#33 - MARKETING INTO FINANCIAL SERVICES: LESS SUITS, MORE … ACTUALLY, STILL SUITS. BUT WE PROMISE THEY WILL BE IMPRESSED.

Consider a tailor attempting to fit a bespoke suit onto a rugby player using measurements taken for a ballerina. The result would be comical and utterly ineffective. This analogy perfectly illustrates the challenge of marketing technology solutions. Just as a single suit won't fit every body type, a single marketing approach won't work for every industry. For the Financial Services sector, in particular, vendor-owned events often fall short of their intended purpose. Understanding the audience and its needs is absolutely crucial.

The world is in a constant state of flux, with evolving technology, constantly evolving regulations and ever-changing customer expectations. Banks and investment firms increasingly rely on sophisticated technology solutions to optimize capital, manage risks, streamline operations, remain interesting for potential new joiners while nurturing and developing talents, enhance customer experience and maintain a competitive edge. Marketing these solutions effectively is essential, but some traditional tactics, such as simply promoting products at a self-hosted conference, webinar or event, are insufficient in this demanding market.

Understanding the Peculiarities of Financial Services Firms

Financial services firms operate in a heavily regulated environment and handle highly sensitive customer data. Consequently, their technology requirements are quite specific. These include robust security measures to protect against cyberattacks and data breaches. Compliance with industry rules and regulations is paramount. Scalability to manage vast quantities of data and transactions is necessary. Seamless integration with existing infrastructure is essential and unwavering reliability is critical, as downtime is unacceptable.

Effective Marketing Strategies

To market technology solutions effectively to Financial Services, a strategic approach addressing these specific needs is required. Develop informative and educational content - white papers, case studies, blog posts - that highlight the advantages of your solutions and address the challenges these firms face. Attend relevant industry conferences and trade shows to network, showcase your technology and gain insights into industry trends. Establish yourself as a genuine expert in Financial Services relevant technology by publishing articles, speaking at industry conferences and participating in industry discussions. Partner with other technology providers, partners and industry associations to expand your reach and enhance your credibility. Tailor your marketing messages to the specific needs and interests of each Financial Services firm; generic pitches are unproductive. Offer demonstrations and trials of your technology to allow potential clients to experience its capabilities firsthand.

The Diminishing Returns of Vendor-Owned Events for Financial Services

While once common, vendor-owned events and webinars are often ineffective for attracting significant clients in Financial Services. Attendees may be sceptical, assuming a heavily biased sales pitch. Financial professionals seek objective advice and best practices, which vendor-owned events, lacking diverse perspectives, often fail to provide. Senior decision-makers have limited time and spending several hours or days at a vendor-focused event may not be the most efficient use of their resources. These events can be expensive to organize, yet their reach may be limited. Attendees primarily interact with other clients of the same vendor, restricting their networking opportunities. Often, these events become monotonous product demonstrations, leading to attendee disengagement.

The Nuance: Vendor-Owned Events in Other Industries

Vendor-owned events are not universally ineffective. In other industries, particularly those with less stringent regulations or where the technology is less complex, these events can be valuable. For example, a vendor specializing in software for veterinarians might host a user conference for networking and learning about new features. In industries where independent reviews are less critical, such as a manufacturer of farm equipment offering factory tours, these events can be highly effective. They are also useful for training existing customers, as with an accounting software company offering training sessions.

Why Financial Services is Different

The financial services industry is unique. Operating under constant scrutiny, these firms require proof of compliance. A bank considering a new fraud detection system will demand independent audits, not just vendor claims. The technology used is complex and requires integration with existing systems. A new core banking system necessitates extensive testing, which a vendor event cannot provide. Decisions are lengthy and involve numerous stakeholders; a vendor event will not expedite the process of implementing, for instance, a new trading platform at an investment bank. Trust is paramount. Financial Services institutions rely on independent sources and established industry events; a wealth manager will place greater trust in analyst reports than in vendor marketing materials.

Effective Direct Engagement with Financial Services Firms

Instead of large, generic events, direct engagement must be targeted, personal and valuable. Account-based marketing is essential. Identify key decision-makers and tailor all interactions to their specific needs, including personalized content, bespoke demonstrations and direct contact from C-Suite and senior executives. Instead of large conferences, host small, invite-only discussions with senior executives from key firms, focusing on industry challenges and positioning your company as a trusted advisor. Offer pilot programs or proof-of-concept projects to build trust. Engage with key influencers in the industry. Collaborate with Financial Services firms on content creation and solution ideation. Demonstrate how your technology addresses their challenges with personalized video demonstrations.

Shifting Focus for Financial Services

Targeted account-based marketing, attendance at relevant industry events, insightful content marketing, strategic partnerships, digital marketing and search engine optimization and personalized demonstrations and trials are most effective.

Conclusion

Marketing technology solutions requires a nuanced approach. Just as a tailor measures each client individually, marketers must understand each industry. Vendor-owned events are often ineffective when targeting financial services. A tailored strategy is essential. It's about knowing your audience and providing what they need. In this case, that's not a generic sales pitch at a vendor-owned event.

Ready to abandon outdated marketing tactics and connect with Financial Services firms on their terms? Stop wasting budget on ineffective events and start building genuine relationships.

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