The Power of marketing automation for Financial Services
Marketing automation software has been a game-changer for financial services marketers. It has been crucial in engaging clients and leading them effectively, greatly contributing to these fields’ success.
In this blog post, we will deep-dive into how this tool can be perfect for businesses in financial services. We’ll see how automation (think of it like a robot that can do tasks unassisted) can streamline inbound marketing processes. In addition, how it can help businesses connect more with their clients and even enable them to earn more revenue.
Benefits of marketing automation for Financial Services
Marketing automation can help your firm to thrive. Sure, there are other ways to grow, but why should you choose marketing automation? What unique benefits can it offer to your financial services firm? Let’s explore these benefits for your marketing strategy.
Enhance efficiency and accuracy
Marketing automation uses software or other types of technology to do routine tasks automatically. For a wealth management firm, this can greatly improve how quickly and accurately they can get things done.
1. Streamlining tasks
Marketing automation is like a handy helper that simplifies daily marketing tasks—for instance, spending emails to clients or prospects. This tool can do that job automatically, so you don’t have to spend hours doing it yourself. It’s a great way to be more efficient, and you don’t miss any clients due to human error.
2. Tailored content
Marketing automation platforms are like smart helpers for a wealth management company. Companies can use this platform to send messages specifically crafted for each client’s journey. As a result, it’s like having a smart helper who understands the likes and needs of each client.
For instance, you could send investment advice that fits each client’s portfolio and preferences. This kind of personal attention can make clients feel more involved and satisfied.
3. Analysis and reporting
Marketing automation software often comes with built-in analytics features. These tools show how clients engage with your marketing efforts, such as which emails they’re opening or what links they click. This helps you get a clearer picture of their habits. You can then use these insights to make changes and enhance your marketing plans.
4. Lead scoring
Some marketing automation tools have lead-scoring features built in. It’s like giving a score to each potential client based on how they behave and how much they engage. So, a wealth management company can use this scoring to leads to focus on, especially those likely to convert into clients.
Example
Imagine a wealth management company called WealthCo. They’ve been manually handling their email marketing campaigns, which is time-consuming and can lead to mistakes.
But if they use a marketing automation tool, they can schedule regular emails to their clients. These emails could be each client’s investment portfolio. As a result, giving them advice and updates that matter to them.
WealthCo can also use the data from the marketing automation tool to see which emails work best. As a result, they can tweak their strategy as needed. Plus, they can use lead scoring to pinpoint and concentrate on potential clients who will most likely become actual clients. By doing all this, WealthCo can work more efficiently and accurately, build better client relationships, and more lead generation.
Share relevant content with your clients
For a financial advisor, marketing automation can play a key role in sending out important and relevant content to their clients.
1. Content segmentation
Marketing automation lets financial advisors split their clients into different groups. Such as age, what they want to achieve with their investments, and how much risk they’re comfortable with. This way, the advisor can share relevant information with each group.
For instance, they might share advice about planning for retirement with older clients. Conversely, younger clients might get information about strategies for fast growth.
2. Timely content delivery
Marketing automation can deliver content at the best times. For example, by arranging market updates for the first thing in the morning. By doing so, clients can start their day knowing what’s happening in the sector.
3. Tailored newsletters
A financial advisor can use self-operating tools to make individual newsletters.
These could include updates on the following:
- Each client’s portfolio performance
- News about the market
- Investment advise that matches each client’s interests and needs
Example
Let’s think about a financial advisor named WealthGuidance. They use a self-operating tool to sort their clients into groups. For example, age and what they want to achieve with their investments.
As such, clients close to retirement get newsletters focusing on safe and steady investment options. But younger clients get information about opportunities for high growth.
In addition, WealthGuidance uses its marketing automation tool to schedule weekly updates about the market. Every Monday morning, clients receive an update so they know what to expect in the market for the coming week.
By using marketing automation, WealthGuidance makes sure that each client gets information that’s relevant to them. This self-operating improves the client experience and helps them engage more with the firm.
Consistency in client communications and branding
Marketing automation can greatly improve how a mortgage provider communicates with clients and maintains a consistent brand image.
1. Uniform messaging
Marketing automation ensures that every message matches the company’s brand voice and style. This constancy helps create a consistent message about the brand, which can help build trust and make the brand more memorable.
2. Scheduled communications
A mortgage company can arrange to send things like monthly newsletters or payment reminders automatically. This constant communication ensures they are always in touch with their clients and maintain a steady image.
3. Branding consistency
Using marketing automation, all messages can look the same, showing off the company’s brand style. This uniformity in appearance helps make the company’s identity stronger in the minds of its clients.
Example
Let’s imagine a company that gives out home loans called HomeLoans Inc. They use a self-operating tool to ensure their messages to clients and their brands are identical. All their emails and posts on social media have the same style and design, featuring their brand colours and logos. This ongoing branding helps their clients easily recognise the company and builds a strong identity.
HomeLoans Inc. also uses its automation tool to send regular client reminders. On the first day of every month, clients receive an email reminding them about their upcoming mortgage payments. These emails ensure the company stays in touch with its clients and provides them with useful reminders.
In addition, HomeLoans Inc. sends out a monthly newsletter. This might include tips on owning a home, market trends updates, and company news. Also, clients get these newsletters on the same day each month without fail. So as a result, they know when to expect them and can look forward to reading them.
Using automation, HomeLoans Inc. can keep its brand look consistent and communicate regularly and reliably with its clients throughout its journey.
Increases revenue and ROI
Marketing automation can greatly boost an insurance company’s revenue and improve its Return on Investment (ROI).
1. Lead nurturing
Marketing automation is a tool that insurance companies use to help turn interested people into clients. For example, if someone downloads a report on life insurance. As a result, they could start getting emails with more details about the company’s life insurance plans. This automated process sends information bit by bit, which can get more people to sign up for insurance.
2. Cross-selling and upselling
With marketing automation, an insurance company can find chances to sell more products to their existing clients. For example, a client with car insurance might get automatic emails about why it’s good to have home insurance. This strategy of selling additional products can lead to the company selling more policies and making more revenue.
3. Client retention
Sending automatic reminders about policy renewals or personalised messages can help a company keep their clients. Regular communication and sharing useful info can make clients want to stay with their current policy. This means the company can keep more of its revenue.
Example
Consider InsureSecure, an insurance company. They use this self-operating tool to see how much potential clients interact with their online content. This helps the sales team focus on the people most likely to become clients, increasing the company’s income.
The same tool helps InsureSecure sell more to current clients. For example, if a client has car insurance, they get an email explaining why they also need to have home insurance. As a result, this helps the company sell more policies.
InsureSecure also uses the tool to send personal emails based on how clients interact with them. These emails have helped
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