With more than 94% of users in all age groups using financial service features like online banking, it is no wonder that in 2014 the financial services industry currently makes up an impressive 14% of all the money spent in online advertising.
Unfortunately, a lot of this money is being spent without taking the time to see how useful it is. More than 50% of banks either do not measure ROI (Return on Investment) for their marketing at all or measure it in less than 25% of their campaigns. Our newest infographic breaks down some of the most fascinating data from the world of digital marketing in the financial services sector and helps to clarify just how important a good online presence is for any financial business.
Perhaps the most interesting statistic for the financial services sector when it comes to social media is that 62% of financial advisors have reported getting new clients through LinkedIn. This statistic really underlines the value of using social media correctly in the world of finance. It is also interesting to note that despite the fact that LinkedIn offers huge value for the financial sector, only 42% of the industry is actively using the platform, compared to the 84% that use Facebook and 63% that use Twitter.
For savvy financial businesses, this opportunity to attract more business should be a very clear and actionable strategy to take advantage of. With 68% of online U.S. adults that own an investment account present on at least one social media network, the audience that financial advisors need to target is certainly on social media channels if they create a proper strategy to target these users with social media marketing.
When it comes to email, financial services and their email marketing campaigns could definitely be doing better online. With a 32.6% open rate, a 3.1% click-through rate and a 1% soft bounce rate, email marketing campaigns for financial service businesses is certainly not terrible - but it is distinctly average, particularly when it comes to click-through rates.
There is definitely room for financial service businesses to improve in this category, and the only way to do so is to make sure that email marketing campaigns are properly created with a distinct strategy in mind. Email marketing can provide great ROI for any business, but in order for this to happen for financial businesses, they need to make sure that their audience click through to a goal completion that they have mapped out ahead of time.
With approximately 6 out of 10 mobile users likely to use click to call when using seach to make changes to their bank accounts or set up a new account, now is the time for financial service providers to make sure that their mobile presence is correctly optimized. To not have mobile features like click to call and mobile payments available for customers is an easy way to miss out on a fairly simple strategy to make existing customers happier with a financial business while also attracting new users.
In terms of content, financial services marketing teams do a fantastic job of creating separate strategies for each marketing channel, with 75% of teams already making sure this happens for their financial clients. This means that most financial service companies that are taking the time to hire a marketer or digital agency are getting their money's worth when it comes to advertising. The real challenge is making sure that an online marketing strategy is working to bring financial businesses to the next level online in the first place.
Any other interesting statistics about financial digital marketing that we missed? Let us know in the comments section below or by tweeting us @BFMweb.