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). This was 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. Marketing for financial companies has a very long history.
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 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 banking, the new product of the UK is financial services. Banks, credit card companies, insurance companies, hedge funds, investment companies and loan companies all use promotion and advertising in order to ensure that their products are seen by all. Just looking at the airports around the UK, the industry is a strong presence for anyone entering the UK, showing what sector governs the UK interests.
Websites do play a major role in marketing for financial companies. As they are the virtual gateway into the financial 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 you are one to trust with their money). There are many website designers with financial website design experience around the UK. Many website designers in London have industry experience due to the close proximity of the city). Most of these websites do require significant investment. As they normally have e-commerce facilities involved with clients wanting to access their accounts, funds, savings, pensions etc. They also require stringent legal reviews in order to comply with the FCA regulations (financial services authority) that governs the institutes in the UK.
Advertising is a big part of the portfolio of marketing for financial companies. Who use a wide range of advertising mediums. TV advertising is a big part of the promotional strategy due to the highly visible way that TV impacts peoples imagination and mindset. As we all will consider banks at one time or another in our lives, all TV advertising for finance services is relevant and effective. Visual advertising also plays a major roll in your campaign. 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 industry is important in reinforcing the UK foundations on the sector. Much of the marketing for financial companies is visual, even in the internet era. Radio advertising is also popular for many 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.
Public relations is playing a larger roll in marketing for financial companies. More so now than ever before. Due to the global financial crisis, PR has had to go into overdrive for many banks and 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 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 for financial companies 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 arise during these times of unrest.
All financial companies use promotional literature. This could be for internal communications, training, marketing material. All financial companies have company brochures which reflect the brand and history of the business.
SEO does play a roll marketing for financial companies. However due to the amount of exposure that the industry is receiving from news websites and the media as a whole, much of the 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 companies as any other. SEO for financial companies is a big part of their promotional. It is one area that is highly competitive, based on the size of the financial sector it is only growing more competitive as the industry is squeezed.
PPC is a good form of marketing for financial companies, as everyone uses the internet these days. Paid search is a short cut to SEO, as SEO does take time and effort. For many 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 companies are the most expensive keywords (due to the competition for them) around, such as ‘car loans, mortgages, car finance’. In many ways, PPC is the most important part of marketing for financial companies.
Much of the banking 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 the industry. Telemarketing is crucial in marketing for financial companies.
There are tens of thousands of marketing companies around the UK. Large marketing companies in London, small marketing agencies in Hull. Experts in a given field of promotion and ones that specialise in certain industry sectors. It is advised for you to get advice and help from companies that know about marketing for financial companies. That have worked in the industry before so know how to position you. Whatever kind is needed (telemarketing, website services) it is always recommended to visit the 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 company ‘you claim to be the UK’s top website designer’ how can you justify that is important. If you do not meet the company, there is always the danger that they are a student working from their parents house. Marketing for financial companies does need caution for this matter. 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 agency. Are they trustworthy, are they willing to go the extra mile, do they have integrity and do they deliver results? Marketing for financial companies does not have to be a blind leap of faith.
All marketing companies are in business to make money. They are independent companies that set their own fees. 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 ones or freelancers. Choosing someone 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. Marketing for financial companies does not have to be expensive, just fill in the form to see.