Even though the technology has vastly increased the number of digital channels by which you can reach out your niche, it’s fruitful only if the communication it delivers is relevant. That communication is your USP in the brains of your target niche.
Understand the Problems of Your Niche
In a world where literally every service can be easily copied and pasted, companies often dissolve in a world of clones. In this competitive landscape, there is one and only one winner: the one who provides it at a low-cost .
If your organization is in that lucky place, you would think that the strategy is simple and clean: implode your marketing channels with announcement of your cost advantage and let your competitors crush for the crumbs. The only potential drawback to this plan is the less margins that are required to maintain price point. If market share drops, profits quickly slide away.
A more effective approach to long-term success requires a deep knowledge of your buyer persona, or the needs of your audience. A 35-year-old, married product manager doesn’t have the same earning level, lifestyle, and a disposable income as a 55-year-old, married vice president of a local real estate firm.
- Some people worry about building a good capital while others worry about outliving it.
- There are investors who love research and stock analysis, while others simply consult their friends while buying mutual funds without overthinking.
- Some people have tax issues while some don’t .
Take the time to analyze your current and past clients and identify their common behaviors. Understanding the customer pain points, and why they leave is essential to building your business.
Know Your Advantages and Shortcomings
How does your compare to others? Why would anyone buy your product or service and not your competitor’s? High achieving companies have USPs that none of their competitors can replicate. Maybe the following advantages may make a difference to your niche:
- Superior Expertise. Some companies pride in tax planning, estate planning, investments, and other specific areas. Your number one challenge is to both prove your expertise and highlight that you are better than others offering similar services. Your digital marketing plan should include the “why” of your competitive advantage.
- Customer Service. Some users, especially millennials, who are internet-savvy using online brokers, require flawless executions, quick reporting, and other services. If that is your USP, you need to touch base on it in your digital marketing plan.
- Tradition. Clients of the finance industry trust a firm that has survived many market and economic cycles, yet continues to serve its clients successfully.
When analyzing your company’s USPs, be as objective as possible because wrong chest beating only ends up costing you more money and time, resulting in a failed digital marketing campaign.
Set the Stage in Your Prospect’s Mind
The whole purpose of digital marketing is to give birth to a brand in the minds of your consumers. If done correctly, your firm is always going to be your niche’s first choice.
Your financial services company has the immense opportunity to nurture new relationships, based totally on your ability to make a connection in the minds of your prospects.
While this may seem challenging at first, consider when someone asks you for a referral for a food delivery app-do you have to second guess it? How about a uber, careem or ola? There are considerably more car services than financial services firms, yet you can recognize a referral with some efforts. That is the primary goal when setting the stage in your prospect’s mind.
Despite the over saturation of the financial services industry, there is always an opportunity to create a unique niche. Rather than being generic, study your market and target only those people who will be most relevant to you. Highlight your USPs and let your competitors to continually fight for your thrown.