David Milberg’s Five Digital Marketing Tips for Finance Firms
The digital transformation has fully taken root in most industries in today’s modern world. More established businesses from classic sectors like finance or healthcare must learn to embrace current marketing strategies more than ever if they wish to keep pace with their newer, younger competitors.
Finally, this needed transformation comes when businesses decide to shift away from cold call marketing and embrace more consumer-targeted and data-driven strategies. A primary point of interest within the financial services world as firms develop their digital business is technology.
David Milberg’s Digital Marketing for Finance Services
Digital marketing for financial firms is not an easy undertaking. Still, the results are noteworthy when financial firms embrace the new ideas and complete their digital marketing assignments quickly and completely.
The statement made above comes from a man who has worked in the finance industry since 1987. His name is David Milberg. Most notably, Milberg served as the president of Milberg Factors Inc., one of the largest factoring and commercial finance firms in the US from 1999 and 2015. Today, Milberg assumes a senior post focused on the company’s banking relationships and certain significant client relationships. He sits on the board of directors and is a substantial shareholder of the firm.
As President of Milberg Factors, David Milberg acted as the catalyst assisting Milberg Factors in growing into a modernized agency. This modernization included establishing a local area network, launching internet access and e-mail, developing online reports for clients. In addition, he oversaw the upgrade of Milberg Factors, Inc.’s 401K plan.
David Milberg also watched keenly over the last 15 years as finance firms began to utilize digital forms of marketing more and more. Soon, digital marketing had transformed the financial sector and the way that it marketed itself to new clients.
At Milberg Factors, while David Milberg was helming the ship, the team slowly implemented specific ideas that attached them closer to the digital marketing world. With Milberg’s knowledge and progressive thinking, Milberg Factors has continued to modernize digitally every day.
Still, the five tips below are initiatives that David Milberg has witnessed from other progressive Fintech-type financial firms. Others are ideas he has worked to implement at Milberg Factors during his tenure as president. The following digital marketing tips will one day serve as general industry best practices in the finance world.
David Milberg knows that digital marketing can inform the globe about your business’ financial offerings and assist in finding leads who would benefit from them. Here are five ways financial services could do just that in the age of digital marketing.
Tip #1 – Continue Emphasizing Customer Experience
We will start with an easy To-Do for all those classic financial firms who still resist all things digital: heightening customer experience.
Generating more leads can be easy. However, landing meaningful conversions can be a daunting process. Statistics show that 78 percent of financial firms are unsatisfied with their conversion rates. Even if you are putting in the effort to embrace digital marketing for your financial firm, low conversion is an indicator of money misallocated.
It begs the question, how can you convert leads into new clients? Customer experience is still the most crucial factor in converting. One of the most compelling trends in digital marketing is using targeted messaging. Most consumers in the banking industry prefer a personalized relationship, digital or not, with their financial institutions. The consumer rarely wants to work with a big bank of nameless faces that you only do business with once or twice before it’s someone new.
Digitally integrating customized and personalized customer relationship tactics is always a great plus, especially when dealing with the younger generations like millennials.
Tip #2 – Go the SEO and PPC Way
Gaining trust in the finance world is tough. Most financial consumers are skeptical, especially when dealing with new brands. Some institutions have obtained reputations for ripping off their clients, making it challenging for reputable brands to market their services.
So how do you overcome these hurdles? Leveraging Pay-per-Click (PPC) and Search Engine Optimization strategies will give you an edge. The marketing strategy helps to improve the visibility of your website for related searches. Visibility usually equates to a higher level of trust from a consumer in a digital world.
Tip #3 – Mobile Marketing Strategies are Crucial
A conclusive study shows over one-quarter of all internet users depend entirely on smartphones to conduct searches. This conclusion is understandable as these devices are portable, and most people are with them at all times.
It would, therefore, be unwise to ignore the significant benefits that come with mobile marketing. While the process has challenging aspects, not all financial services may need mobile-friendly marketing tactics as other, more consumer-facing finance businesses. No matter the type of business, mobile marketing capabilities are simply a necessary evil to be dealt with when discussing the future of digital finance marketing.
The key to creating successful mobile campaigns is to improve and customize the mobile site’s usability. Once again, stand in the consumer’s shoes and decide on the mobile experience they would enjoy most and then implement
Tip #4 – Use Relevant Content
Whether it’s traditional or modern marketing, the primary objective is to generate leads that will convert to customers. However, content marketing has proved to be 3x more effective in converting information than the former process.
It makes a difference in the financial industry as most of the players provide similar products. And while there’re a plethora of content mediums to choose from, go for the one that best engages your client in a way they are comfortable sharing their information.
The use of webinars, white papers, and case studies are always helpful tools.
Tip #5 – Don’t Forget Social Media.
Social media is arguably amongst the most powerful digital marketing tool at users’ fingertips. Social Media’s power exists because these platforms pride themselves on collecting millions if not billions of active users. Finance businesses utilizing social media marketing may look unprofessional to some. Yet, both sectors are aware they benefit significantly from working together in synchronicity.
More importantly, social media accounts for individuals and businesses have significant differences. Always remember when promoting your brand on social media, try as much as possible to skip status updates and employ imagery or logos to build your business.
Also, research to understand what other finance businesses that have successful social media campaigns are doing. Now, try those methods to see if they work for your financial firm.
Financial services marketing is shifting to digital platforms more and more every day. David Milberg is a finance pro with over three decades of industry experience. He has learned that if a financial agency wants to succeed, each player must be dynamic and embrace the changing trends with open arms. That goes for digital marketing too.