Scott Tominaga Talks About How Financial Service Providers Proactively Market Their Products

There are no sales without marketing; branding another name for marketing is by far the most important thing for a business to thrive among the competition. Scott Tominaga who has a fair deal of knowledge and experience in marketing has noticed that financial services, in particular, put in a lot of effort in marketing their products.

Statistics reveal that about 14 % of the entire digital advertising costs are being held by financial services. It is believed that the compliances and regulations of the market cause the financial service providers to market so proactively. While they incorporate the latest market trends, it is difficult for them to let go of the traditional ways. Thus, they keep the best of both worlds in their functionality.

Methods of marketing financial services use

The financial products that are either already present or are newly adopted need proper showcasing for the potential customers to be attracted toward them. Financial services, therefore, use both methods of marketing to the best of their ability. They are namely: digital marketing and traditional marketing.

Digital marketing includes the likes of blogs which are inbound channels and PPC advertisements which are outbound channels. Traditional marketing, on the other hand, includes print media, television, radio, and signage. Though there is a blended approach to marketing by financial services, the recent ROI of the businesses in this sector reveals that the yield via digital marketing is higher than the traditional format. Hence, it can be predicted that there will be a greater inclination of such services toward the digital marketing arena, suggests Scott Tominaga.

Digital vs traditional marketing

There are of course others reasons as well that cause one to expect this shift from the traditional to the digital form of marketing. There are as follows:

1. Digital marketing is measurable while it is difficult to understand the measures of traditional marketing, this is because the number of people who view the traditional form cannot be gauged.
2. Traditional marketing is not as cost-effective as its digital counterpart.
3. Calculating the ROI in digital marketing is easier than in the traditional format.
4. Once an advertisement is posted on the traditional marketing platform no changes can be made to it. Contrastingly, the digital form of marketing allows editing the content at any point in time.
5. The target audience in a traditional form is not far-fetched, it mostly caters to the local audience; while in digital marketing there is a global target audience.
6. Experts in marketing such as Scott Tominaga point out that the traditional form has standardized methods of targeting the users. These methods can, however, be customized on a digital marketing platform.
7. The results of the marketing campaign can be almost immediately got through the digital form which is unlike the traditional form where one has to wait for some time.

Having a consultative method in the management of a product is always a better way to bring about the required changes in it. The digital marketing format allows two-way communication in its process which is rather helpful. Considering the many advantages that digital marketing has to offer to financial service providers, there remain no doubts about their growing affinity towards this new-age format of marketing.