Financial services have always used marketing techniques to survive. In the past, the marketing of financial services was done solely through television commercials and radio advertisements. The business environment has changed and this will influence any marketing of financial services that takes place in the 21st century. Customers trust financial services marketing less due to the poor reputation of many financial institutions. New marketing techniques are done through the Internet and the community.
Many banks and financial services companies have charged exorbitant fees to customers. They have also lost a great deal of money and often lack stability. This has caused a general attitude of mistrust towards these institutions. Customers take longer to open accounts or apply for loans or credit cards. They don’t want to invest money because there are many bankrupt people who lost every penny they had because of their financial institution. The whole world is aware that financial companies have been repossessing houses and repossessing cars. Those individuals who do have accounts or loans tend to monitor them closely and close or pay them off as soon as something looks suspicious.
Financial institutions try to use marketing to gain the trust of potential customers. They are aware that institutions that seem trustworthy win all the new business. Marketing in the 21st century will still try to put customers at ease and make a big name for itself.
Community events, door-to-door drives, and community donations tend to win customers. This tactic will continue to be used in the 21st century. Door-to-door campaigns are run by suit-and-tie managers with friendly faces. This shows customers that the financial institution is just a friendly face that is there to be their friend and help them. It’s not a place full of angry monsters looking to steal people’s money and earthly possessions. Donations to the community show that employees of financial institutions do have a human heart. They are not a bunch of cold, mean thugs looking to destroy communities. Internet advertisements can tell customers about themselves while the customer is comfortable. Normally, people tend to feel very comfortable while browsing the Internet or reading email.
These new techniques have worked well for many companies. They will continue to use these tactics as the marketing of their industry has changed. Marketing is now about gaining trust rather than buying airtime on TV or radio.