Will Marketing Benefit Your Financial Company?
If you feel that marketing could benefit your financial business, then you are best talking to a marketing agency that has experience in doing marketing in the financial industry. Just fill out the form opposite to get free advice and quotes from marketing agencies that know about financial marketing.
UK Financial Sector Overview
- Some History
The UK financial sector can trace it's roots back over a thousand years to before the Norman conquest when the rich merchants set up trading in the City of London. They were part of the group of 'guilds' that set up the Livery Companies (a group of 108 companies (including Hackney Carriages) that formed early trade bodies and were referred to as 'Worshipful Company of' for medicine, tailoring, building, banking etc.).
In fact the City of London is a tax haven and did not surrender to the invading Normans in 1066, which is why the City of London remains it's own domain outside of the Queens jurisdiction and has it's own laws, it's own services, police and is where the worlds financial industry is based founded on over 1,000 years of history. The premier company in The Livery Companies is The Mercers, which has holdings around London in property, investment and other financial interests. As the City of London is a tax haven, The Mercers benefits from tax relief as do many other financial businesses that are based in the City of London.
Due to the wealth and influence that the City of London had, the Normans did work alongside the rich merchants allowing certain privilages (give and take) which to this day many exist.
- The Financial Sector Today
The UK is struggling with the global recession due to the world financial crisis (much of which is linked to the City of London); as the City of London is a separate entity. For example, the City of London has a presence in parliament (as the Remembrancer) as a representative of the City to uphold the interests of the City in Parliament (a post created by Henry II in 1154 to remind parliament of the debt/loans made to the King and protect the merchants/guilds interests in the City of London). To this end, the companies within the City of London are protected by 1,000 years of laws and rights against what is affecting the UK as a whole.
- Recession In Financial Sector
The problems that the financial industry are in (as the UK) are only made worse by the affects that the financial industry is facing globally; due the risks of some of the larger players, problems now exist. The rich have got richer, and the poor need to find funds (tax payers) in order to bring stability back. Companies and individuals that operate in the numerous tax havens around the world are exempt.
Marketing For Financial Companies
Marketing is a big part of the financial sector; as the UK has moved more from being a manufacturing nation (cars, engineering, clothes, furniture etc.) into financial, the new product of the UK is financial services. Banks, credit card companies, insurance companies, hedge funds, investment companies and loan companies all use marketing and advertising in order to ensure that their products are seen by all. Just looking at the airports around the UK, the financial industry is a strong presence for anyone entering the UK, showing what sector governs the UK interests.
Websites For Financial Companies
Websites do play a major role for companies in the financial industry as they are the virtual gateway into the organisations. Many financial companies find websites an invaluable tool, as they can be crafted to project a certain image; one of a respectful, gracious and charitable organisation with impeccable integrity (so that any visitor will think the financial company is one to trust with ones money). There are many website designers with financial website design experience around the UK (many website designers in London have financial experience due to the close proximity of the city).
Most financial websites do require significant investment, as they normally have ecommerce facilities involved with clients wanting to access their accounts, funds, savings, pensions etc. Financial websites also require stringent legal reviews in order to comply with the FSA regulations (financial services authority) that governs financial institutes in the UK.
Advertising For Financial Companies
Advertising is a big part of the marketing portfolio for financial companies, who use a wide range of advertising mediums. TV advertising for financial companies is a big part of the marketing strategy due to the highly visible way that TV impacts peoples imagination and mindset. As we all will consider finance at one time or another in our lives, all TV advertising for financial services is relevant and effective.
Visual advertising also plays a major roll in the marketing campaigns of financial companies; banner and signage advertising for financial companies is common at airports, tube stations, railway stations and service stations around the UK. The visual presence of the financial industry is important in reinforcing the UK foundations on the financial sector.
Radio advertising is also popular for many financial firms, not for the larger companies (such as the international banks, hedge funds etc.) but for the commercial banks, pension services, credit card companies etc. Radio advertising for financial companies helps reinforce the visual message that TV and banner adverts bring to UK customers.
PR For Financial Companies
Public relations is playing a larger roll in the financial industry now than ever before; due to the financial crisis, PR has had to go into overdrive for many banks and financial institutions in order to neutralise the danger of finger pointing. News spreads (we only have to look at the situation with Northern Rock and the effects that bad press can have on a financial company) and with the financial sector PR is a big part of the defence system (reactive PR).
For many companies, PR for financial companies is one of the most important forms of marketing that can be put into place. This could be for reinforcing a message of 'keep calm and do not panic' or could be crisis PR for problems that may arrise during these times of financial unrest.
SEO For Financial Companies
SEO does play a roll with financial companies, however due to the amount of exposure that the financial industry is receiving from news websites and the media as a whole, much of the financial industry is having it's SEO done for them. Being found on the internet is important and as most people prefer the natural results that are presented in web searches (for 'hedge funds' for example) rather than the paid adverts, getting up on web searches is as important for financial companies as any other. SEO for financial companies is a big part of their marketing drive and is one area of marketing that is highly competitive, based on the size of the financial sector it is only growing more competitive as the financial sector is squeezed.
PPC For Financial Companies
Paid search is a short cut to SEO, as SEO does take time and effort. For many financial companies, using PPC is a great way to get onto page 1 for any desired search term. PPC for financial companies is very popular and some of the search phrases that are used by financial companies are the most expensive keywords (due to the competition for them) around, such as 'car loans, mortgages, car finance'.
Telemarketing For Financial Companies
Much of the financial world is now online, however the need to 'talk' in the conventional sense is still vital; old people want the assurance of talking to someone about their savings & investments etc. People need phone support with their banking as there are issues that come up that are not covered on the website etc. Telemarketing for financial companies is an important factor and many financial companies do outsource their telemarketing work to external agencies that are experienced in financial telemarketing calling.
Choosing The Right Financial Marketing Company
There are tens of thousands of marketing companies around the UK, large ones, small ones, experts in a given field of marketing and ones that specialise in certain industry sectors. It is advised for financial companies to get advice and help from marketing companies that have a knowledge and understanding of the financial sector, that have worked in the financial industry before so know how to position you.
Whatever kind of marketing is needed (telemarketing, website services etc.) it is always recommended to visit the marketing agency, to have that all important face to face meeting and ensure that they are all they claim to be (websites these days are written to be attractive and enticing, so asking a marketing company 'you claim to be the UK's top website designer' how can you justify that is important). If you do not meet the marketing company, there is always the danger that they are a student working from their parents house.
Once a meeting has been done and particulars have been discussed, it is always good to do a bit of research; ask around the industry, talk to some previous clients and see what social media has to say about the marketing agency. Are they trustworthy, are they willing to go the extra mile, do they have integrity and do they deliver results?
Compare Marketing Prices For Financial Marketing
All marketing companies are in business to make money, they are independent companies that set their own fees. Marketing prices will vary a lot from agency to agency (normally based on their size), larger agencies charge more as they have more staff, larger offices, more holidays to pay for, more cars, bigger houses than smaller marketing companies or freelancers. Choosing a marketing company that can deliver results is important, but why pay 40% more than you need to, if you shop around and compare quotes you could find out you are paying too much and are just contributing to someone's next holiday in Mexico.
For free advice and quotes from marketing companies that have financial marketing experience, just fill in the form above.