Is traditional marketing dead?
The answer to this question in lawyer speak - is that it depends! In our previous post Building a strong marketing strategy – it’s not just about the Four P’s anymore!, we discuss how the 4Ps are no longer the holy grail of a comprehensive marketing plan. In addition, we feel that two major considerations which can have an impact on your traditional marketing plan is whether you market in a B2B vs B2C environment and the industry in which you operate.
What we know today is that digital marketing is gaining ground across all industries and all audiences, the degree to which varies. A good marketer needs to make sure that digital tactics are part of a comprehensive marketing mix. So how can we properly target audiences in the financial services industry, in both B2B and B2C arenas? The answer is a blend of both traditional and digital. This isn’t a comprehensive list, but the ones we feel are the most effective.
1) Print ads in industry publications
These are expensive to prepare and print however, in the B2B space specifically, key decision makers in this industry still read these publications. Many executives will take these magazines and newspapers with them on their commute home, their next flight therefore giving marketers an opportunity to target senior level decision makers. Having said this, any ads prepared for print should absolutely be used digitally on these publications’ platforms.
2) Targeted email campaigns
Effective in both the B2B and B2C space, emails are not just cost effective, but relatively easy to create. Email campaigns work because you can personalise the email, test components with A/B testing and track receipts, opens and click-throughs to name just a few high-level elements. Email campaigns are more personalised than receiving a letter at home, and by far, are easier and more effective at measuring your reach and your email success.
3) Conferences and speaking engagements
In financial services industry specifically, these are great ways to not only promote your brand and your expertise, particularly if you are on a discussion panel or as a presenter, but it is an excellent way to engage directly with clients and prospects. This is the most direct form of marketing you can get. It can come at a significant cost, however the ability to shake hands and hear first-hand from your client base is why so many in our industry continue to hold, attend and sponsor these events.
4) Social media presence
Even in financial services where there are numerous compliance considerations around messaging; social media can and should be used. There are several reasons why, primarily because it’s cost effective, can be targeted and most importantly, can be measured! It’s considered an effective marketing tool because it allows companies to engage directly with their client base. How so? Through blog posts, meaningful exchanges around content, which offer the ability to interact with a targeted client base. Over time, you create a following, brand ambassadors as such, which can be both employees and existing clients. Collectively, they can be part of your social media strategy to help strengthen your brand and leave your clients feeling confident in your ability.
There isn’t a cookie cutter model that works well for all businesses. Every company needs to begin with having a firm understanding of who their client is and what they are hoping to achieve, and that holds true for both B2B and B2C marketing. Having that unobstructed vision from the onset makes it easier to decide which tactics will offer the best overall experience.