With inflation here and a potential recession just around the bend, many of those who were once interested in big ticket items or major financial decisions have now focused on budgeting for the sky-high prices of everyday essentials. Despite that, it’s paramount for those in the financial industry to focus their efforts on attracting customers to stay ahead of competitors. Here are just a few of these strategies that will help firms grow their client bases:
Focus on marketing to Gen Z on TikTok
There’s no doubt that the TikTok social media platform has exploded in popularity over the past few years with the Generation Z crowd. From viral food recipes to fashion advice, to tips on fitness and entrepreneurship, TikTok has become the go-to place for Gen Zers to get all of their information and daily inspiration. While Gen Zers are still mostly too young for major financial decisions, it’s never too early to set your institution up as a trusted advisor. Do you have a solid TikTok marketing plan?
There are so many ways for your bank to reach Gen Zers on TikTok. You can create helpful how-to videos or a weekly video recap of economic trends. Remember though that it is important to be consistent with your video posting schedule and to use plenty of related hashtags. This will help you grow your TikTok followers who may later become a part of your client base.
Pitch executives as guests on podcasts
Just like TikTok, podcasts have become the go-to source for information on all kinds of industries. Podcasts related to financial topics are extremely popular with Gen Z and millennials, which makes them the perfect avenue for reaching those demographics. One way you can do just that is by pitching your executives to be a guest on financial podcasts, where they can share their expertise. They can plug your bank, which can help your business attract more clients.
This strategy will place your institution in front of listeners who are already interested in financial topics. Also, this strategy is beneficial because it can help you grow backlinks to your website, which is vital for boosting SEO and reaching even more potential clients.
With some basic research, you can locate relevant, reputable podcasts, many of which have a guest submission page or dedicated booking emails. Make sure to provide your executive’s bio, a list of timely topics they can discuss, and links to any past interviews they have done or expert articles they have written to showcase their expertise.
Managing a robust YouTube channel
In addition to TikTok and podcasts, many people turn to YouTube when they need quick, easy-to-process information on an intricate topic. Capitalize on this with a YouTube channel full of helpful information potential customers might need. You can create longer versions of the informational videos you would make for the aforementioned TikTok channel, on topics such as tips for first-time homeowners, weekly recaps of economic trends, and common budgeting mistakes to avoid.
Implement an effective referral program
Just like in any business, referrals are absolutely key for growing a client base. People trust the firsthand recommendations of their friends and family more than commercials and other advertisements. If you don’t have an effective referral program in place just yet, this can be a huge missed opportunity for growing your client base.
One way to do this is by offering your current investors a monetary reward every time they refer a new person to your business who later joins your client base. Make sure your current clients know all about the referral program — you can send them a newsletter about the program and also remind them about it whenever you have an update call with them.
Nathan Liao is the founder of CMA Exam Academy, a top Certified Management Accountant exam review program.