The corporate market is full of obstacles to compliance and regulations, the financial service providers are the messiah in this case. Hence, they need to market themselves and their services. Statistics reveal that about 14% of the total expenditure on advertising is on marketing.
Scott Tominaga who has extensive knowledge in finances and marketing explains how to understand the complexities of the market by proactively marketing the products and services.
Strategies and diverse marketing techniques are employed by financial service providers to make the presence of their products and services felt among the masses. They capture leads and turn them into customer loyalties with the help of the conduction of a series of marketing campaigns. Financial services use two primary methods of marketing, they are namely, traditional marketing and digital marketing.
Print, television, radio, and signage are among the tools of traditional marketing; while blogs and outbound channels such as PPC ads are the tools for digital marketing. However, these tools are not used singularly by any financial services. They always use a mix of both to market their products. But when taking a bird’s view of the practices involved in such marketing, there seems to be a clear inclination toward the traditional forms of marketing.
Experts such as Scott Tominaga are of the opinion that this trend is bound to change soon. The reason behind this is the ROI that is being generated with the inclusion of the digital form of marketing. Reduction in customer acquisition costs, bolstering revenue, driving down churn, and spreading awareness among consumers are how marketing helps a financial service business.
The constant need for financial services by generation after generation has left a chance for the decline of the same. However, it is the same need that has triggered the rise of several other financial services that are continually working towards digital enhancements and the consequent ease of dealing with customers. This increase in competition makes it even more important for every financial service to market its products and make its presence felt, digitally.
As an intrinsic part of the financial services industry, Scott Tominaga has closely observed the gradual increase in the requirement to upgrade to the digital form of marketing. Mr. Tominaga has in-depth knowledge of hedge funds and other financial services. His experiences incorporate the likes of being an officer in charge of compliance and quality control at two places, where he slowly climbed the vertical ladder from playing the role of a simple officer to that of a senior compliance examiner.
Acquiring knowledge little by little he forged ahead and became the managing director and chief financial officer. Based on these experiences, Mr. Tominaga says that the marketing of financial services has its own set of obstacles and challenges. It works with a twin blade, it could either make a brand or break a brand. It is thus that a lot of effort and dedication need to go into the process. The companies should know they should always focus on two things as the foundation – the acquiring of new customers and the retaining of the existing customers.