Motiur Rahman Shakil

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Motiur Rahman Shakil
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Marketing for Financial Services

July 24, 2022

In this context, I’m going to explain Marketing for Financial Services. At present, modernization of marketing has resulted in greater expansion of various businesses. This is why we will discuss marketing for financial services in detail in this blog. Financial marketing has been popular for a long time. Advances in technology have made this much easier.

What is financial marketing

Financial Marketing is the specific transaction of a business organization and its proper marketing. At present business, payments are paid and received directly through various payment methods including PayPal. Which has had a significant impact on financial services. That is why many online-based business fields have been created. A major part of which is Financial Marketing Services. Simply put, the marketing methods that are followed for the promotion and expansion of the business are called Financial Marketing services.

Different fields of financial marketing

Financial services are not limited to online or real life. In both cases, there is a complete development and use of it. However, for the sake of easy understanding, we have divided it into two types.

  • Traditional Marketing
  • Digital Marketing

Traditional Marketing
Traditional marketing is done using some pre-determined rules and techniques. These include newspaper ads, poster ads, banners, billboards, etc. Which has been going on for many ages and still has its due status.

Digital Marketing
With the advancement of technology, almost all types of people in the world today have become a little more dependent on online. Online shopping, in addition to exchanging information, has become a huge field of entertainment. That’s why people can’t see it now, but it can be seen online. And this opportunity is being used by various business organizations. They are currently advertising in magazines as well as online. We have already discussed digital marketing in detail. You can come and see it if you want.

Smart Marketing Way

Smart marketing has to start with some modern, consistent and creative rules or practices. The most important of these is to adopt the appropriate method. Suppose you have a Real Estate Business. Then your marketing system will not be the same as all other organizations. Because there are many types of business in the world and the rules and regulations of each business are different. That means your first job will be who you are marketing to or who your targeted audience is. You will then prepare your marketing system based on their practicality and age. This smart marketing system has now become much more profitable as a result of which various Marketing Solution Provider companies like Owlspro have been constantly building. Who is constantly inventing new marketing policies?

A detailed description of marketing for financial services

Now we will try to discuss marketing for financial services in detail from which I think the whole thing will be clear. There are several steps to follow in marketing financial services. One of them is product production, quality monitoring, pricing, and marketing, and the last step is proper marketing.

The most important of these steps is proper marketing. Although all these steps can be completed through workers and management people, sales of most products do not increase at a reasonable rate due to not completing the marketing step properly. As a result, after spending some time in such a state, the production and sale of that product almost stopped. In general, we know that if the quality of the product is good, the demand for the product also increases. I will explain this in detail later. Let’s first find out what are the common marketing mistakes due to which the proper marketing of the product is not organized.

Unknown marketing mistakes

The word marketing is two images that first floated before our eyes. Firstly, the advertisements are shown on television, and secondly, some field workers go directly to different places to promote the product and when given the opportunity, think of selling the product directly. Although now such marketing is almost at the stage of closure. However, at present some large companies follow this rule. I am not against these two rules. Because, for business success, it is reasonable and fair to take all measures except killing animals and polluting the environment. But my question is, is there any other way to make more profit by spending less on proper marketing than by spending as much money on this type of marketing?

We all know how expensive advertising on television is. Because first, you have to prepare a little broadcast which you will promote as an advertisement. This includes the cost of the model, the cost of the trip and the huge amount to be paid to the Advertising Agency. Lastly, a television company will hand you a huge bill for advertising. Which is quite difficult and dangerous for a small company to carry. Secondly, let’s talk about field workers. If field workers are selected and about 100 workers are recruited in a region. I have doubts about how much profit can be made by carrying their salaries here. Perhaps this is why the current method of marketing through field workers is slowly on the verge of extinction.

The solution to marketing mistakes

Above we were identifying a subject. This is normal, we know that if the quality of the product is good, the demand for the product also increases. In reality, the quality of the product must be good. However, the increase in demand and sales is quite inconsistent with the quality of the product. Because no matter how good the quality of the product is, if it does not reach the right buyer then how will the sale of the product start? And if sales do not start, then how will the demand increase? Marketing is more important than product quality. Let’s think about one thing. I think one of the fishmongers has good quality fish and he is trying to sell the fish from the shore. On the other hand, other sellers are trying to sell fish in the market with some low quality, i.e. partially rotten fish. Normally we go to the fish market instead of going to the sea to buy fish. It is now clear that the demand and sales of car fish will increase. Maybe that’s the answer considering the importance of product quality as opposed to adequate marketing. However, the quality of the product helps to retain the buyer. A clear example of this is Apple Company and Coca-Cola Company.

Now the question is how can we be able to do proper marketing?

  • Think about your product first.
  • Who is your product for? That is, people of any age are given more priority.
  • Then think about what your product wants to say. That is to determine a little enough slogan.
  • Is your product only for a specific region? If so, determine for which region.
  • Prepare tempting packaging according to some attractive designs and grapple. It’s a difficult thing to do, but, indeed, we don’t pay much attention to it. In some places, it seems that the company does not have a specific identity. If a company does not have a proper logo as an identity, then the product can be sold to the buyer, but the buyer forgets the product due to lack of identity. A big step in marketing is to create a specific identity for the product.
  • Then the thing to keep in mind is to make offers on time. The importance of a temporary offer to make a product known to more people at once is immense.
  • The last step is to continue the regular marketing process. Distribute leaflets, print banners, social media ads and, if necessary, advertise television advertisements. However, these include a website for verifying product information and advertisements with attractive designs. In both cases, there is a complete digestive tract. We’ve already discussed in another blog how important a website is for a little company. You can come and see if you want from here.

If we can follow the above-mentioned rules of marketing then hopefully we will see the benefits of proper marketing.

Posted in Business, Technology
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