The financial services industry is growing, but it’s still a niche market. With that, it’s important for your brand to stand out from the rest. A great way to do this is through SMS marketing. It doesn’t matter if you have a small bank or large wealth management company; SMS marketing can help you reach consumers where they spend most of their time: on their mobile devices. In this blog post, we explain what an SMS marketing strategy is, how it can help boost your financial services brand, and how you can implement it in your company.
What is an SMS Marketing Strategy?
SMS marketing is the use of SMS text messages to advertise products or services to existing or potential customers. You can use it in both digital and traditional media. This marketing option is great because of the ability to reach customers whenever they are most receptive: while they’re on their mobile devices. That means that you have an opportunity to reach your customers while they’re at home or in the middle of doing something else. It also means that they aren’t likely to be reading the printed word, which means you have more of a chance to get their attention. SMS marketing is also low-cost advertising. With digital advertising, you often pay more for less. With SMS, you can reach a high number of people with a low budget.
How SMS Marketing Can Boost Your Financial Services Brand
SMS marketing is a great way to engage with your customers, but it’s also a great way to build your financial services brand.
Let’s take a look at some of the ways SMS marketing can help you accomplish this.
- Give Customers the Opportunity to Opt In - When consumers receive an SMS message, it gives them the option to opt in. This gives them the chance to receive regular marketing texts from your company. It’s a great way to build a relationship with your customers.
Create a Branding Opportunity - When you send an SMS message that is designed to be attractive to consumers, you have the chance to create a brand awareness opportunity. Not only will your customers see the message, but they’ll see your name, logo, or other branding as well.
Create a Loyalty Opportunity - As their relationship with your company grows, customers may become loyal to you. SMS marketing provides the opportunity to let them know that you appreciate their business and are thankful for their loyalty.
Create an Advocacy Opportunity- Even if your customers aren’t loyal to your company, you can create an advocacy opportunity. You can do this by sending an SMS message that highlights how your customers’ financial lives could benefit from using your products or services.
Advantages of an SMS Marketing Strategy
Low Cost Digital Advertising - While radio advertising is still a relevant marketing option, it’s getting more and more expensive. Meanwhile, digital advertising is affordable and gives your company many options. With digital advertising, you have the option to choose when you want to reach your customers. You can target your ad based on their location, browsing history, or other factors.
Reach Customers Where They Are - With digital advertising, you have the opportunity to reach your customers where they are. They’re likely to be looking at their mobile devices, or they’re likely to be at home. With SMS marketing, you have the same opportunity with the added benefit of reaching your customers while they’re at home.
Reach Consumers When They’re Most Open to Your Message - While the printed word has the ability to capture consumers’ attention, the same can’t be said for digital media. That’s why you want to choose a channel where consumers are most receptive to your message. With digital media, that channel is their mobile devices.
Create a Long - Term Relationship - With digital media, you have the ability to create a long-term relationship with your customers. They’ll see your ad over and over again on their mobile device
Create a Strong Brand Memory - With digital advertising, you have the opportunity to establish a brand memory. Consumers will associate your brand with the message you want them to remember.
Create a More Satisfied Customer Base - With SMS marketing, you have the ability to create a relationship with your customers. They’ll feel like they’re being cared for by your company. They’ll also feel like they’re receiving important information from it.
Create a Boost in Brand Loyalty - When you create a lasting relationship with your customers through SMS marketing, they’ll become loyal to your brand. They’ll remember your company and what it stands for.
Create a Boost in Brand Advocacy - Consumers who become loyal to your brand also tend to become advocates for your brand online.
Which Financial Services Companies Use SMS Marketing?
There are many ways to build your brand, even in a niche market like financial services. If you’re interested in increasing brand loyalty, boosting your bottom line, and engaging with your customers through SMS marketing, it’s important to consider the benefits of an SMS strategy.
Here are a few companies using SMS marketing:
People's Bank - This financial institution is owned by People's Insurance Company of China. It’s the largest bank in mainland China with 8.6 million mobile phone customers.
Personal Capital - This company uses SMS marketing to help customers manage their investment portfolio. It also uses SMS marketing to help consumers manage their money.
When you think about the future of marketing, you have to consider what communication channels are going to be most effective. With that in mind, you need to look into digital media. It’s important to remember that you don’t have to choose one channel over the other. You can use digital advertising while also using SMS, Twitter, and other digital communications. With so many ways to build your brand, it’s important to consider all of them. SMS marketing is one of the most effective ways to engage with your customers. It’s an inexpensive way to build your brand and reach consumers where they spend the most of their time.