The digitization of the economy revolutionized operations in the financial services industry. It was when transactions moved from tellers to ATMs, and from computers to mobile services.
Today, a lot of financial services are available online and it’s easier for clients to compare offers. However, competitive rates are not enough to attract and retain clients. Experience and the relational aspect have become more important. Understanding this aspect gives brands a competitive advantage.
Financial service providers guide clients through changes and begin a relationship of trust. That is where public relations come in. PR professionals work with influencers and introduce a participatory approach. This helps to boost the marketing communications strategies of the organization.
PR brings a significant advantage to marketing by engaging third parties. They make sure to bring stakeholders into the conversation. PR can be termed as a two-way street considering that its fundamental reach goes beyond broadcasting.
When it comes to credit cards, note that consumer preferences have changed the marketing game in the industry. Millennials and Gen Z clients are more debt-averse and prefer debit to credit cards.
That’s not to say that these clients don’t use credit cards. It’s that the industry has to position credit card offerings. They must provide rewards that resonate with this generation of clients.
PR professionals must improve the accuracy of credit decisions to make lending cost-effective. A good PR can help professionals, such as those who offer credit repair tips, inform consumers about the importance of their services in the credit card industry.
These professionals do not only give advice but also aim to take care of scraping off negative items from clients’ credit reports. They fix credit reports with the help of credit bureaus and creditors. They carry out one-on-one customer service, which guarantees that you get the best service you require.
Importance of PR marketing in the financial service industry
A strong public relations strategy plays a significant role in taking a financial service firm to the next level. In this article, we tell you why financial service firms need solid PR marketing.
1. Building trust
Service providers must build trust between themselves and their clients. Public relation is an age-old profession used to build trust and credibility. It’s particularly necessary for the financial service industry.
Having an active voice enables the industry to build trust through public relations. The use of traditional media tactics gives executives much-needed positive exposure. Traditional media, for instance, can be used to portray an executive as a thought-leader through interviews on TV or radio.
2. Connecting with clients
Social media sites provide the industry with an opportunity to communicate with its audience. They get to expose their brand, receive, and answer questions from the public.
An organization must respond to the public’s concerns about its brand on social media. The reason is that it’s key to building trust and awareness in today’s society. LinkedIn, for instance, enables you to flaunt your expertise and professionalism. The platform also allows you to connect with key prospects and drive traffic to your website.
PR can help you get your brand’s name into mainstream media, or begin social media engagements.
3. Right PR changes the way people think about an organization
The online world can be cruel at times. It allows people to say anything they want about an organization. Whatever is said may be true or false, and, unfortunately, there’s little you can do about it. Many organizations have gotten a bad reputation thanks to social media, without doing anything to deserve it.
Public relations campaigns are the best solution in such situations. The right PR campaign boosts brand awareness. It helps to maintain a positive and consumer-resonant image.
As opposed to paid-for advertising, the public will most likely pay attention to a message from an objective source.
4. PR has a great reach
PR is a great way for financial service firms to communicate with their audience. Firms can leverage the internet’s popularity to communicate with a wider audience.
PR also allows brands to grow their awareness and promote their services. Think of how in just one PR campaign, a brand can be on TV, radio, and online news sites. It’s amazing to know that millions of potential clients can be reached in one news story.
PR departments need to have the right approach and at the right time. It can help an organization reach its goals when done in the right way.
5. Helps with SEO
The more technology progresses, the more SEO’s importance continues to grow. PR improves an organization’s presence online, by getting featured on different popular websites. This enables financial firms to strengthen their SEO and jump to the top of the search results page.
Adjusting a brand’s content for search engines improves its visibility. It also increases the number of people exposed to financial firms’ messages.
PR professionals are incredibly knowledgeable on ways they can use to boost a brand’s SEO.
Public relations offer unique value to the financial service industry. It helps to distinguish brands from their competitors and keep them ahead in the industry.
Organizations with PR departments find it easy to manage their reputation. They’re also able to build their brand’s credibility and increase sales.