backgrounds. Instead, putting your energy into strengthening relationships with your existing clients and building up your social networks is better.
Humanising Your Brand
Show your brand as a beacon people can relate to and feel in sync with. People usually lean towards businesses that show honesty and empathy. You can create messages that hit home by grasping your audience’s culture and values.
Running a successful campaign often rests on knowing your audience well. Such understanding helps build strong ideas and messages. As a result, these messages are more likely to impact your audience deeply.
Adopting a Collective Approach
Firms should use all four digital marketing strategies together and in a collective way. Combining these strategies allows you to reach consumers at multiple touchpoints, reinforce your key messages, and enhance brand recall.
Innovating with the Times
Financial institutions need to keep changing and growing with their consumers. In addition, they should mix their marketing approach with strategies like social listening or market analysis to achieve this. In short, these methods can provide valuable insights into your consumers’ lives.
The bottom Line
In the diverse landscape of the UAE, banks and other such businesses need a well-rounded marketing strategy. It’s crucial for them to know their customers well, as it boosts engagement. Using various online marketing tools can help make their brand more approachable.
To stay current in the digital era, these businesses must adopt new methods and regularly generate marketing materials. The key to success is widening their audience base and building a strong relationship with them.
How Goldmine Media Can Help
Our services include:
If you’d like more information on how we can assist with your marketing, please contact Goldmine Media. You can reach us by calling 0845 686 0055 or email findoutmore@goldminemedia.co.uk.
