The Indian economy has a large number of investors in financial products. Many firms with claims to their cash flow regularly trade in the active secondary security market. In addition to these investors and firms, there are also a number of financial intermediaries contributing to the market efficiency through financial products created to satisfy specialized investors demands. The liabilities of the intermediaries are covered in the secondary markets for the firm’s securities, with transaction and marketing costs, prohibiting investors from directly creating these products.
- Mutual Funds and Financial Derivatives are the two important aspects of the Indian financial sector. The mutual fund is such an avenue, which offers good investment opportunities to investors. Therefore, investors prefer to avail the advisory services of the marketing personnel free of charge, rather than hiring the expert and paying a handsome amount.
- Financial marketers act as a link between financial services providers and business organizations that are in need of specific financial services. Financial service providers adopt digital marketing strategies or obtain the services of a marketing firm in order to obtain high-quality leads.
- Social media is the perfect platform for financial product marketing because it cuts across all demographics. When planning your financial product marketing campaigns on social media first learn what content plays well on which platform.
- Crowdsourcing is another hidden gem of social media that allows financial services companies to get customers involved in the process of creating new financial products.
- For example, when Barclaycard developed their Ring MasterCard, the company reached out to its existing customers on social media platforms and asked them to send ideas. The card was recognized as the first social credit card to be designed and built through the power of community crowdsourcing.
As for the twenty-first century, it is quite clear that the trend towards further liberalization and deregulation will lead to tremendous growth in the volume of the financial services business. This is likely to lead to a restructuring of the financial services industry. In that situation, financial service strategies will have to change in order to enable institutions to benefit from the expected growth, for example by strengthening the marketing function, improving information systems, increasing strategic alliances and simplifying the decision-making mechanism, particularly at the retail level.
Source: https://upcity.com/blog/top-financial-service-marketingstrategies/
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